Alphabet Plans Multi-Tranche Yen Bonds for $190 Billion AI Spending Push

Alphabet is planning its first yen-denominated bond sale as a multi-tranche deal spanning 3- to 40-year maturities, totaling several hundred billion yen, to fund up to $190 billion in AI-related capital spending this year. The company filed on May 11, mandating Mizuho, Bank of America, and Morgan Stanley to arrange the issuance with terms set later this month, following nearly $17 billion raised last week via euro and Canadian dollar bonds. This underscores Alphabet's capex hike to $180-190 billion and Big Tech's $700 billion AI infrastructure forecast, up from $410 billion in 2025, as Amazon eyes Swiss franc bonds.