Alphabet (GOOGL) has experienced a huge 4.6% increase in stock price to open Monday’s trading session following praise for its AI model, Gemini 3. On Sunday, Salesforce (CRM) CEO Marc Benioff praised Google’s latest AI model, Gemini 3, saying he’s “not going back” to ChatGPT. As a result, the company’s shares reached an all-time high of $317 on Monday morning. The climb also led multiple firms to raise their forecasts for GOOGL stock to reflect the recent surge.
The latest Gemini model has new capabilities that will be immediately available in several profit-generating products, like its search engine. Gemini 3 is designed to compete with Microsoft’s 365 Copilot. Gemini 3 marks the first time that Google had incorporated its new model into its search engine from day one. Previously, new versions of Gemini took weeks or months to embed into Google’s products, so Gemini 3 being available right away is a great success.
During a press briefing last week, executives highlighted Gemini 3’s lead position on several popular industry leaderboards that measure AI model performance. CEO Sundar Pichai described it as “our most intelligent model” in a company blog post. “We think Gemini has set quite a new pace in terms of both releasing the models, but also getting it to people faster than ever before,” Koray Kavukcuoglu, Google’s chief AI architect, added.
Also Read: Tesla Stock Is Poised to Surge, Elon Just Revealed the Reason Why
As mentioned previously, major firms and experts on Wall Street are now raising their price forecasts for Alphabet (GOOGL) stock. Last Friday, Justin Post from Bank of America Securities reiterated a Buy rating on the stock with a $335 price target. In addition, on November 19, Mark Mahaney from Evercore ISI also reiterated a Buy rating on the stock with a $325 price target.
Furthermore, Melius Research analyst Ben Reitzes says that Google’s AI comeback represents the most important issue in AI right now. The November 18 release of Gemini 3 Pro with its new Deep Think reasoning mode has impressed analysts with benchmarks and pricing that outperformed expectations, especially compared to Microsoft’s recent Ignite conference and ChatGPT 5’s August release. The recent success of Gemini 3, following Berkshire Hathaway’s recent $4.3 billion investment in Alphabet, underscores growing institutional confidence in the company.
At press time, GOOGL is trading near the top of its 52-week range and above its 200-day simple moving average. The rest of the top tech stocks, including META and Nvidia (NVDA) are also moving well to open Monday trading.