Alphabet Inc. announced on Monday that it's going to sell $80 billion in shares "to fund investments in its world-class AI compute infrastructure to meet its unprecedented customer demand."
The fundraising bid includes $30 billion in underwritten public offerings, a $40 billion at-the-market (ATM) offering and a $10 billion investment by Berkshire Hathaway via a private placement.
"AI is driving an expansionary moment for Alphabet. The company is experiencing strong demand for its AI solutions and services from enterprises and consumers, at levels that are exceeding the company’s available supply," the company said.
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