Alphabet(US:GOOGL) Sou Hu Cai Jing·2026-01-01 13:07Group 1 - Google's AI transformation has shown significant results, with its parent company Alphabet's stock price soaring by 65.35% in 2025, the highest increase among the seven major tech giants in the US stock market [1] - In early 2025, Alphabet's stock faced pressure due to market concerns about the potential disruption of search engines and advertising business models by the AI wave, with a decline exceeding 20% in the first quarter. However, the situation reversed starting in the second quarter due to a series of achievements in the AI field [3] - The AI application "Gemini" gained widespread attention for its image generation capabilities, surpassing ChatGPT in download numbers on the US Apple App Store in September 2025, reaching the top of the free charts [3] Group 2 - In September 2025, Google received a favorable ruling in a key antitrust lawsuit, avoiding a forced split of its browser business, which stabilized market confidence [5] - Analysts believe that AI technology has begun to effectively empower Google's traditional search business, enhancing user experience and ad relevance, thus becoming a new engine for revenue growth [5] - Despite the positive developments, there are concerns regarding the rapid technological iteration in the AI field, ongoing competition, and unclear profitability prospects, which may introduce uncertainty to Google's growth outlook [5]