Google’s parent company, Alphabet, plans to raise up to $80 billion through a series of equity offerings to finance a massive expansion of its artificial-intelligence infrastructure, with U.S. multinational Berkshire Hathaway committing $10 billion as part of the fundraising effort, according to Reuters.
The transaction would rank among the largest equity raises ever undertaken by a U.S. technology company and would help finance data centers, AI chip development, and expanded cloud-computing capacity.
Berkshire Hathaway will purchase $10 billion of Alphabet shares through a private placement, providing a significant vote of confidence in the company’s AI strategy as competition intensifies across the technology sector.
Investors reacted cautiously to the announcement, with Alphabet shares falling about 2% in after-hours trading.
The company said it plans to raise $30 billion through underwritten offerings of common stock and mandatory convertible securities, while a separate $40 billion at-the-market stock sale program is expected to begin in the third quarter.
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