Core Viewpoint - Google reported strong third-quarter earnings, significantly exceeding market consensus expectations, supported by advancements in artificial intelligence and hardware [1][12]. Group 1: Google's Third Quarter Performance - Google launched the new Gemini 3 model, receiving positive reviews from analysts and is now available in approximately 120 countries [1]. - The Gemini 3 model is trained on Google's proprietary AI chips, known as Tensor Processing Units (TPUs), which are seen as strong competitors to NVIDIA's GPUs in AI applications [1]. - The company's return on capital employed (ROCE) remains strong, with positive capital expenditure (CAPEX) growth guidance provided [8]. Group 2: Berkshire Hathaway's Investment - Berkshire Hathaway disclosed a new significant position in Google, purchasing 17,846,142 shares at a price of $243, making it the tenth largest holding in their portfolio, valued at $4.33 billion [5]. - In contrast to the new investment in Google, Berkshire reduced its holdings in Apple by 14.92% (approximately $10 billion) and in Bank of America by 6.15% (approximately $3.3 billion) [5]. Group 3: Valuation and Growth Potential - Despite a nearly 30% increase in Google's stock price since Berkshire's disclosure, Google remains one of the most reasonably valued companies among the "Magnificent Seven" tech giants, with a forward P/E ratio of about 30 [7]. - Analysts predict a long-term annualized return on investment (ROI) of approximately 11.6%, based on Google's scalable business model and projected growth rates [9].