Google parent Alphabet to sell $80bn in stock to fund AI plans

US tech giant says fundraising drive includes deal to sell $10 bn of stock to Berkshire Hathaway.Alphabet, Google’s parent company, has announced plans to sell $80bn worth of shares to fund its rollout of Artificial Intelligence.Alphabet said on Monday that the equity offerings would finance the rollout of AI infrastructure needed to meet “unprecedented customer demand”.Recommended Stories list of 4 itemslist 1 of 4Violent protests erupt in Chile over government cuts of social programmeslist 2 of 4Ultra-Orthodox protesters clash with Israeli police over army draftlist 3 of 4Celebration, shock and scepticism follow Colombia’s presidential electionlist 4 of 4President Trump attempts to end hostilities in Lebanonend of listThe US tech giant said the fundraising drive included a deal to sell $10bn of stock to Berkshire Hathaway, the conglomerate led for six decades by legendary investor Warren Buffett.The remaining $70bn will come from $30bn in underwritten offerings – a type of share issuance where a financial institution buys stock to sell on to investors – and $40bn in staggered sales on the open market.“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,” Alphabet said in a statement.“By scaling its investments, the company seeks to expand its foundational infrastructure to support the significant growth opportunity ahead.”Shares of Alphabet, which has a market capitalisation of more than $4.5 trillion, were down about 1 percent in after-hours trading following the announcement.Like other Silicon Valley giants, Alphabet, whose AI business spans the Gemini family of assistants, data centres and cloud services, has committed eye-watering sums to AI-related infrastructure.The company said in its most recent earnings call that it expected its capital expenditures to reach $180-190bn this year, and rise “significantly” in 2027.