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Alphabet Just Flipped The Script: From Buybacks To An $80 Billion Stock Sale!

Alphabet has suddenly become one of the most talked-about names in the market after announcing plans for an $80 billion equity raise to fund its massive artificial intelligence infrastructure buildout. The move is striking because Alphabet spent years acting like a classic cash-rich Big Tech giant, buying back $62 billion of stock in 2024 and $46 billion in 2025, only to pause repurchases in Q1 2026 and pivot toward issuing stock. The offering includes public common equity, mandatory convertible preferred stock, a private placement to Berkshire Hathaway, and a $40 billion at-the-market program. The contradiction is what makes this story so compelling: a company with enormous cash resources and strong operating momentum is still turning to shareholders for capital. The reason appears to be simple but consequential: AI is changing Alphabet’s financial model faster than most investors expected.