S&P 500 rises as AI trade attempts comeback led by Alphabet

Stocks rose on Monday, boosted by Alphabet, as the market rebounded into the Thanksgiving holiday week after a slide that's knocked the air out of this year's artificial intelligence bull run.

The S&P 500 gained 1.4%, while the Nasdaq Composite jumped 2.3%. The Dow Jones Industrial Average traded up 215 points, or 0.5%.

Shares of Alphabet saw gains Monday as investors grew optimistic about the company's standing in the AI race. Google last week announced its upgraded AI model, Gemini 3, a move that comes nearly eight months following its unveiling of Gemini 2.5. The stock was last up 4%.

The enthusiasm surrounding Alphabet extended to other names in the AI trade. Broadcom surged 9%, while Micron Technology advanced 7%. Palantir Technologies and AMD each popped around 5%.

"It's great for Alphabet and investors in Alphabet, but it always concerns me when we have one stock that is leading the market higher. We're not looking necessarily at a broad-based improvement," said Melissa Brown, managing director of investment decision research at SimCorp. "That just doesn't seem to me to be a sustainable force behind driving the market higher over the next however many days."