Alphabet Inc. is borrowing far and wide to finance the unprecedented spending plan behind its artificial intelligence ambitions, and investors can’t seem to get enough.The Google parent raised $20 billion in its biggest ever US dollar bond sale on Monday — more than the $15 billion initially expected, after racking up one of the biggest order books of all time. It’s also planning debut deals in Switzerland and the UK, including a rare sale of 100-year bonds — marking the first time a tech company has tried ...

系统性能优化领域顶级专家Brendan Gregg，正式官宣加入OpenAI。 入职后，他将加入ChatGPT性能团队，在澳大利亚远程办公，向团队负责人Justin Becker汇报工作。 Brendan被技术圈尊称为"性能之神"，他的到来，受到了OpenAI总裁Brockman的亲自欢迎。 Brockman甚至表示，自己就是Brendan多年以来的老粉丝。 Brendan有多牛？ 他的代表著作《性能之巅》，长期被全球高校和科技巨头列为性能工程的必读教材。 他还发明了著名的火焰图（Flame Graphs），让程序员能像看热力图一样直观地看到CPU在忙什么。 同时他还是Linux内核核心技术eBPF的主要推动者，一手构建了现代云计算的性能分析工具箱…… 网友们评价，Brendan的这些作品绝对是next level。 | foundrceo @ @foundrceo · 21小时 | | | | | --- | --- | --- | --- | | that's sick man, brendan's work is next level for sure | | | | | 17 | | Ill 402 ...

Core Viewpoint - Big Tech companies are planning to invest approximately $700 billion in capital expenditures by 2026, primarily focused on AI infrastructure, which includes data centers and related equipment [1][21]. Investment Plans - The five major companies are expected to contribute to 2.1% of current-dollar GDP through these investments [2]. - Other companies are also increasing capital expenditures, indicating a broader economic stimulus as long as this trend continues [3]. Share Buybacks and Funding Sources - Concerns exist that the increased spending may come at the expense of share buybacks, which have already begun to decline [2][7]. - The funding for the $700 billion investment will come from various sources, including reduced share buybacks, new share issuances, and debt issuances [5][9][19]. - Specific companies have already shifted from share buybacks to issuing new shares, such as Oracle, which issued $2.1 billion in new shares in 2025 [5][13]. Financial Performance and Debt - In Q4, share buybacks for the five companies dropped to $12.6 billion, the lowest since Q1 2018, compared to a peak of $149 billion in 2021 [7]. - Companies like Amazon and Meta have significantly reduced their share buybacks to allocate funds for AI investments [6][8]. - Oracle's recent bond offerings have seen high demand, indicating strong investor interest in corporate debt [16][19]. Operating Cash Flow - The operating cash flows for these companies are substantial, with Amazon generating $126 billion and Alphabet $127 billion in 2025, which can help fund the planned investments [20][23]. - Utilizing operating cash flow for investments is seen as a positive contribution to economic growth [23]. Economic Impact - The shift from share buybacks to investments in AI infrastructure is expected to stimulate economic growth, although it may not be well-received by shareholders [21][22]. - The overall investment strategy is viewed as a significant stimulus for the economy, provided that financial markets remain stable [23].

Doug O’Laughlin, president of SemiAnalysis, an independent research firm specializing in semiconductors and AI, said Microsoft Corp. (NASDAQ:MSFT) is falling behind in the artificial intelligence race despite its OpenAI partnership, as rivals ramp up infrastructure spending.Microsoft’s Position In AI Race“Microsoft’s not in the race. Where are they? They’re getting owned,” O'Laughlin said in a recent conversation with John Coogan and Jordi Hays at TBPN.When questioned by Coogan why Microsoft doesn’t announc ...

Group 1 - The core point of the article is that major tech companies, including Amazon, Google, Microsoft, and Meta, are significantly increasing their capital expenditures for 2026 to a total of $660 billion, which is a 60% increase from 2025 and more than double the spending in 2024 [1] Group 2 - Amazon's capital expenditure is projected to reach $200 billion, exceeding market expectations by $50 billion, which led to an 8% drop in its stock price during pre-market trading [3] - Microsoft reported a staggering 66% increase in quarterly data center spending and revealed a significant risk exposure to OpenAI, with 45% of its $625 billion future cloud contracts linked to the startup, raising concerns about over-reliance on a single client [5] - Alphabet, Google's parent company, plans to double its capital expenditure to $185 billion despite its annual revenue surpassing $400 billion, which negatively impacted its stock price [5] Group 3 - Despite strong growth in cloud business revenues and a 14% increase in total annual revenue to $1.6 trillion, market sentiment remains pessimistic, with analysts noting that the scale of spending is "staggering" [6] - Analysts believe that high capital expenditures indicate that AI strategies will take longer to yield returns, leading to a shift in investor sentiment from initial "AI frenzy" to a "mini pause," with a focus on profit statements [6] - Apple emerged as a winner by outsourcing most of its AI infrastructure costs through an agreement with Google, adopting a "pay-as-you-go" model, resulting in a capital expenditure of only around $12 billion last year, which even saw a 17% decline in the last three months [6] - Thanks to strong sales of the iPhone 17 and a low-risk AI strategy, Apple's stock price increased by 7.5% [6]

