♪ >> THIS IS "THE PULSE" WITH FRANCINE LACQUA. FRANCINE: GOOD MORNING, EVERYONE, WELCOME TO "THE PULSE," I’M FRANCINE LACQUA HERE IN LONDON. THE GLOBAL LANDSCAPE IN 2026 IS DEFINED BY SHIFTING TRADE ALLIANCE, GEOPOLITICAL FRICTION AND MARKETS MAINTAIN A RESILIENCE WITH CAUTIOUS MOMENTUM AS THEY TRANSLATE THE PERFORMANCE OF A.I. AND ZUNI CREDIT PLEDGED A LANDMARK 50 BILLION OVER 2030. THE C.E. O. OF UNICREDIT IS HERE.THANKS FOR BEING HERE OVER YOUR BUSY SCHEDULE. YESTERDAY WAS BIG FOR YOU, HIGHER PROFITS, HI ...

Alphabet's bond issuance in the U.S. on Monday saw intense demand and was more than five times oversubscribed. The appeal of one hundred-year bonds, though, is more nuanced. ...

Alphabet Diversifies Funding by Selling Sterling, Swiss BondsCONCLUDED[Stock Market News From Feb. 10, 2026: Dow Hits New High]Last Updated:---13 hours ago# Alphabet Diversifies Funding by Selling Sterling, Swiss BondsByMiriam Mukuru, Dow Jones NewswiresU.S. technology giant Alphabet is selling bonds in the sterling and Swiss markets in an attempt to diversify its sources of funding, Syz Group's chief investment officer Charles-Henry Monchau said."As funding needs for those U.S. megatech companies rise to f ...

Currency Movements - The U.S. dollar is experiencing a decline, influenced by a rebound in the yen, gains in China's yuan, and concerns over a weak U.S. employment report [3][5] - The yen's recovery is attributed to positive market sentiment regarding Japan's fiscal plans and a more stable political environment [4] - The yuan's rise is supported by regulatory warnings in China regarding concentrated holdings of U.S. Treasury bonds and the dollar, with the U.S. dollar at its lowest since May 2023, down nearly 6% against the renminbi over the past year [5] Technology Sector Developments - U.S. mega-cap tech stocks are rebounding after a previous decline, driven by significant capital expenditure plans exceeding $650 billion for 2026 [6] - Major tech companies, including Alphabet and Oracle, are engaging in debt financing, with Alphabet planning to raise an additional $15 billion in high-grade bonds [7] - The five leading AI hyperscalers issued $121 billion in U.S. bonds last year, a significant increase compared to an average of $28 billion per year in the previous four years [7] Regulatory and Political Context - The Trump administration is reportedly exempting major tech companies like Amazon, Google, and Microsoft from upcoming tariffs on chips, facilitating their expansion of AI data centers [8] - In the UK, political developments surrounding Prime Minister Keir Starmer's appointment of Lord Peter Mandelson as U.S. ambassador have caused market fluctuations, but support from the Labour Party has stabilized the situation [8]

By Yoruk Bahceli, Aditya Soni, Zaheer Kachwala and Matt Tracy Feb 10 (Reuters) - Alphabet on Tuesday sold a rare 100-year bond, a memo from the lead manager showed, part of a $31.51 billion global bond raise, as artificial intelligence-driven spending sparks a surge in borrowing at U.S. tech giants. Alphabet's sale of the ‌century bond is the tech industry's first since Motorola's issuance that dates back to 1997, according to LSEG data. "You have an extraordinary time period that we're ‌living throug ...

Group 1 - Alphabet has sold bonds worth $20 billion in a seven-part offering [1] - The bonds have maturities extending out to 2066 [1] - The purpose of the bond sale is to fund the company's increasing spending on artificial intelligence infrastructure [1]

