Now for our chart of the day. Joining us for a breakdown is Kevin Hero, senior manager of trading services, Charles Schwab. Had to catch myself there.Uh because you know, you're so used to companies being in the billions and now we've got companies in the trillions here. Um all right, Kevin. So let's talk about this chart.I mean, it's been quite the climb for Alphabet Google and there were believers who said this would happen. Um what's your analysis here. Well, the short-term trend is pretty intriguing her ...

Core Viewpoint - U.S. companies are increasingly borrowing in euros, with bond sales reaching a record $100 billion this year, indicating favorable European funding conditions and a growing willingness among issuers [1] Group 1: Market Trends - The bond sales in euros have hit a record high of $100 billion in 2023, showcasing a significant increase in demand for euro-denominated debt [1] - This trend reflects attractive funding conditions in Europe, which are drawing U.S. companies to the euro market [1] Group 2: Issuer Behavior - There is a growing willingness among U.S. issuers to tap into the European bond market, suggesting a shift in strategy towards diversifying funding sources [1]

Core Viewpoint - U.S. companies are increasingly borrowing in euros, with bond sales reaching a record $100 billion in 2024, driven by favorable European funding conditions and a shift away from the dollar [1][2]. Group 1: Market Trends - The offshore fundraising, termed "reverse Yankees," has surged from just over $78 billion for the entirety of 2024, indicating a strong trend towards euro-denominated debt [2]. - The dollar has dropped by 10% this year, influenced by concerns over U.S. trade policy, while the European Central Bank is advocating for a "global euro moment" [2]. - There is a significant trend of asset reallocation towards euros, as indicated by fund flows favoring euro-denominated debt among global issuers [3]. Group 2: Issuance Details - The current cost of issuing bonds in euros, after currency swaps to dollars, is better or comparable for U.S. companies compared to issuing in dollars [5]. - Non-financial firms have led the increase in reverse Yankee issuance, selling nearly 50 billion euros ($59 billion) of bonds, marking a 32% year-on-year increase [5]. - U.S. financial firms have nearly doubled their euro-denominated bond issuance to approximately 35 billion euros this year [7]. Group 3: Notable Companies - Major companies such as Alphabet, Visa, PepsiCo, Fiserv, and Verizon have recently engaged in euro-denominated bond sales, with Alphabet raising almost 7 billion euros in May [6].

Core Insights - Google has inaugurated a new data centre in Waltham Cross, Hertfordshire, as part of a £5bn ($6.8bn) investment in the UK to enhance its AI infrastructure [1] - The investment is expected to create approximately 8,250 jobs annually within UK businesses and accelerate the UK's AI economy [2] Investment Details - The £5bn investment includes spending on capital projects, research, and engineering over two years, with a focus on AI research in science and healthcare by Google DeepMind [2] - The Waltham Cross data centre represents a $1bn investment and was initially announced in January 2024 [4] Economic Impact - UK Chancellor Rachel Reeves stated that Google's investment is a strong vote of confidence in the UK economy, contributing to job creation and economic growth [3] - Ruth Porat, Alphabet and Google president, mentioned that the investment could add £400bn to the UK economy by 2030 [7] Technological Advancements - The data centre is designed to supply essential computing resources to support AI innovation and ensure reliable digital services for Google Cloud clients [5] - It features advanced air-cooling technology to minimize water usage and supports off-site heat recovery for local homes and businesses [6] Sustainability Initiatives - Google has appointed Shell Energy Europe as its 24/7 Carbon-Free Energy Manager in the UK to manage clean energy supply fluctuations [7]

