TNB Tech Minute: Google Plans to Issue $80 Billion in Equity to Finance AI Ambitions

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Here's your TNB Tech Minute for Tuesday, June 2nd. I'm Imani Moise for The Wall Street Journal.
Google Parent Alphabet has announced a plan to issue $80 billion in equity to fund its AI capital expenditures. The company said Berkshire Hathaway will buy $10 billion worth of the stock, deepening one of Warren Buffett's holding companies' few big tech investments. Alphabet plans to issue the remaining $70 billion by various means this year. The proceeds will be used to finance data center expansion and secure computing capacity needed to train and run AI models. Earlier this year, Alphabet said that its 2026 capital expenditures were expected to be as much as $190 billion, and it expects to spend even more next year. European chip maker STMicroelectronics has raised its data center revenue target as demand for AI infrastructure continues to explode. The company, which counts Apple and SpaceX among its customers, says it now expects data center revenue to come in at about $1 billion this year, up from its previous forecast of above $500 million.
STMicroelectronics says that its data center revenue could double in 2027, assuming current trends continue. According to FactSet data, the company's stock has nearly tripled in value since the start of the year.
And Nvidia CEO Jensen Huang says Marvell Technology could be the next chip maker to join the trillion-dollar club, predicting a surge in demand for AI hardware fueled by the emergence of autonomous models. Speaking at a trade show in Taipei along said Marvell CEO, Huang cited the rise of autonomous AI agents as the reason why demand for the company's products is skyrocketing. Nvidia announced a strategic partnership with Marvell in March, saying that it has invested $2 billion in the company. And that's your TNB Tech Minute. We'll be back this afternoon with more.

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