In the fourth quarter, Hong Kong-based Oriental Harbor Investment Master Fund added 177,587 shares of the Direxion Daily GOOGL Bull 2X Shares ETF (GGLL), representing a $15.12 million investment. By quarter end, the position had appreciated to $22.30 million, making up 2.42% of the fund’s 13F assets. GGLL, a non-diversified leveraged ETF that seeks twice the daily return of Alphabet shares through swap agreements, has delivered a 140.5% one-year price gain and outperformed the S&P 500 by 106.40 percentage points, underscoring institutional confidence in Alphabet’s near-term upside potential.

Alphabet’s integration of its Gemini AI model across core products and the recent partnership to power Apple’s Siri have helped drive Google search revenues to $56.6 billion in Q3, up from $49.4 billion in the prior year period. Total Q3 sales rose 16% year-over-year to $102.3 billion, reflecting robust demand for AI-enhanced search and cloud services. These figures underscore Alphabet’s ability to monetize advanced AI capabilities in both consumer and enterprise markets.

Alphabet’s cloud division reported a record backlog of $155 billion as of its latest earnings, up from $120 billion a year earlier. Google Cloud revenue grew 34% year-over-year last quarter, driven by enterprise adoption of AI and data analytics tools. With enterprise AI spending projected to exceed $200 billion by 2027, Alphabet’s deep integration of Gemini AI into its cloud platform positions it to capture a significant share of that market.

In addition to the GGLL ETF position, Alphabet ranked among the top three holdings for several major investment funds in Q4. For example, one asset manager disclosed a $405.9 million weighting in direct Alphabet shares, constituting 30.9% of its reported assets. This level of allocation, alongside positions in other mega-cap AI leaders, reflects a broader trend of institutional investors seeking sustained exposure to Alphabet’s growth trajectory driven by AI innovation and recurring enterprise revenues.