Alphabet said on June 1 that it plans to raise US$80 billion to fund higher spending on AI through stock sales and a US$10 billion investment from Berkshire Hathaway.

The package includes a US$40 billion at-the-market share sale program set to begin in the third quarter, and US$30 billion in underwritten offerings of common stock and mandatory convertible preferred stock.

Terms of the offerings show they are expected to price after the New York market closes on June 2. Goldman Sachs Group, JP Morgan Chase, and Morgan Stanley are leading the sale, while Goldman Sachs is acting as agent for the private placement.

Regulatory filings show Berkshire held Alphabet Class A and Class C shares worth about US$16.6 billion at the end of March.

🔗 Source: Bloomberg

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