📉 In June, Alphabet did something it has never done at this scale: sold $84.75B in new stock to help fund its AI data ce...

📉 In June, Alphabet did something it has never done at this scale: sold $84.75B in new stock to help fund its AI data center buildout. Here's what's actually going on with the numbers.The raise: $18B common stock, $16.75B convertible preferred, a $40B at-the-market program, and a $10B private placement anchored by Berkshire Hathaway at around $350 a share.The context: 2026 capex guidance is now $195-205B, roughly double 2025's $91B. Free cash flow went negative in Q2. Long-term debt went from $10.9B in 2024 to $98B by June 2026. Total liabilities more than doubled to $281B.The circular part: Google is investing up to $40B in Anthropic. Anthropic has committed to spend $200B on Google Cloud over five years, reportedly over 40% of Google's $460B cloud backlog. Google is also backstopping $35B in chip financing for Anthropic's data centers. Money goes out as investment, comes back as cloud revenue.One detail most coverage missed: about $30B of the $40B at-the-market program is earmarked f...