Alphabet Shares Soar on ‘Rave Reviews’ for New Gemini AI Model

Alphabet Inc. shares soared the most in two months on Wednesday as a wave of glowing reviews for the newly released version of its Gemini artificial intelligence model spurred investor confidence about the company’s position in the ever-changing tech landscape.

The stock rose as much as 6.9%, its biggest gain since early September, to hit a fresh record high. More than 376,000 call options on Alphabet changed hands as of 11:00 a.m. in New York, above the 20-day average of about 290,000 for a full day of trading. The broader S&P 500 Index was up about 0.5%, while the tech-heavy Nasdaq 100 gained 0.8%.