Alphabet’s $80 billion equity raise, the first since its 2004 initial public offering, marks a dramatic departure for a company that has long been a prodigious cash generator. The move, announced on Monday, comes with a cornerstone commitment from Berkshire Hathaway, whose new chief executive Greg Abel agreed to absorb $10 billion of the new shares. French financial media noted that the technology group had generated $164 billion in cash in 2025 alone, underlining the scale of the AI infrastructure challenge that is forcing even the most cash-rich Silicon Valley companies to seek external funding.

Viewed from Milan, the capital increase is a harbinger of the colossal sums Big Tech intends to deploy. Alphabet’s capital expenditure is projected to reach $180-190 billion in 2026 and continue rising in 2027. Alongside Amazon, Microsoft and Meta, the parent of Google is part of a quartet on course to invest a combined $700 billion in AI infrastructure. For Berkshire Hathaway, the investment signals a shift under Mr Abel, who also closed a $6.8 billion acquisition of homebuilder Taylor Morrison this week, hinting he may depart from Warren Buffett’s famously hands-off approach by consolidating operations.

Meanwhile, the debt markets are playing an equally pivotal role. Analysts in London note that Alphabet is already among the largest corporate borrowers in the euro, sterling, Swiss franc and yen bond markets. In March, Amazon raised €14.5 billion in the largest-ever euro corporate bond deal, according to LSEG data. This global debt spree by the so-called hyperscalers reflects a deliberate strategy to diversify funding sources early, as they prepare to finance trillions of dollars in data-centre buildouts and other AI infrastructure.

The twin recourse to equity and international bond markets underscores a new phase in the AI arms race, where even the most profitable firms are turning to outside capital. The willingness of investors to absorb such enormous issuance—both debt and equity—suggests confidence that AI will deliver transformative returns. Yet the scale of the outlay also raises questions about capital discipline, particularly as a new generation of leadership at Berkshire places a larger bet on Silicon Valley than its legendary predecessor ever did. For the broader market, the message is clear: the infrastructure bill for AI will be shared far beyond company balance sheets.