Target price raised to $370! HSBC: Gemini 3's success in shifting from defense to offense has enabled Alphabet Inc. Class C (GOOGL.US) to search for new opportunities.

HSBC Bank stated that the success of Alphabet Inc. Class C (GOOGL.US) Gemini 3 series of large language models has resolved potential generative AI disruption risks for the tech giant's search business. HSBC analyst Paul Rossington wrote in a report to clients, "We believe Gemini 3 Pro is a cutting-edge model superior to ChatGPT 5.1, enhancing our confidence that Alphabet Inc. Class C's search can not only maintain market share but also continue to grow." Based on the positive outlook for Gemini 3, Rossington maintains a "buy" rating for Alphabet Inc. Class C and raises the target price from $335 to $370. As Gemini 3 receives acclaim, reports suggest that the developer of ChatGPT, OpenAI, is working on a new model under the codename "Garlic." On the same day, French AI company Mistral also released its latest model series, Mistral 3. Rossington further analyzes that if Alphabet Inc. Class C successfully commercializes TPU externally, it could generate revenue equivalent to 10% of NVIDIA Corporation's (NVDA.US) by 2030, increasing Alphabet Inc. Class C's current market value by approximately 6%. Previous reports indicated that Meta (META.US) is in negotiations with Alphabet Inc. Class C regarding TPU cooperation. "The comprehensive AI strategy is making substantial progress through the release of Gemini 3 and potential external commercialization of TPU. The AI initiatives driven by Gemini and its commercial successes will inject new momentum into the long-term development prospects of Alphabet Inc. Class C," Rossington stated.