Alphabet has completed several euro and US dollar bond issues, including 5.250% notes due 2045 worth €995.75 million and 4.05% notes due 2030 worth €1.249688 billion, plus floating-rate euro notes, to help fund heavy AI infrastructure and data center spending. The article says this mix spreads funding risk across currencies, maturities and investor bases, while free cash flow turned negative as AI spending ramped. In the third quarter of 2026, sales reached US$127.6b and quarterly net income fell year on year, while Google Cloud revenue more than doubled and the AI-weighted backlog stood at US$514b. For analyst price targets to line up, Alphabet would need to trade on a 26.9x P/E on projected 2029 earnings, versus 14.8x today, with profit margins modeled to fall from 49.9% to 29.4%.
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bondsGOOGLartificial intelligencedata centers
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Related tickers and likely impact
GOOGL
• NeutralAlphabet Inc. (Class A)
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $3.5T |
| Close on 11/02/2026 | 278.99 |
| Change that session | -0.30% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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