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#Alphabet25BBond Investor demand reportedly reached about $115 billion, demonstrating strong confidence in Alphabet’s credit quality. The proceeds will support general corporate needs, debt management, capital expenditure, and a rapidly expanding AI infrastructure program. Alphabet has raised its expected 2026 capital spending to as much as $205 billion. The strong demand does not remove concerns about the scale of that investment. Alphabet is spending heavily on data centers, chips, energy, and network capacity while simultaneously reorganizing its AI leadership. In my view, borrowing at attractive rates is sensible when long-term demand is strong, but investors must still evaluate the return produced by each dollar of capital. Google Cloud growth, AI revenue, free cash flow, and utilization of new infrastructure will determine whether the bond sale funds a durable competitive advantage or an expensive capacity race.