Yong Social Finance

Not long ago, Alphabet looked nearly unstoppable. The parent company of Google had briefly surpassed Nvidia in market value, its artificial intelligence products were gaining traction, and Wall Street largely viewed the company as one of the strongest contenders in the global AI race. Fast forward a few weeks, and the conversation has shifted. Alphabet's stock has been under pressure, heading toward its fourth consecutive weekly decline, while the company simultaneously seeks roughly $85 billion in fresh capital to fund one of the largest AI infrastructure expansions in corporate history. The timing has caught the attention of investors. After all, Alphabet isn't a startup struggling to survive. It's one of the richest and most profitable companies in the world. So why does a company with enormous cash flow suddenly need tens of billions of dollars from investors? The answer says a lot about where the AI industry is heading—and just how expensive the next phase of th...