Market Overview - S&P 500 futures increased by 0.18% before the market opened, following a 0.47% rise in the index yesterday, which is just below its all-time high, driven by strong earnings reports from S&P companies [1] - A stark contrast is observed between this week's bullish rally and last week's selloff, where $2 trillion was lost in market cap for software companies due to fears of AI disruption [2] Software Sector Analysis - The software sector experienced a significant non-recessionary drawdown of 34% over the past 12 months, resulting in a loss of approximately $2 trillion in market cap and a decrease in its weight in the S&P 500 from 12.0% to 8.4% [3] - Concerns regarding the disruptive impact of large language models (LLMs) have contributed to this decline, alongside aggressive de-risking and a pessimistic market sentiment [3] AI Impact and Corporate Strategy - The market is currently pricing in worst-case scenarios for AI disruption that are unlikely to occur in the next three to six months, as enterprise software remains integral to corporate operations, supported by long-term contracts and high switching costs [4] - Emerging evidence indicates that AI is more likely to enhance software workflows rather than replace them in the near term [4] Capital Expenditures (Capex) Trends - Major tech companies are significantly increasing their capital expenditures on AI, with hyperscalers' capex guidance for 2026 rising by 24%, amounting to an additional $117 billion compared to last year [8] - An estimated $1.3 trillion is projected to be spent on AI facilities through 2027, with $660 billion allocated for this year [8] - Hyperscalers have consistently outperformed consensus expectations for capex growth, with a 50 percentage point increase over the past year [9] Financing Strategies - Big tech companies are increasingly utilizing debt to finance their capital expenditures, with Alphabet issuing a rare 100-year bond for $20 billion [10] - Despite the rise in debt-funded expansion, the current levels remain below those seen in previous economic booms [10]

Eric Schmidt‘s data center development firm, Bolt Data and Energy, is reportedly in negotiations with Alphabet’s Google (NASDAQ:GOOGL) (NASDAQ:GOOG)  to commence construction on a large data center project in West Texas.Google is contemplating a 250-megawatt commitment, but the exact size of the potential transaction is yet to be determined as the talks are still ongoing, reported Business Insider on Monday.The sources told the publication that the land owned by Texas Pacific Land (TPL) would provide Bolt D ...

Core Viewpoint - Michael Burry suggests that Google's decision to issue 100-year debt indicates a potential decline in the company's dominance, drawing parallels to Motorola's decline after a similar bond issuance in 1997 [1][3]. Company Analysis - Alphabet (Google) is planning to issue 100-year bonds, a move that Burry associates with the decline of Motorola, which was the last year it was a dominant player in the market [2][3]. - By 2026, Motorola had significantly fallen in market cap, ranking 232nd with only $11 billion in sales, which Burry uses as a cautionary example for Alphabet [3]. Industry Context - Despite Burry's bearish outlook, Alphabet's business has shown continuous growth, particularly in artificial intelligence (AI) products, and its stock remains positive in early 2026 [5]. - However, Google's search market share has dropped below 90% for the first time in a decade, indicating a potential decline in its dominance [8]. - The decline in search quality and the rise of AI platforms like ChatGPT have contributed to this shift, leading to a significant drop in traffic for many media websites [9]. Market Sentiment - The stock market has reacted negatively to strong earnings reports from major tech firms like Microsoft, Amazon, and AMD, raising concerns about their exposure to AI and the potential for a recession [10][11]. - There are indications that previously announced AI infrastructure deals have been scaled back or canceled, adding to the uncertainty in the sector [12]. - The market-to-GDP ratio is at record highs, suggesting that any disruption could lead to significant market volatility [13].

业内分析指出，上述融资行为与各公司持续加码人工智能基础设施密切相关。为支撑算力扩张与模型训 练需求，企业正加速建设数据中心、加大高性能芯片采购力度，相关资本开支显著攀升。预计在人工智 能战略持续深化的背景下，2026年科技企业债券发行规模有望再创新高。 2026-02-10 15:41:13 作者：狼叫兽 此前，包括亚马逊、Alphabet、Meta、微软与甲骨文在内的五家重点投入人工智能领域的美国科技企 业，已在2025年合计发行债券达1210亿美元。其中，超过半数的融资活动集中于下半年：甲骨文于9月 发行180亿美元，Meta于10月发行300亿美元，Alphabet与亚马逊则分别于11月完成175亿美元和150亿美 元的债券发行。 2026年2月10日，谷歌母公司Alphabet宣布发行200亿美元债券。此次发债发生在甲骨文于2月2日完成 250亿美元债券发行之后，成为今年美国科技企业新一轮大规模融资行动的又一重要节点。 ...