Shares in Alphabet (GOOGL) stock have hit a new all-time high following a recent bullish bet by leading conglomerate Berkshire Hathaway. Berkshire recently completed a purchase of 17.​85 million Alphabet shares, worth about $4.93 billion as Friday’s closing price. The investment also marks one of the company’s final stock purchase under CEO Warren Buffett, who plan to retire from his role at the end of the year.

Alphabet (GOOGL) rallied as much as 6% to start Monday’s trading session at a new ATH of $293. The investment came as a bit of a shock, with Buffett being very selective throughout his career on tech options. Therefore, investors became very bullish, sending GOOGL shares higher.

Wall Street analysts were quick to respond positively to the Berkshire Hathaway Alphabet investment as well. “The move validates Google’s strong fundamentals and provides Berkshire exposure to a leading AI provider through Google Cloud and Gemini expansion,” said CFRA analyst Angel Zino, adding that Alphabet’s cash flow and valuation likely gave the conglomerate “more comfort” in its decision.

Google stock is now up over 50% YTD, one of the best performers among big tech on the US stock market. After a solid Q3 earnings report, Google also raised its guidance for 2025 spending on artificial-intelligence data centers for its Google Cloud segment. It now stands at $92 billion, up from the previous $85 billion projection. The company expects a “significant increase” in this spending next year. Furthermore, like other big AI spenders, Alphabet turned to debt markets this year, selling $12.5 billion in bonds in May.