Google’s AI race gets costlier as Alphabet upsizes equity raise to $84.75 billion

Google parent Alphabet has increased its planned equity raise to approximately $84.75 billion, up from the $80 billion it had announced just a couple of days ago. Notably, the tech giant is looking for a capital infusion in order to meet the massive infrastructure demands of artificial intelligence.

According to a Reuters report citing a 2 June filing, Alphabet now plans to raise $18 billion through the sale of Class A and Class C shares and a further $16.75 billion through depositary shares.