Alphabet Launches Seven-Part US Bond Sale Amid AI Investment Boom

• Google-parent Alphabet Inc. is tapping the US high-grade bond market with a seven-tranche sale.
• The move comes as companies at the forefront of AI investment are on a borrowing spree.
• Initial price discussions for the longest portion, a bond maturing in 2066, are at a premium of about 1.2 percentage points above Treasuries.
• Hyperscalers are projected to spend over $650 billion this year to expand AI infrastructure, with total AI capital expenditure expected to reach $3 trillion by 2029.
• Alphabet plans to spend up to $185 billion this year, exceeding forecasts, and is also considering Swiss franc and sterling debt sales, including a rare 100-year note.