Google Taps Berkshire, Confidential IPO Filings, Putin's Longevity | Jack Doohan, Shreya Murthy, Nate Cavanaugh & Justin Fox, Thomas Mueller, Edward Kim, Brynn Putnam

**John Coogan** (0:01)
You're watching TBPN. Today is Tuesday, June 2nd, 2026 We are live from the TBPN Ultradome, the Temple of Technology.

**Jordi Hays** (0:08)
The Fortress of Finance.

**John Coogan** (0:09)
The Capital of Capital. Let me tell you about Ramp, baby. Time is money, save both, easy to use corporate cards, bill pay, accounting, and a whole lot more, all in one place.
It feels so good to be back. You know who else is back? Google, with a huge fundraise, an equity fundraise, unsurprising to a lot of people. They haven't raised equity in years and years and years, but they raised a cheeky $80 billion. The Wall Street Journal has a story. Alphabet's mega fundraising shows them how you can be a public company.

**Jordi Hays** (0:38)
Let's be honest, John, the real story is that you got a haircut.

**John Coogan** (0:40)
I did. I didn't just get a haircut. I got the mall cut.
I got the mall cut. Hey, we got the team there. There we go.
That's a new angle. I like that. Well, Alphabet. In AI, money talks, says the Wall Street Journal, the ability to tap stock market capital is important again after a quarter century of being all but irrelevant. So let's run through it. 80 billion stock-based fundraising should be taken as a rebuke to those salivating over the forthcoming IPOs of SpaceX, OpenAI, Anthropic. The search giant is showing its competitive advantage in an area that increasingly matters for artificial intelligence access to money. Ben Thompson has a great breakdown too of how capital is so important in the age of AI and the war for AI. In AI Money Talks, the biggest companies are paying out hundreds of millions of dollars to lure top researchers and tens of billions to build data centers while financing losses as they build their AI businesses. The money being funneled into AI is probably already making it harder for non-AI startups to raise capital, with 61% of all venture capital last year going to AI. It's really like, I was talking to somebody who is trying to-

**Jordi Hays** (1:52)
Feels low, based on, but there's a lot of, there was a lot of hard tech.

**John Coogan** (1:58)
Well, everything sort of gets wrapped into AI. I was talking to someone about how to have a conversation about AI. And it was like, you can talk about sycophancy. You can talk about data centers and water and energy and being an eyesore. And then you can also talk about enterprise sales and SaaS. And you can talk about consumer. And it just touches absolutely everything. And so it's almost, it feels like if you're trying to have the AI conversation, rude.
Rude about the Jared Isaacman in the years. We love Jared Isaacman.

**Jordi Hays** (2:36)
I don't think that's rude.

**John Coogan** (2:38)
I don't know.

**Jordi Hays** (2:39)
Our great space leader, Jared, is incredibly handsome.

**John Coogan** (2:42)
People like saying that about getting a haircut. Got my ears lowered. That's another dad joke. Got my ears lowered.
Anyway, yesterday, Alphabet announced a massive $80 billion equity raise, says Brandon Grell in the TBPN newsletter. You can go sign up, tbpn.com. The raise will be broken up into a few milestones over the course of this year. Berkshire Hathaway, Greg Abel at the helm, Warren Buffett obviously still at the table.

**Jordi Hays** (3:09)
A lot of people were, there was a viral post yesterday. Somebody was saying, Buffett retires and they immediately invest in Google at all-time highs.

**John Coogan** (3:19)
Yeah.

**Jordi Hays** (3:20)
What other company did they invest in at all-time highs?

**John Coogan** (3:23)
Was that Apple?

**Jordi Hays** (3:24)
Apple. Apple. Look what they did.

**John Coogan** (3:27)
Pretty fantastic. Yeah. I mean, for a long time, for 30, 40 years, Warren Buffett was known as not a tech investor, couldn't wrap his mind around it, valuation's always too high, business too frothy or too high growth.

**Jordi Hays** (3:43)
Well, I think he knew Vibe Coding was coming.

**John Coogan** (3:45)
For sure.

**Jordi Hays** (3:47)
And he thought, how can I value a software company when the cost of producing software is obviously going to zero? He was saying that back in 2010

**John Coogan** (3:54)
Yeah. He wanted to get in on Genmoji a decade early.

**Jordi Hays** (3:58)
Yeah.

**John Coogan** (3:58)
No. Obviously, the business was printing. It fit the Warren Buffett mold. I was actually doing this deep dive on, where would Warren Buffett find value in the AI supply chain? I was trying to dig into if you apply that framework, because there's a lot of froth, there's a lot of excitement, there's a lot of high growth opportunities.