Alphabet $GOOG is going completely “all‑in” on AI, and it’s clear that even internal cash flow isn’t enough anymore. The company announced a plan to raise $80 billion of new capital, of which $30 billion via a traditional public offering (a combination of shares and mandatory convertible preferreds) and another $40 billion through ongoing share sales in the market in the second half of 2026; additionally, Berkshire Hathaway with $10 billion is joining via a private entry into classes A and C.

The reason is straightforward: demand for Google’s AI services today exceeds available compute capacity, and Alphabet expects capex around $180–190 billion already in 2026 with a “significant” increase in 2027. In other words — to even cover the hunger for Gemini and the AI cloud, it has to tap not only debt but also the equity market significantly and bring Buffett’s conglomerate alongside, which signals that Berkshire believes in Alphabet as an infrastructural pillar of the AI era, not just as an advertising business.