Alphabet拟首发澳元债券融资36亿美元

Alphabet lead this this AI borrowing boom that we've seen, you know, since the middle of 2025. They they'd already done about $114 billion worth. But it was also split largely US denominated, but, you know, you're a Swiss franc etc.. Um, so this $3.6 billion, uh, kangaroo bond action is kind of diversifying that funding. But you're exactly right. Like even a giant like alphabet cannot fund CapEx from its own cash flows.

Um, and so it needs to go to the capital markets to do that across equity and debt. But the debt investor seems very willing, you know, to support that, that offering. What is this money for exactly? Is this data centers? Is this other things? Why do they need such huge amounts of money. So it is for data centers and it is in Financial Times for capital expenditures. Right. So if you look at Alphabet's CapEx for 26, it's approaching $200 billion.

And the expectation is that it will be much bigger in 2027 and bigger still in 2028. Something that's really interesting is that CapEx doesn't just go up because you got to build more stuff, right. It doesn't just go up because you're saying, okay, we did ten days to send this, now I need to do 20. It's also the cost environment. So like labor, construction materials, power that is also seeing some inflationary effects.

And so the CapEx numbers also need to rise to meet that environment. And what are the companies saying about longer term CapEx is relates to I, I guess I'm concerned that this extraordinary high level of CapEx coming from, uh, many of these tech companies, this is the new normal. You don't just build your AI and then it's there forever and your CapEx can go back down. It seems like this may be the new level of borrowing to the companies admit that.

Or do they say, well, this is kind of a one time five or year or whatever, that there is a distinction, probably them between what their capital expenditure intentions are and what their borrowing intentions are. Right. And what alphabet had said after the last tranche of dollar denominated bonds is, look, we plan to borrow from the US debt market twice a year, and the signal that, um, the market took from that very explicit explanation was we've done twice this year.

Are you now done? You know, and so the buy thesis is really clear. There's a lot of demand out there. Hundreds of billions of dollars of demand to support that, that borrowing. But there is also the psychological aspect of like when do they hit pause and stop? And um, the 3.6 billion, uh, Aussie uh, offering is very small on a dollar basis compared to the 2025 billion they did in the to dollar denominated ones. So it seems like they're kind of tapering off a bit.

So the bond market has been the subject of a lot of news this summer. Yields have been up a lot. Does this potentially affect government bond yields when there are all these bonds being issued by huge companies. You know I might be convincing because of my British schoolboy accent and, uh, Welsh charm. But the bond market is not my forte. Technology is. So I mean, the one thing I would say is that you can look at some of the post issuance pricing action of those technology bonds and corporate bonds and say in some cases space X, the most notable, um, that those underperformed and trailed away.

And the big picture is the premium over treasuries right in the first place. That was partly what some of the, uh, appetite was driven by. Bet. Yeah, I ain't I ain't a fixed income guy. I'll punt it back to you. So, Ed, real quick anthropic. I saw some Bloomberg reporting here. $11.45 billion in revenue in the second quarter. 14 fold increase. What is going on there? Yeah, I mean, that's real revenue right there. Prelim numbers.

But that's data presented to prospective investors in a document that Bloomberg is saying, um, which would indicate they're having these meetings with prospective investors ahead of an IPO or as part of the process. Um, the other data point is that they had adjusted positive operating income. And like if you look at some of the I linked stocks that are moving today, it's probably not just the idea that anthropic is tracking towards an IPO, that it will happen, but also like they're finding a way to do it without endless losses.

Right. And lots of those names Amazon Alphabet have direct investment exposure to anthropic. But it kind of is validation of the eye trade right now. Yep. Absolutely. So real quick before we let you go. Is that are we still expecting a anthropic IPO this year. You know October or the full? The full as we've joked about in the last two weeks is a wide window. But yes, that's our understanding.