Alphabet plans to borrow another $20-25 Billion, on top of the $50 billion in bonds and $85 billion in equity it sold earlier in 2026. To take on the additional risk, investors in these Alphabet bonds get a higher yield than on Treasuries, and it draws demand from Treasuries. Earlier this year, Alphabet had already sold about $50 billion in bonds, including 100-year bonds, in various currencies. Share buybacks were scaled back last year and went to zero this year. Their income will be hobbled by large amounts of expenses from interest, depreciation, and operating costs, while share buybacks – except for Microsoft – have vanished or have flipped to the opposite: share issuance.