Alphabet's $84.75B AI Raise Tests Appetite Amid 4-Week Stock Slump

Alphabet has upsized its equity offering to $84.75 billion to fund aggressive AI infrastructure spending, coinciding with the stock’s fourth consecutive weekly decline. The raise, anchored by a $10 billion Berkshire Hathaway placement, includes a $40 billion ATM program and follows an initial $80 billion announcement on June 1 after capex guidance was lifted to $180–190 billion. Strong Google Cloud growth of 63% in Q1 underscores the spending pressure, but dilution concerns have weighed on shares, triggering the largest single-day drop in two months and testing investor appetite for continued AI bets.