Alphabet Spending Plan, US Stocks Get Tech Lift, More
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News when you want it with Bloomberg News Now. I'm Doug Krisner. Alphabet is going global to finance its ambitions on artificial intelligence. The company is raising $20 billion from a U.S. dollar bond offering. This was more than five times oversubscribed. Alphabet is also pitching what would be the first ever offerings in Switzerland and the U.K. Here is Bloomberg's Caroline Hyde.
They're tapping the Swiss market and the sterling market. In fact, they're looking to sell a really rare 100-year sterling bond as well. So Alphabet is out there across every type of part of the debt market.
That is Bloomberg's Caroline Hyde. Now, the four largest U.S. tech companies are planning to spend a total of $650 billion this year on building out AI infrastructure. In the stock market today, there was a recovery in software shares that helped to lead the S&P 500 up one half of one percent to just below a record high. Now, last week, the spotlight was on how AI has the potential to undermine various software businesses. and many of those shares were punished. However, last Friday, the mood seemed to shift, and the IGV software ETF advanced by 3.5%. Today, IGV rose more than 3%. Stuart Kaiser is head of U.S. equity trading strategy at Citigroup Global Markets.
What happened last week is the moves accelerated and it got quite volatile. And I think that impacted the way that folks managed risk. And it's also, to be honest with you, a pretty simple math question, right? You know, if you take the MAG7 plus Broadcom and a few others, you pretty quickly get close to about 50% of S&P market cap. So when you're selling those stocks, you have to find a home for them.
That is Stuart Kaiser from Citigroup Global Markets. President Trump said his pick to lead the Fed, Kevin Warsh, can get the American economy to grow at a rate of 15%.
What are Alphabet's plans for global financing in AI?
Here is Trump speaking earlier to Fox Business.
If our new head of the Fed, who I think is going to be great, and he's a really high-quality person, but if he does the job that he's capable, we can grow at 15%, I think more than that.
President Trump speaking earlier to Fox Business, he went on to say that during the search for a new Fed chairman, he wanted a candidate who would lower interest rates. Trump also said he would not have picked Warsh if he advocated raising rates. Bitcoin traded on either side of $70,000 today after a roller coaster ride at the end of last week. Today, Fed Governor Chris Waller said the initial optimism that lifted crypto markets after President Trump was elected may now be fading.
These kind of ups and downs in the crypto world have become so common they actually have a name for them, winters. So when you start saying something's a season, you know it's going to be a regular phenomenon. That's part of the game. You get in, you make some money, you might lose some money. That's the nature of the beast in a lot of these things.
Waller was speaking at an event at the Global Independence Center. Now, he went on to say the recent volatility in crypto could be also driven by regulatory uncertainty and risk management moves. On Capitol Hill, Ghislaine Maxwell had a virtual deposition today with a House Oversight Committee. The fallout from the release of files related to Jeffrey Epstein is spreading overseas. British Prime Minister Keir Starmer is facing a call to resign. This is after Starmer appointed Peter Mandelson as ambassador to Washington. Now, Mandelson had known ties to Epstein. It was over the weekend that Starmer's chief of staff, Morgan McSweeney, quit, saying he took full responsibility for recommending Mandelson as U.S.
envoy. But today, a number of Starmer's cabinet members voiced support for their prime minister.
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