00:00Google's parent company Alphabet says it plans to raise 80 billion U.S. dollars through a major share sale as
00:08it moves to scale up its artificial intelligence infrastructure.
00:12The company says the fundraising is being driven by what it calls unprecedented demand for its AI products and services.
00:22The package includes a deal to sell 10 billion dollars in stock to Berkshire Hathaway, the investment group previously led
00:29by Warren Buffett.
00:30who stepped down last year. The remaining 70 billion will be raised through a mix of underwritten offerings and staggered
00:36sales on the open market.
00:38Alphabet said demand for its AI services is outstripping available computing capacity, prompting heavy investment in data centers and processing
00:47power.
00:47The scale of the fundraising makes it one of the largest equity-raising deals in corporate history.
00:53Alphabet shares fell more than 2 percent in after-hours trading following the announcement.
00:57The transaction would also make Alphabet one of Berkshire Hathaway's largest publicly traded holdings,
01:03alongside its long-standing stakes in Coca-Cola and American Express.
Comments