NEW YORK, Feb 9, 2026, 10:12 EST — Regular session
- Alphabet’s Class C shares (GOOG) slipped roughly 0.5%, with investors weighing news of a reported bond sale aimed at raising cash for AI infrastructure.
- TotalEnergies has inked long-term solar supply agreements for Google’s Texas data centres, piling on to the stream of data-centre expansion headlines.
- Friday’s U.S. inflation and jobs reports are on deck, and could swing rate expectations along with sentiment for megacap tech.
Alphabet Class C shares slid 0.5% to $321.52 in early Monday trading, following a report that the Google parent is lining up an investment-grade bond sale of around $15 billion to support its expansion plans. The issue could be sliced into as many as seven tranches, with the longest rumored to mature in 2066, priced at about 1.2 percentage points above Treasuries, the report said. Alphabet has yet to comment; a regulatory filing didn’t specify the exact size. 1
Timing is critical here, as the AI surge has even the largest, most cash-heavy tech companies piling on debt. According to the Financial Times, Big Tech is scrambling to secure funding for what amounts to an extraordinary $660 billion bet on AI chips and data centers set for 2026. That’s left investors scrutinizing free cash flow—and wondering just how long buyback and dividend programs can continue unchecked if spending keeps ratcheting up. 2
Stocks stumbled out of the gate, with the Dow dipping 0.14%. The S&P 500 edged down 0.22%, and the Nasdaq Composite posted a 0.34% decline. Investors looked ahead to upcoming U.S. economic numbers seen as pivotal for the Federal Reserve’s next move on rates, according to Reuters. 3
Alphabet grabbed focus on the infrastructure side as well. TotalEnergies has inked a pair of long-term deals to deliver 1 gigawatt of solar power to Google’s Texas data centers—28 terawatt-hours over 15 years. Construction is set to kick off at the two locations in the second quarter, according to the French oil giant. Google’s Will Conkling, who heads clean energy and power, called the agreement a way to bring in “necessary new generation” for the local grid while shoring up affordable and reliable supply in the area. 4
Another legal story is grabbing attention. Monday saw the kickoff of a California state-court trial focused on claims that Instagram and YouTube’s allegedly addictive design damaged a woman’s mental health—potentially setting a precedent for how far platform liability might extend past just user content, according to Reuters. The trial is slated to continue into March. 5
The bond buzz ties back to Alphabet’s recent earnings. Earlier this month, the tech giant projected 2026 capital spending could hit $175 billion to $185 billion—a sharp jump from 2025’s $91.45 billion figure—as it ramps up AI-driven compute power. CEO Sundar Pichai told analysts those AI investments are fueling revenue and broad-based growth. That same report showed Google Cloud revenue climbing 48% to $17.7 billion for the December quarter. Pichai flagged the Gemini assistant’s user base, now past 750 million monthly. D.A. Davidson’s Gil Luria highlighted cloud’s surge as key to justifying the investment ramp. 6
Some aren’t so sanguine on the bill. Bernstein’s Mark Shmulik flagged the risk that total 2026 investment for the megacaps could top a trillion dollars, factoring in capital expenditures plus hiring. That level of spending, he said, hinges on AI product demand accelerating fast enough to make it worthwhile. 7
GOOG’s near-term risk boils down to higher rates and wider credit spreads—those would drive up financing costs and keep expensive growth names under pressure, regardless of whether earnings stay solid. The Wall Street Journal pointed out fresh concerns about a “hot” January inflation number, a move that could push bond yields higher and muddy the outlook for tech budgets. 8
Investors are eyeing how Alphabet prices its bonds and what kind of demand materializes, particularly with an eye on where spreads settle compared to the initial chatter. But the bigger move could come Friday: the U.S. Bureau of Labor Statistics is set to release both the January 2026 CPI and Employment Situation reports on Feb. 13 at 8:30 a.m. ET, according to the schedule. 9
