一天发债320亿美元！谷歌为AI“绞尽脑汁”，非美元债、甚至百年债券都用上了

Core Insights - Alphabet raised nearly $32 billion in debt within 24 hours, highlighting the significant funding needs of tech giants to build AI capabilities and the strong willingness of the credit market to provide financing [1] Group 1: Record Multi-Market Financing Strategy - Alphabet's issuance in pounds reached £5.5 billion ($7.5 billion), surpassing the previous record of £3 billion set by National Grid Plc in 2016 [2] - The issuance in Swiss francs also exceeded the previous record of 3 billion Swiss francs ($3.9 billion) set by Roche Holding [2] - The diverse issuance across different markets and maturities attracted various investors, including asset management firms, hedge funds, and pension funds [2] Group 2: Rare Return of Century Bonds - The 100-year bond issued by Alphabet is the first of its kind by a tech company since Motorola in 1997, typically dominated by governments and universities [3] - The £1 billion century bond received nearly 10 times the subscription, driven by demand from UK pension and insurance companies [3] - The financing comes shortly after Alphabet announced a capital expenditure of $185 billion for the year, doubling last year's amount to support its AI ambitions [3] Group 3: AI Arms Race Driving Borrowing Surge - The financing coincides with other tech giants like Oracle raising $25 billion for AI initiatives, attracting $129 billion in demand [3] - Other companies such as Meta and Microsoft have also announced significant spending plans for 2026, with Morgan Stanley projecting that borrowing by large cloud computing companies will reach $400 billion this year, up from $165 billion in 2025 [3] Group 4: Concerns Over Bond Valuation Pressure - The large borrowing needs of tech giants have raised concerns about potential pressure on bond valuations, with some investors worried about the sustainability of the AI boom [5] - Alphabet and Oracle have taken measures to alleviate investor concerns regarding the large supply of bonds, with Alphabet entering niche markets to raise substantial funds without overwhelming demand [5] - Major banks like Bank of America, Goldman Sachs, and JPMorgan arranged the pound and Swiss franc issuances, with Barclays, HSBC, and NatWest participating in the pound transactions [5]