Alphabet: Reaching $300 (Quick Note)

Company Update (GOOG US) (Buy): Generative AI has been helpful to Alphabet, but not in the way many people think.

Alphabet (Class C) shares closed at $299.65 on Friday, a new record high, having risen by 77% in the past year, including by 9% since Q3 2025 results were released post-market on October 29:

Alphabet Class C Share Price (Last 1 Year)

Source: Google Finance (23-Nov-25).

Alphabet has been a long-term core holding for us. It is currently the largest position in our “Select 15” model portfolio, having been first placed there at its inception at the start of 2023, and shows a 216% gain. In real life we have held Alphabet even longer, having initiated our Buy rating in January 2021.

Generative AI has helped Alphabet, but mostly by strengthening its existing businesses. Advertising continues to drive the bulk of earnings growth, while the direct contribution from AI products is modest. Valuation remains reasonable.

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