Google’s parent company, Alphabet, has sold roughly $25 billion worth of corporate bonds, in dollar-denominated and euro-denominated notes, as the tech firm targets growth from investments in AI and its relevant infrastructure, as per a Bloomberg report.
The update comes after multiple tech companies, such as Amazon, Meta, Alphabet, and Apple, posted their Q3 earnings, with each firm reporting some form of growth from artificial intelligence products.
The issuance was split between $17.5 billion of bonds in the U.S. and $7.48 billion in Europe.
Morgan Stanley has said it expects large firms identified as hyperscalers to spend a total of $3 trillion on data center infrastructure, as the data and energy requirements for AI products scale with more investment.
Alphabet’s Q3 report showed revenue coming directly from AI products in its Cloud services segment, which showed sales of $15.2 billion, with growth coming from Google Cloud Platform, AI infrastructure, and generative AI solutions.
Other tech companies that have sold bonds recently include Meta Platforms, with $30 billion of bonds sold last week, and Oracle, which sold $18 billion worth of corporate bonds in September.
At the time of writing, Alphabet shares last closed at a price of $284.12.