Alphabet Stock Price: Today's Metrics and the AI Narrative
Nvidia's recent stock wobble – a 12% dip from its late October peak – isn't a death knell, but a sign of the AI landscape maturing. The narrative of Nvidia as the sole AI hardware overlord is cracking, and the smart money, like Soros and Buffett, is betting on a more nuanced reality, one where Alphabet plays a pivotal role.
The knee-jerk reaction to Meta potentially buying billions in Google's Tensor Processing Units (TPUs) sent Nvidia shares tumbling. AMD, Intel, even Micron, felt the chill. But zoom out: Nvidia is still up 32% year-to-date. This isn’t collapse; it’s recalibration. The market is finally acknowledging that AI isn't a single-vendor game.
Alphabet, on the other hand, is up 67% this year. The surge isn't just hype. Google's AI comeback, fueled by Gemini 3, is tangible. Independent benchmarks suggest Gemini 3 is performing strongly against rivals. But let’s be clear: this isn't about some abstract "AI lead." It’s about cold, hard cash flow.
The Meta-Google Chip Deal: A Calculated Diversification
Meta's potential shift to Google's TPUs isn’t a sign Nvidia's chips are inferior. It’s about hedging bets and controlling costs. Meta, projected to spend $72 billion on AI infrastructure next year, isn't going to put all its eggs in one basket, no matter how golden that basket appears. (Remember when everyone thought Intel had a lock on CPUs?) Diversification is risk management 101.
The Reuters report suggesting Google's cloud business could capture up to 10% of Nvidia's annual revenue equivalent through the Meta deal is significant. Ten percent isn’t a majority share, but it's enough to sting, and enough to signal a shifting power dynamic. Broadcom's 11% jump on Monday, as "another way to bet on Google's growing dominance," underscores this sentiment.
Here's where it gets interesting. Soros Fund Management doubled down on both Amazon and Alphabet in Q3 2025, buying roughly 631,000 Class A GOOGL shares. Warren Buffett's Berkshire Hathaway disclosed a new $4.3 billion stake in Alphabet. These aren't day traders chasing momentum; these are value investors making long-term strategic bets. I've looked at hundreds of these filings, and the simultaneous entry of these two firms is unusual, suggesting a coordinated view on Alphabet's long-term potential. As one report notes, Alphabet Nears $4 Trillion as Soros Bets on Google and Amazon in Today’s AI Stock Frenzy.
Beyond the Hype: Amazon's AI Play and Alphabet's Full Stack
Amazon's AI story is often buried beneath its e-commerce facade, but AWS is a juggernaut. Sales rose around 20% year-over-year to roughly $33 billion in Q3 2025, driven largely by AI demand. Amazon uses AI across its logistics network, in Alexa, and in Prime Video recommendations. Analyst Laura Martin at Needham argues Amazon’s consumer data sets give it a unique edge in training AI models. She rates Amazon a Buy with a $265 price target.
Alphabet, however, is building a full stack – from chips (TPUs) and cloud infrastructure to consumer apps like Search and Gmail. The Meta deal validates Google's hardware ambitions, while Gemini 3 aims to re-establish Google as a software innovator. Shyam Patil of Susquehanna has a $350 price target on Alphabet, citing digital ad growth, cloud expansion, AI monetization, and shareholder-friendly capital allocation.
The market cap race is now a photo finish: Nvidia at roughly $4.4 trillion, Apple around $4.1 trillion, and Alphabet close behind near $3.8–$3.9 trillion. The "Magnificent Seven" are jockeying for position, and the narrative is shifting from "Nvidia wins AI" to "who can best monetize AI across the entire stack?"
But let's inject a dose of skepticism. These valuations bake in a lot of future growth. Regulatory risk, rising AI infrastructure costs, and potential macro shocks remain real threats.
The AI Arms Race: It's a Marathon, Not a Sprint
Nvidia's dominance isn't over, but it's being challenged. Alphabet, with its full-stack approach and backing from heavyweight investors, is emerging as a credible contender. The AI arms race is no longer a one-horse show; it's a complex competition with multiple players, each with their own strengths and weaknesses. And the market is finally starting to price that in.