Google parent company Alphabet, Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) has Wall Street buzzing as its Q3 results shattered expectations and officially marked the company's first quarter clearing $100 billion in revenue. 

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Q3 Results: 

The transformative power of AI is rippling through all of Alphabet's major business lines and its Q3 performance was nothing short of historic. 

Total revenue surged 16% year-over-year to $102.4 billion, net income soared 33% to nearly $35 billion, and earnings per share jumped 35% to $2.87. 

Alphabet revealed Google Cloud revenue climbed 34% to $15.16 billion, Search revenue increased 14.5% to $56.57 billion and YouTube ad revenue grew 15% to $10.26 billion. 

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Analysts React 

Analysts responded enthusiastically to the headline accomplishments and Alphabet's announcements on capex spending, particularly for AI infrastructure. 

Canaccord Genuity maintained its Buy rating on Alphabet and raised the price target from $270 to $330.

Canaccord Genuity's Maria Ripps noted that Alphabet's investments in AI had driven accelerating momentum across Search, YouTube and Cloud, with innovations like Gemini and AI Overviews powering product and monetization gains. 

The firm raised its ...