Core Viewpoint - Google, through its parent company Alphabet, announced a £5 billion ($6.8 billion) investment in the U.K. for artificial intelligence development, coinciding with U.S. President Donald Trump's state visit [1][2] Group 1: Investment Details - The £5 billion investment will support the development of AI technologies and is expected to create 8,250 jobs annually in U.K. businesses [3] - A new state-of-the-art data center will be opened in Waltham Cross, approximately 12 miles (19 kilometers) north of central London, to meet the growing demand for AI-powered services [2][3] Group 2: Economic Impact - The investment is projected to contribute £400 billion to the U.K. economy by 2030, enhancing critical social services [4] - U.K. Finance Minister Rachel Reeves described the investment as a "powerful vote of confidence" in the U.K. economy and the partnership with the U.S. [3]

Core Viewpoint - The article indicates that a breaking news story is developing, with full coverage expected to be available soon [1] Group 1 - No specific company or industry details are provided in the current document [1]

Amazon’s satellite internet venture aims to be able to offer service to the US, Canada, France, Germany and the UK by the end of the first quarter of 2026, an executive said https://t.co/oku5lZF6ny ...

Restructuring & AI Focus - Fiverr plans to reduce its workforce by approximately 250 positions [1] - The company aims to become a more streamlined and agile AI-driven organization [1] - The restructuring involves reducing management layers within the company [1]

Core Insights - Alphabet, Google's parent company, achieved a market capitalization of $3 trillion for the first time on September 15, driven by optimism in artificial intelligence and a favorable antitrust ruling [1][2] - The company's stock increased by 32% this year, positioning it as the leader among the "Magnificent 7" stocks, which includes Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla [3] - Google Cloud's revenue reached $13.62 billion, reflecting a 32% year-over-year growth, with a backlog of $106 billion expected to convert to revenue over the next two years [7] Market Dynamics - The recent rally in tech stocks has been attributed to investor excitement, particularly following a federal judge's decision allowing Google to retain control over its Chrome browser and Android operating system [4] - Despite potential challenges from advertising rivals due to data sharing, the ruling alleviated investor concerns regarding the importance of Chrome and Android to Google's business [5] Future Outlook - Analysts suggest that Google is evolving beyond a search-centric company, with developments in YouTube, Waymo, and other products contributing to a broader business model [6] - Google Cloud's CEO indicated that the company has already generated billions through AI, with significant growth anticipated in the coming years [6][7]

Core Viewpoint - Alphabet's stock presents a compelling investment opportunity due to a favorable court ruling, strong fundamentals, and a significant valuation gap compared to peers, suggesting potential for 50% upside in share price [1][8][16]. Group 1: Court Ruling and Market Reaction - A federal judge's ruling in September 2025 protected Google's Chrome from forced divestiture, leading to a 7% increase in shares during after-hours trading [3][2]. - The ruling alleviated regulatory concerns, enhancing investor confidence and revitalizing the investment case for Alphabet [2][17]. Group 2: Valuation and Comparison - Alphabet's price-to-earnings (P/E) ratio is 22, significantly lower than Amazon's 35 and Microsoft's 37, indicating a valuation gap that analysts find puzzling given Google's strong fundamentals [6][7]. - If Alphabet's valuation were to align with peers at a P/E of 35, the stock could exceed $320, representing approximately 50% upside from current levels [8]. Group 3: Growth Drivers - Google's cloud division is a key growth engine, with Q2 2025 revenue increasing by 31.7% year-on-year to $13.62 billion [11]. - Strategic partnerships, such as with NVIDIA, and a robust global infrastructure position Google Cloud as the third-largest provider in market share [12]. Group 4: Long-Term Outlook - Analysts maintain a bullish long-term outlook for Google, citing diversified revenue streams across digital advertising, cloud services, and AI as factors for resilience [13]. - Alphabet's consistent earnings and strategic acquisitions, including YouTube and Nest Labs, contribute to ongoing innovation and shareholder value [13]. Group 5: Regulatory Environment - While regulatory risks persist, analysts believe that the worst-case scenarios are already reflected in the current share price, making the risk manageable [14]. - The recent court ruling indicates a judicial understanding of the complexities involved in regulating integrated tech platforms, which may benefit Google in the future [15].