Alphabet is seeking to raise €6 billion through its second euro-denominated bond offering of 2026, offering significantly higher yields than in its May issuance as investor concerns over massive AI spending weigh on technology-sector credit markets. The seven-tranche offering spans maturities of two to 19 years and has attracted more than €17.1 billion in orders, with particularly strong demand for longer-term debt. Alphabet is offering an average new-issue premium of nearly 24 basis points, roughly three times the euro-market average this year. Pricing ranges from 40 basis points above mid-swaps for two-year notes to 185 basis points for 19-year bonds. Despite the higher borrowing costs, investors continue to view Alphabet's Aa2 credit rating and strong balance sheet as major advantages. Credit-market concerns have intensified as hyperscalers borrow heavily to finance AI infrastructure, while investors question whether the returns will justify the investment. $GOOGL