Alphabet Eyes Billions in Anthropic Gains as Yield Caution Emerges

On June 26, fresh analysis showed Alphabet could reap tens to hundreds of billions from its 14% Anthropic stake if the AI firm IPOs above $1 trillion, reinforced by a five-year, 5 GW Google Cloud commitment. The bullish view builds on Berkshire Hathaway’s $10 billion private placement on June 24 at a 6% discount and Jefferies’ June 23 assessment that AI talent departures are non-thesis-changing noise. However, separate June 26 notes warned investors that the newly issued 6.25% convertible preferred stock, part of an $85 billion raise, converts to common shares yielding just 0.25% by May 2029, tempering income appeal.