Alphabet Inc. Class C (GOOGL.US) further expands its global financing map: after issuing Euro bonds, it plans to issue Japanese Yen bonds for the first time to ramp up the AI arms race.

In the field of artificial intelligence (AI), as capital expenditures continue to escalate like a "arms race", Alphabet Inc. Class C (GOOGL.US) is rapidly and extensively weaving a large financing network globally. According to reports, this tech giant is further expanding its financing map globally, planning to issue yen bonds for the first time. According to sources, Alphabet Inc. Class C has hired Bank of America Corp Securities, SMBC Nikko Securities and Morgan Stanley to handle this potential fixed-rate senior unsecured bond issuance. The transaction is expected to proceed in the near future based on market conditions. As a benchmark SEC registered offering, this will be Alphabet Inc. Class C's first foray into the yen bond market. Turning its attention to the Japanese market is a continuation of Alphabet Inc. Class C's recent global intensive financing strategy. Just last week, the company completed its largest-ever Euro-denominated bond issuance and successfully issued Canadian dollar bonds for the first time, raising a total of approximately $17 billion. This comes just months after its $32 billion financing in the US dollar, pound sterling, and Swiss franc markets in February of this year, which also included a rare 100-year pound sterling bond, setting a record in the technology industry for many years. The yen bond plan means that in just a few months, Alphabet Inc. Class C will have full coverage of the six major currency markets of the US dollar, pound sterling, Swiss franc, Euro, Canadian dollar, and Japanese yen. At the core of driving this series of debt actions is the tech giant's massive capital expenditure guidance. It is reported that the company has raised its capital expenditure target for 2026, planning to invest up to $190 billion, further increasing from the previous estimate of $185 billion. This amount is more than double its capital expenditure for 2025, mainly for AI-related data centers, custom chips, and other infrastructure construction. In the background of AI computing power arms race driving capital structure restructuring, Alphabet Inc. Class C, with its high credit rating of AA+, is actively taking advantage of the global low interest rate environment to refinance and create buffer space for the new phase of capital expenditures.