Alphabet’s stock recorded its largest gain in two months on Wednesday, with the company’s newly released Gemini AI model receiving widespread acclaim—boosting investors’ confidence in Alphabet’s ability to hold its ground in the fast-evolving tech sector.​

The stock climbed as much as 6.9%, marking its biggest rally since early September and hitting a new all-time high. By 11 a.m. New York time, the volume of call options on Alphabet had surpassed 376,000 contracts, far exceeding the full-day 20-day average of approximately 290,000 contracts. The S&P 500 Index rose about 0.5%, while the tech-heavy Nasdaq 100 Index advanced 0.8%.​

The Google parent company unveiled the latest version of its Gemini AI model on Tuesday, and its performance has earned unanimous praise. The model’s strong showing stands in stark contrast to OpenAI’s GPT-5, which received mixed reactions when it was released earlier this year.​

“In many ways, is Gemini 3 what GPT-5 was supposed to be?” Colin Sebastian, an analyst at Robert W. Baird & Co., wrote in a note to clients. Citing the “extremely positive reviews” the version has received, he noted, “Beyond enhancing search engagement and monetization capabilities, Google has also integrated real-time web indexing with advanced model training technology—and we view this as a key competitive advantage for the company.”