Alphabet raises €22bn as Big Tech debt binge feeds AI hunger

Alphabet upsized its euro bond offering to €6.5 billion overnight, part of a €22 billion dual-currency debt raise that dwarfs most sovereign issues. The Google parent joins Meta's $30 billion and Oracle's $18 billion in what has become the year's defining trend: tech giants borrowing against future earnings to fund AI infrastructure today. Goldman Sachs and five other banks underwrote the deal, with euro tranches tightening sharply on investor demand. When borrowing costs this low meet AI spending this urgent, debt becomes the path of least resistance.