Recently, I’ve been watching some actions by major companies. Alphabet (Google’s parent company) raised $84.75 billion in equity financing all at once, and Berkshire Hathaway directly took in $10 billion through private placement. At the same time, their Q1 stock buybacks were completely halted, and they are borrowing globally, even issuing rare 100-year UK pound bonds.

It’s not just Google; Meta, Amazon, Microsoft, Oracle—these hyperscalers are similar. By 2026, AI infrastructure CapEx is expected to exceed $700 billion, far surpassing previous years. The result is a pause or significant reduction in buybacks, prioritizing cash flow retention for accumulation, with total debt rising rapidly, yet cash reserves remaining substantial.
We all say not to just look at what others say, but to see what they do and what we should do now, which is already very clear. #AI基建 # Cash is king