David Solomon

But I think you're going to see, and Alphabet is the first one to make this decision, I think you're going to see a bunch of them fund a bunch of it with debt, but also raise more equity because they're starting to think about, okay, what does this look like?

It's one thing, what does it look like this year?

But what does it look like over the next five years?

How much capital do we need?

How much debt?

Equity markets are good.

Our multiples are pretty high, given the way the market's responding at the moment.

We've got to think about our leverage going forward.

The capital's available.

And so the analysis is,

And this is not all public in specifics, but I'll talk generally.

A company has to look and say, not just what's our one, two, or three-year capital plan.

What do we think our capital plan is over the next five to 10 years?

How's that going to change our leverage?

What if there was a change in the market multiple and our leverage is up?

How are we going to feel about that?

And it requires kind of a long-term conviction on what you're doing from a capital deployment standpoint and making the decision as to what

makes you more comfortable in kind of the leverage and balance between debt and equity.

I think you're going to see more companies issue equity because capital is available and you want to be cautious about this.

If you get it wrong, if you totally rely on debt and you get it wrong, you will really regret if you wind up having a downside scenario that's tougher than you expected.