Alphabet is raising $84.75 billion（約14兆円）—its largest equity raise ever—to fund massive AI infrastructure spending, with Berkshire Hathaway backing $10 billion（約1.6兆円） of it, signaling confidence in the company's cloud business momentum.

What happened: Alphabet announced a $84.75 billion（約14兆円） equity capital raise, the largest in U.S. corporate history. Berkshire Hathaway committed to buy $10 billion（約1.6兆円） of that stock through a private placement. The money is earmarked primarily for AI infrastructure, following Alphabet's decision to lift 2026 capital spending guidance to a range of $180 billion（約29兆円） to $190 billion（約30兆円）.

Why it matters: Alphabet's cloud computing business is growing rapidly—Google Cloud revenue rose 63% year over year in the first quarter to $20 billion（約3.2兆円）, and its backlog of contracted future revenue nearly doubled in a single quarter to $462 billion（約74兆円）. The company's CEO stated that demand for AI services is outrunning the supply its data centers can currently deliver, making the spending essential rather than speculative. Berkshire's investment, made by new CEO Greg Abel, reads as confidence in these fundamentals at a time when some investors worry about AI spending excesses.

What to watch: Alphabet trades at about 28 times trailing earnings while growing revenue more than 20%, but management has warned that heavy infrastructure spending will keep pressure on profit margins through rising depreciation. A pending Department of Justice antitrust judgment on advertising technology remedies could also force changes. The company is maintaining a strong balance sheet—it had roughly $127 billion（約20兆円） in cash and marketable securities at the end of the first quarter.