According to CoinMeta, Google's parent company Alphabet is preparing to issue a new round of U.S. corporate bonds, aiming to raise up to $25 billion. This funds will be used to continue expanding the infrastructure of AI. Alphabet has just increased its capital expenditure cap for 2026 to $205 billion, an increase of $15 billion from the previous plan. In the first half of this year, the company has already issued more than $50 billion in bonds. Market enthusiasm is not as high as it was at the beginning of the year, and the preliminary pricing for the longest-term 40-year bonds is about 1.55 percentage points higher than that of U.S. bonds from the same period. This bond issuance will directly test whether investors are still willing to continue to pay for the expansion of AI.