Alphabet Stock Surges on AI Momentum: Is it Still a Buy?

Alphabet stock has surged 48% since Sept. 1 and is up 230% over the past three years, driven by strong earnings, a resolution to Google's antitrust case, and optimism around the release of the Gemini 3 AI model. Morningstar analyst Malik Ahmed Khan notes that for the rally to continue, Google Search and Cloud businesses must remain resilient. He expects another jump in monthly active users when fourth-quarter earnings are released. However, concerns remain about search queries weakening, cloud growth slowing, or higher-than-expected capital expenditures in 2026.