Alphabet Bets Big on 100 Years of Debt

Watch on YouTube ↗  |  February 10, 2026 at 03:31  |  4:27  |  Bloomberg Markets
Speakers
Peter Elstrom — Senior Editor, Bloomberg Technology

Summary

Alphabet is planning a rare 100-year bond sale as part of a debt offering that drew resounding investor demand, with its USD deal upsized from $15 billion to $20 billion and new British pound and Swiss franc instruments. Bloomberg's Peter Elstrom explains why century bonds are unusual for companies, compares the move to Motorola's 1997 issue and J.C. Penney's later bankruptcy, and notes Alphabet's strong business but the risks of a 100-year maturity. The segment also discusses Big Tech's aggressive AI capex race, with Alphabet and Amazon planning massive spending and hyperscalers tapping debt markets to fund AI competition.

  • Alphabet plans a rare 100-year bond sale in the UK.
  • Investor demand led Alphabet to upsize its USD bond sale to $20 billion.
  • Alphabet also plans first British pound and Swiss franc bond instruments.
  • Peter Elstrom compares the move to Motorola's 1997 100-year bond and J.C. Penney's later bankruptcy.
  • Big Tech hyperscalers are increasing AI capital spending despite investor concerns.
  • Alphabet and Amazon announced massive capex plans of $185 billion and $200 billion.
  • Debt markets are providing funding for the AI buildout.
Ideas
Peter Elstrom Senior Editor, Bloomberg Technology 0:42
Alphabet debt demand strong; 100-year risky.
Alphabet saw resounding investor demand for its bond offering, upsizing its USD sale from $15 billion to $20 billion and issuing its first British pound and Swiss franc instruments, including a rare 100-year bond in the UK; this signals strong access to capital for its AI buildout, though the ultra-long maturity carries duration and corporate longevity risk, as past Motorola and J.C. Penney deals show.
Alphabet bonds HIGH
Peter Elstrom Senior Editor, Bloomberg Technology 0:42
Alphabet debt demand strong; 100-year risky.
Alphabet saw resounding investor demand for its bond offering, upsizing its USD sale from $15 billion to $20 billion and issuing its first British pound and Swiss franc instruments, including a rare 100-year bond in the UK; this signals strong access to capital for its AI buildout, though the ultra-long maturity carries duration and corporate longevity risk, as past Motorola and J.C. Penney deals show.
Alphabet 100-year bond HIGH
Peter Elstrom Senior Editor, Bloomberg Technology 2:15
Hyperscalers spend big on AI race.
Big Tech hyperscalers, including Alphabet, Amazon, Microsoft, and Meta, are stepping up AI capital spending because they see AI leadership as a winner-takes-most competition, and they have the cash and debt market access to fund it; however, questions remain about whether these investments will pay off.
AMZN MSFT META MED
Peter Elstrom Senior Editor, Bloomberg Technology 4:14
Alphabet strong, fast-growing, well-funded.
Alphabet is a very strong, fast-growing business making aggressive AI investments, and its ability to raise debt at strong demand reduces funding risk; the speaker does not expect the distress that hit past 100-year issuers like Motorola and J.C. Penney.
GOOG MED
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This Bloomberg Markets video, published February 10, 2026, features Peter Elstrom discussing Alphabet bonds, Alphabet 100-year bond, AMZN, MSFT, META, GOOG. 4 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Peter Elstrom  · Tickers: Alphabet bonds, Alphabet 100-year bond, AMZN, MSFT, META, GOOG