Alphabet's 2126 century bond draws £9.5B in bids amid AI bubble concerns

Alphabet on Tuesday sold a £1 billion sterling century bond maturing in 2126, attracting £9.5 billion in investor bids at a coupon of about 6%. Analysts warn the deal, part of a $20 billion multi-currency funding push tied to roughly $185 billion in planned AI and data center spending, echoes the borrowing surge seen before the 1990s dotcom and telecom busts. Some market observers see the wave of long-dated debt for AI infrastructure as a potential sign of overheating if future demand fails to match current investment.