Alphabet (Google) plans its first bond issuance in the Hong Kong dollar and Singapore dollar markets, raising approximately $3 billion. Just earlier this month, global markets experienced a correction related to AI, and with the market showing signs of recovery, Google's bond issuance, a costly capital expenditure, will test the faith of Asian investors in AI. Reuters, citing two sources familiar with the matter, reported on November 11 that the target is approximately $3 billion equivalent. The Hong Kong dollar portion is considered to be at least HK$8 billion (approximately $1 billion), and the Singapore dollar portion at least S$1.5 billion (approximately $1.2 billion). The total is likely to be at least $2.2 billion. The maturity schedule indicates that the Hong Kong dollar portion may have maturities of 2, 5, or 10 years, while the Singapore dollar portion may extend to 30 years. HSBC and JPMorgan Chase are the lead underwriters. As of the end of September, Alphabet had issued $45 billion in US dollar bonds and $35.8 billion in foreign currency bonds. Last week, another €6 billion (approximately $6.7 billion) was raised in the Euro market. Long-term debt has increased from $49.1 billion at the end of 2025 to $127.5 billion at the end of the third quarter of this year. Last week, Meta completed a $15 billion USD bond issuance, Oracle sold $10 billion, and Anthropic is going public this month. Fundraising is more important than securing funding. Google maintained its full-year capital expenditure guidance of $195 billion to $205 billion in the third quarter, with a significant increase expected in 2027. Third-quarter capital expenditure was $51.4 billion, operating cash flow was $42.3 billion, and free cash flow was negative $9.1 billion, marking the second consecutive quarter of negative cash flow. Goldman Sachs recently predicted that in 2027, approximately 35% of the capital expenditure of mega-cloud companies will be covered by bond issuance, similar to this year's level. Absolute expenditures are still rising, and the proportion supported by bond issuance has increased significantly. Microsoft has already laid off a large number of employees to cut costs, while Google is widely regarded as a retirement home in Silicon Valley, housing the most idle workers. With the recent stock drop, many shareholders have begun to complain, saying that Google is living too comfortably in its Indian retirement home, using Buffett's money for a comfortable retirement. I think the timing of Google's next round of layoffs is crucial and could be one of the catalysts for a stock price rebound.