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Evercore ISI analysts have reiterated their Outperform rating on Alphabet Inc. (NASDAQ: GOOGL), emphasizing that Google’s core search business continues to dominate the market despite intensifying competition from artificial intelligence platforms such as OpenAI’s ChatGPT. According to Evercore, recent data suggests that fears of AI-driven disruption to Google Search may be overstated.
In its latest quarterly search survey, Evercore found that Google’s global search market share rebounded to 76% in November, up sharply from 70% in August. Importantly, the brokerage highlighted that there was no meaningful decline in Google’s share of commercial search queries, a key driver of advertising revenue. This stability underscores Google’s resilience in high-value search use cases, even as generative AI tools gain popularity.
The survey also pointed to Google’s AI-powered search enhancements as a major factor behind the recovery. Evercore noted that Google’s own AI integrations are delivering a more intuitive and efficient search experience, leading to increased search volumes. Higher engagement, in turn, strengthens the outlook for Google’s search advertising revenue, which remains the backbone of Alphabet’s business.
Earlier in the year, Alphabet appeared to lose some search momentum amid the rise of AI competitors and a slower-than-expected rollout of its AI features. However, third-quarter earnings demonstrated continued strength, with Google Search revenue—accounting for roughly 75% of Alphabet’s total revenue—remaining robust, largely due to its leadership in digital advertising.
More recently, Alphabet integrated its Gemini 3.0 AI model into search in November. Analysts and industry observers have suggested that Gemini 3.0 is outperforming rival models, including some offerings from OpenAI, further reinforcing Google’s competitive position.
While Evercore no longer lists Alphabet as a top pick after the stock nearly doubled since mid-2025, the firm still views it as a “core net long.” Analysts expect Alphabet to sustain around 20% earnings-per-share growth, supporting a 25x–30x price-to-earnings multiple. With shares up nearly 65% year-to-date in 2025, continued AI innovation and potential in-house AI chip development are seen as key catalysts for future upside.
