Big Tech share offerings are already leaving investors underwater: Shares of Alphabet, $GOOGL, Meta, $META, and Intel, $INTC, have fallen below their recent offering prices, with Alphabet Class C down -32.5%, Alphabet Class A -21.5%, Intel -21.1%, and Meta -2.4%, based on their October 30th intraday lows. This comes after Alphabet announced its equity sale plan in June, later increasing its size to as much as $85 billion. Intel raised $23 billion in August, while Meta launched a $25 billion share sale last week. The selloff followed disappointing earnings, with Alphabet missing Search revenue estimates and Intel reporting supply-chain problems affecting data center components, intensifying concerns over the sustainability of AI spending. Furthermore, investors are also concerned that Meta's AI spending could outpace monetization, putting further pressure on cash flow and margins, while its planned sale of up to $60 billion in additional shares creates another overhang for the stock. The selloff could make it increasingly difficult for Big Tech companies to raise the additional equity capital needed to finance their infrastructure expansion, particularly as cash flows have turned negative and AI monetization remains uncertain. Share dilution is becoming another cost of the AI frenzy.