New York, Feb 15, 2026, 10:27 (EST) — Markets have shut for the day.
Alphabet Inc’s Class C shares (GOOG) slipped 1.1% to finish at $306.02, having bounced between $304.17 and $310.50. With the New York Stock Exchange closed Monday for Washington’s Birthday, U.S. equity markets will resume trading Tuesday.
According to a filing, Google’s parent wrapped up a $20 billion sale of U.S.-dollar senior notes and £5.5 billion in sterling notes back on Feb. 13, with maturities stretching as far as 2066 and even 2126. It’s a sizable raise, hitting just as investors are weighing the potential impact of the Big Tech AI push on upcoming cash flows.
Investors took note of the bond sale’s sparse covenants—key protections often baked into such deals were mostly absent, including the typical change-in-control provision. “What stands out is what’s missing,” said Julia Khandoshko, CEO at broker Mind Money. Alphabet pulled in $31.51 billion from the U.S. dollar, sterling, and Swiss franc markets, tapping debt markets alongside other cloud “hyperscalers” like Amazon and Microsoft. Reuters
Alphabet signaled a big jump in capital spending for 2026 earlier this month, citing more servers and data centers in the pipeline. “We are seeing our AI investments and infrastructure drive revenue and growth,” CEO Sundar Pichai told analysts. Reuters
Tech stocks held their ground heading into the weekend. QQQ, loaded with Nasdaq names, ticked up roughly 0.2%. XLK, the tech sector ETF, added around 0.3%. SPY, which tracks the S&P 500, barely moved.
GOOG holders are watching closely as the latest round of financing revives the capex-versus-buybacks debate. The question: can cloud and ad revenues keep up with the rising spend?
The story could flip fast. Should bond investors push for loftier yields on covenant-light tech debt, borrowing gets pricier—often right as spending crests. That’s when equity valuations usually take a hit.
This week, macro factors could rival individual company news for attention. On Wednesday, Feb. 18, the Federal Reserve plans to release minutes from its Jan. 27-28 policy meeting.
The Commerce Department’s BEA plans to release its advance look at fourth-quarter GDP this Friday, Feb. 20, together with December data on personal income and outlays. That set will also feature the PCE price index, which the Fed tracks closely as its main inflation measure.
Alphabet kicks things off Tuesday. Investors are eyeing the debt raise and what it might mean for the ongoing debate over 2026 spending. Growth stocks also hinge on how rates and inflation data shake out—will they get some relief?
