Alphabet unveils plan to sell $80B in shares to fund ongoing AI infrastructure buildout
Google LLC parent company Alphabet Inc. is seeking to raise a massive $80 billion in equity capital through a stock sale in an effort to bankroll the ballooning costs of its artificial intelligence infrastructure buildout.
In a key endorsement of the plan, Warren Buffett’s Berkshire Hathaway Inc. has already agreed to throw in $10 billion through a private placement.
The technology giant said in a statement that the money raised will be used to fund its ongoing investments in data center infrastructure and “world-class AI compute” and help it to meet “unprecedented customer demand” for its AI services. Officials added that the company is “experiencing strong demand for its AI solutions and services from enterprises and consumers, at levels that are exceeding the company’s available supply.”
“By scaling its investments, the company seeks to expand its foundational infrastructure to support the significant growth opportunity ahead,” it added.
