Alphabet (GOOGL) closed at $358.68, down 0.76% on Wednesday. The S&P 500 fell 0.74% to 7,553.68 and the Nasdaq Composite dropped 0.89% to 26,854.
Alphabet increased its AI infrastructure equity raise to $84.75 billion, up from an initial $80 billion plan. The offering includes a $10 billion private placement with Berkshire Hathaway.
Investors reacted to concerns about dilution and capital allocation. Management cited rising demand for AI and cloud services, noting that Gemini app usage is nearing 900 million monthly users.
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