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Key takeaways
- Shares of Alphabet, Google’s parent company, rose on Monday, as the tech giant extended its recent rally to new highs.
- Strong third-quarter results in its latest earnings report, Berkshire Hathaway recently revealed a bet on the company, and the launch of the Gemini 3 model last week helped boost Alphabet shares.
Alphabet (GOOGL) stock has been on a tear. This race continued on Monday.
Drivers in the latest session included a strong earnings report, a new bet on the tech giant from Warren Buffett, and the release of parent company Google’s latest artificial intelligence model. Shares continued to rise in trading today, sending markets higher, with the stock recently up 6%, hitting a record high above $318 earlier in the session, to start a holiday-shortened trading week.
Why is this important to you?
Alphabet owns Google, YouTube, and many other companies that millions of Americans use every day. It is also one of the most valuable companies in the world, with a market cap of about $3.8 trillion on Monday, and its shares have been rising recently.
Optimism about the company’s position in artificial intelligence appears to have lifted the stock today, with Google’s latest model, the Gemini 3, getting support in Silicon Valley. “It feels like the world has just changed, again,” Salesforce (CRM) CEO Marc Benioff said in a social media post on Sunday about his first hours using Gemini 3 after using OpenAI’s ChatGPT for years.
Alphabet shares have outpaced the rest of the Magnificent Seven in recent weeks as fears grow about an AI bubble, slowing the AI rally that has pushed the market to record levels. Meanwhile, some analysts said the Gemini 3 appears capable of a wide range of tasks and currently gives Google an advantage in the field of artificial intelligence.
The company surpassed $100 billion in revenue in a single quarter for the first time when it announced third-quarter results late last month. Weeks later, the latest 13-F filing from Buffett’s Berkshire Hathaway (BRK.A, BRK.B) revealed that the investment firm took a new position in Alphabet last quarter, worth more than $4.3 billion at the end of September.
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