Core Viewpoint - Microsoft's stock has faced a significant decline of 23.5% over the past six months, influenced by Alphabet's strong cloud growth, leading to a downgrade by an analyst from Stifel [1]. Group 1: Stock Performance - Microsoft's stock price has dropped 23.5% over the last six months [1]. Group 2: Analyst Insights - Following Alphabet's earnings report, Stifel analyst Brad Reback downgraded Microsoft's stock from buy to hold, citing a lack of near-term catalysts for growth [1].

Company Overview - Microsoft and Meta Platforms are both considered strong investment opportunities currently, with differing market reactions to their quarterly results [1] - Microsoft experienced a 10% sell-off post-earnings, while Meta's stock rose by approximately 10% [1] Microsoft Analysis - The market's primary focus for Microsoft is its Azure cloud computing division, which is crucial for understanding AI spending trends [2] - Microsoft reported a 39% growth in Azure for Q2, exceeding management's expectation of 37%, indicating strong demand for its cloud services [4] - Despite outperforming expectations, Microsoft's stock still declined, presenting a potential buying opportunity [5] - The current market capitalization of Microsoft is $3.1 trillion, with a current stock price of $414.55 and a gross margin of 68.59% [3][4] Meta Platforms Analysis - Meta's stock fell after its Q3 2025 earnings announcement due to concerns over its capital expenditure plans, which are projected to increase significantly in 2026 [5][7] - For 2026, Meta expects capital expenditures between $115 billion and $135 billion, a substantial increase from $72.2 billion in 2025 [7] - Despite fears of overleveraging towards AI, management reassured investors that operating income in 2026 is expected to exceed that of 2025, indicating continued growth [8] - Meta's revenue grew by 22% in Q4, outperforming Microsoft's 17% revenue growth, suggesting stronger growth potential [9] - The current market capitalization of Meta is $1.8 trillion, with a current stock price of $668.99 and a gross margin of 82% [6][7] Comparative Analysis - Microsoft's stock is trading at 26 times forward earnings, while Meta's is at 24 times, making Meta slightly cheaper [10] - Both companies are performing well, but Meta's faster growth and lower valuation may attract more investors [12] - The long-term growth trajectory of Azure is viewed positively, providing a steadier revenue stream compared to Meta's ad revenue [12] - The decision on which stock to buy is close, but Microsoft is favored overall while both companies are seen as strong options [13]

Capital expenditures—capex, meaning the big-ticket purchases that fund the data centers, servers, and power infrastructure undergirding the AI race—is fueling record-high, multi-trillion dollar tech valuations when investors think the spending is warranted. But companies get punished when investors worry they might not see returns that justify hundreds of billions in spending. Alphabet is the latest example. During its Wednesday fourth quarter earnings call, CEO Sundar Pichai and chief financial officer ...

Questions about the future of artificial intelligence (AI) have surged in recent months. The biggest question among investors is whether companies can recoup the massive investments they're making to capitalize on demand for AI. Amid this uncertainty, Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) sought to answer that question when it reported its quarterly results after the market close on Wednesday. What became immediately apparent is that demand for AI continues to fuel rapid cloud growth, and Alphabet plans ...

Core Insights - Alphabet is currently not ready to discuss the implications of its AI partnership with Apple, indicating a cautious approach towards its core business focused on AI [1] Group 1: Google-Apple Relationship - The partnership between Google and Apple has been beneficial, with Google paying Apple $20 billion to be the default search engine on Apple devices, providing Google access to Apple's 2.5 billion active devices [2] - The latest AI deal with Apple is rumored to cost Apple approximately $1 billion per year, but the immediate benefits for Google are less clear compared to its search business [3] Group 2: AI Advertising and Business Model - Google has announced plans to introduce ads in AI Mode for Google Search, with tests placing ads below or integrated into chatbot responses, aiming for a seamless shopping experience [4] - Competitor Anthropic is challenging the ad-supported AI model with a forthcoming Super Bowl ad, raising questions about the long-term viability of Google's and OpenAI's business models [5] Group 3: Earnings Call Insights - During Alphabet's earnings call, the Apple Siri deal received minimal attention, with CEO Sundar Pichai mentioning that Google would be Apple's "preferred cloud provider" and assist in developing next-generation foundation models based on Gemini technology [6]