Alphabet's $25B bond sale draws $115B in orders

Alphabet's latest US investment-grade offering sought as much as $25 billion and attracted roughly $115 billion of orders, signaling that appetite for AI-linked debt survived July's selloff. The company paid high premiums to pull it off. The 4.6x oversubscription is the clearest recent read on whether credit markets still fund the buildout, and it landed the same week Alphabet stock dropped on the DeepMind leadership shakeup. Debt investors and equity investors are pricing the same company very differently.

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