Alphabet (GOOG) Just Did Something We Haven't Seen Since 1997

Core Viewpoint - Alphabet's issuance of a 100-year bond is primarily aimed at funding AI and data center initiatives, raising concerns about long-term capital commitments and potential speculative risks in the tech sector, reminiscent of the late 1990s before the dot-com bubble burst [1][2]. Group 1: Bond Issuance - Alphabet has issued a 100-year bond, a move not seen since Motorola in 1997, indicating significant funding needs for AI and data centers [1]. - This bond issuance has sparked concerns among investors about heavy capital expenditures and declining free cash flow in major tech companies [1][2]. Group 2: Investor Sentiment - Investors are advised to tread carefully as there are growing worries about the financial health of tech companies, particularly those like Meta that may not generate free cash flow this year [1]. - Analysts suggest that the current market environment may lead to a rotation out of tech stocks, with energy being a top-performing sector in 2026 [1]. Group 3: Company-Specific Risks - Oracle is highlighted as a company facing significant risks due to its volatility and reliance on AI and data center spending, which may overshadow its overall performance [2]. - The discussion indicates that some tech companies may need to delay IPOs if market conditions do not improve, reflecting a cautious outlook on the tech sector [2].