June 1: GOOG/Alphabet — $80 billion equity financing to support AI compute and infrastructure expansion. June 9/11: SMCI — $7 billion equity/equity-linked financing to purchase components and cover AI server order advances. June 10: ORCL — Earnings report confirms approximately $40 billion in debt + equity financing for FY2027 to support OCI AI cloud capex. ————— AI Capex is transitioning from 'self-sustained through operating cash flow' to 'capital market financing + customer prepayments + supply chain advances' phase.