Google owner Alphabet to sell $80bn in stock to fund AI spending spree
Key points
- Googleâs parent company, Alphabet, has said it plans to raise up to $80bn (ÂŁ59bn) in equity to fund its vast artificial intelligence infrastructure investments, raising further questions over the economics of the AI boom.
- The move, the largest equity fundraising ever according to analysts, includes a $10bn share sale to the US investment group Berkshire Hathaway, which was led until last year by the investment guru Warren Buffett.
- Alphabet, which is behind the Gemini system that has been increasing its share of the AI chatbot market, said it would use the money to expand its âworld-class AI compute infrastructure to meet its unprecedented customer demandâ.
- The California-based company said: âAI is driving an expansionary moment for Alphabet.
- The company is experiencing strong demand for its AI solutions and services from enterprises and consumers, at levels that are exceeding the companyâs available supply.
Quick Summary
Googleâs parent company, Alphabet, has said it plans to raise up to $80bn (ÂŁ59bn) in equity to fund its vast artificial intelligence infrastructure investments, raising
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Key Takeaways
- Googleâs parent company, Alphabet, has said it plans to raise up to $80bn (ÂŁ59bn) in equity to fund its vast artificial intelligence infrastructure investments, raising further questions over the economics of the AI boom.
- The move, the largest equity fundraising ever according to analysts, includes a $10bn share sale to the US investment group Berkshire Hathaway, which was led until last year by the investment guru Warren Buffett.
- Alphabet, which is behind the Gemini system that has been increasing its share of the AI chatbot market, said it would use the money to expand its âworld-class AI compute infrastructure to meet its unprecedented customer demandâ.
- The California-based company said: âAI is driving an expansionary moment for Alphabet.
- The company is experiencing strong demand for its AI solutions and services from enterprises and consumers, at levels that are exceeding the companyâs available supply.
đ Source: The Guardian
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