New York, Feb 25, 2026, 16:52 (EST) — After-hours
- Alphabet’s Class C stock slipped roughly 1% during after-hours trading.
- Google is set to experiment with tweaks to its search results in Europe that may boost competing services, according to a source.
- Focus shifts to the EU response and Thursday’s U.S. jobless claims—both are on traders’ radar for signals on what comes next.
Alphabet Inc’s Class C shares (GOOG) slipped $3.17, or roughly 1%, to $313.03 in Wednesday’s after-hours session, after swinging between $310.02 and $319.27 earlier. According to a source familiar with the matter, Google is preparing to test changes to its search results in Europe, where top-ranked competing “vertical” search providers—think hotel, flight, and restaurant sites—would appear by default, starting with hotel-related searches before moving into flights and others. The European Commission wouldn’t comment. Since 2017, Google has racked up 9.71 billion euros in EU antitrust fines; under the Digital Markets Act, penalties could reach up to 10% of global annual revenue. Reuters
The EU’s Digital Markets Act targets “gatekeeper” platforms, aiming to curb the ways major online players funnel users toward their own offerings. For Google, the real battle centers on search page design—tweaks to where things appear can shift user clicks, and those clicks are what drive ad revenue.
The timing hits just as megacap tech is navigating a tricky stretch. Investors are simultaneously weighing tightened regulation on core operations against the mounting expenses of rolling out AI infrastructure.
Google locked in power supply deals Tuesday with Xcel Energy and AES, eyeing long-term electricity for its U.S. data centers. Xcel announced it will boost its Minnesota grid with 1,900 megawatts of fresh clean energy. As demand for data centers surges, utilities have also signed up Meta, Microsoft, and Amazon’s AWS.
AES announced a 20-year power agreement to serve a new Google data center in Texas, with on-site generation included. Amanda Peterson Corio, Google’s global head of Data Center Energy, noted the project will add new clean power right at the facility, saying it’s aimed at “helping keep energy costs in check.” Reuters
Stocks broadly pushed higher. The Nasdaq booked a 1.26% gain during the session, with Nvidia’s earnings propping up confidence in AI-linked names. Zach Hill at Horizon Investments called it a “push-pull” — sentiment jostling with sudden price swings. Reuters
Still, some on Wall Street are pressing the bullish bet. Wells Fargo bumped Alphabet up to “overweight” on Monday. Analyst Kevin Gawreski argued that “hyperscaler ambitions are bounded by compute capacity,” tipping the scales toward those with bigger data-center reserves. Investors
Europe isn’t just a footnote for this stock. Should Google’s experiments fall short for regulators, or if competitors mount another challenge, the company risks not only penalties but could also be compelled into more sweeping overhauls that alter how travel and local services appear in search.
Spending remains a hot spot. Bridgewater Associates estimates that Alphabet, Amazon, Meta, and Microsoft are poised to pour roughly $650 billion into AI infrastructure in 2026. Greg Jensen, co-chief investment officer at Bridgewater, flagged a “more dangerous phase” for the AI boom, with “compute demand” continuing to surpass available supply. Reuters
Class C shares at Alphabet don’t come with voting rights, yet they typically mirror movements in the voting Class A stock. At the heart of the trade: just how much strain the core operation can take as the company shells out for its next big bet.
Next session, eyes turn to any details on how fast and wide Google’s Europe test might unfold—plus hints from EU officials about their plans. Traders also have Thursday’s U.S. initial jobless claims data on their radar, due at 8:30 a.m. ET.
