The reception to Gemini 3 has been explosive. Salesforce CEO Marc Benioff called it a “Holy s**t” moment, saying that although he’s used ChatGPT for years, he’s not going back: “The leap is insane — reasoning, speed, images, video… everything is sharper and faster. It feels like the world just changed, again.” Aaron Levie, CEO of cloud company Box, was similarly shaken after getting early access to test the model. He initially questioned whether they had made mistakes in their evaluation, because “the jump was so big.” However, despite numerous tests the conclusion remained the same: “every time we tested it, it came out double-digit points ahead.”

The company’s recent success has turned the stock into the single biggest driver of the US market. The share price is up 71% this year, significantly outperforming the 15% return of the wider S&P 500. More notably, it has accounted for a staggering 19.4% of the S&P 500’s entire gain this year. In just 11 months, the company has added $1.3 trillion in market cap, hitting $3.6 trillion and surpassing Microsoft for the first time in seven years. The forward P/E multiple has expanded from 16.2x to 28.2x, as investors have drastically moved from pricing in disruption to paying a premium for dominance. Alphabet has remained a core holding across High Street funds and products throughout this transition, given our conviction that data superiority from decades of search engine monopoly would make them an inevitable winner in the AI race.