Moody's Ratings affirms Alphabet's Aa2 senior unsecured rating; outloo...

Rating Action: Moody's Ratings affirms Alphabet's Aa2 senior unsecured rating; outlook stable. Global Credit Research- 30 Mar 2026. New York, March 30, 2026-- Moody's Ratings affirmed Alphabet Inc.' s Aa2 long-term issuer rating, Aa2 senior unsecured notes ratings, and Prime-1 short term rating on its commercial paper program.

Grasping the AI Infra Buildout & GTC takeaways

Grasping the AI Infra buildout (X): “Internal AI” returns? lower than ...

The AI buildout is accelerating in 2026, and we see it is getting difficult to track what is being deployed, by whom, for what usage, with what financing, and on what underlying business model. As GTC approaches, we address all these questions in a series of one-sliders. Today, we look at what returns hyperscalers generate on AI investments today and how these could improve over time once the "tail effect" kicks in.

Grasping the AI infra buildout (IX): How does the “tail effect” boost ...

The AI buildout is accelerating in 2026, and we see it is getting difficult to track what is being deployed, by whom, for what usage, with what financing, and on what underlying business model. As GTC approaches, we address all these questions in a series of one-sliders. Today, we look at how the "tail effect" boosts ROIC for AI infrastructure and traditional compute deployments.

Grasping the AI Infra buildout (VI): Who pays for all these Enterprise...

The AI buildout is accelerating in 2026, and we see it is getting difficult to track what is being deployed, by whom, for what usage, with what financing, and on what underlying business model. As GTC approaches, we address all these questions in a series of one-sliders. Today we look into who pays for all these Enterprise Cloud AI bills. Note: For our latest estimates, please see updates to the slides published earlier this week; we are refining our numbers in real time as we progress in this...

Oracle RPOs: Beginning of the bubble... or beginning of the AI era?

Dear all, After we spent the day trying to figure out where AI compute would sit over the next 10 years, Oracle blessed us with a powerful datapoint: Half a trillion dollar RPOs. We pulled out a note overnight digging into what we learnt last night and confronting it to our deep understanding of the current AI infrastructure landscape. Very interesting findings emerged, follow the link below for details.

Could Broadcom XPUs ramp to 50% of infrastructure deployed by clients ...

Broadcom announced yesterday a $10bn AI rack order (likely OpenAI), for inference, and hinted growth could accelerate in 2027.

Moody's Ratings affirms Alphabet's Aa2 ratings, assigns Aa2 ratings to...

Moody's Ratings (Moody's) affirmed Alphabet Inc.'s (Alphabet) Aa2 long-term issuer rating, Aa2 senior unsecured notes ratings, and Prime-1 short term on its commercial paper program rating. We also assigned Aa2 ratings to Alphabet's proposed senior unsecured notes, which will be comprised of various...

Alphabet Inc.: Google loses US antitrust case over search dominance, a...

While the ruling is credit negative as it may alter Alphabet's business model and profitability, its scale, exceptionally strong credit metrics, and robust liquidity mitigate this risk.

Cloud revenues re-accelerating, capex beat, EVs & auto semis weak, mem...

As always, during earnings season, we start the week with a wrap-up of what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 31 names we followed last week

Alphabet Inc.: Update to credit analysis following affirmation

Our credit view of Alphabet reflects the company's leading market position, brand recognition, and attractive business model offset by competition and the threat from disruptive technologies

Moody's Ratings affirms Alphabet's Aa2 senior unsecured rating; outloo...

Moody's Ratings (Moody's) affirmed Alphabet Inc.'s (Alphabet) Aa2 long-term issuer rating, Aa2 senior unsecured notes rating, and Prime-1 rating on the short term commercial paper program. The outlook is stable. "Despite competitive, legal and regulatory pressures, Alphabet's management team has r...

Alphabet Inc.: Update to credit analysis

The company's brand recognition, leading market share, highly profitable business model are balanced against competition, regulatory risks and disruptive technologies.

Alphabet Inc.: Update to credit analysis

Our credit view of Alphabet reflects the company's high brand recognition, leading market position, and strong credit profile offset by regulatory concerns and competitive dynamic around AI.

Microsoft Corporation: Advanced AI integration creates long-term profi...

Integration of OpenAI's technology across Microsoft's portfolio creates long-term profit opportunities.

Alphabet Inc.: Second US DOJ lawsuit against Alphabet (Aa2) is credit ...

The U.S. Justice Department’s (DOJ) filing of its second antitrust lawsuit against Alphabet Inc. on January 24, 2023 is credit negative.

Alphabet Inc.: Update to credit analysis - Alphabet's credit profile r...

Our credit view of this issuer reflects its high brand recognition, offset by its regulatory concerns including anti-trust lawsuits underway in the US and Europe.

Alphabet Inc., Apple Inc.: Peer comparison: Regulatory risk, diversifi...

Both Apple and Alphabet are expected to maintain robust profitability but differences in regulatory risk exposure and business diversification separate credit profiles.

Uber partnering with Waymo. Our quick take.

Uber and Waymo announced this morning that they entered into a long-term strategic partnership to deploy Waymo’s autonomous driving technology on Uber’s Freight network. Our quick take.

Alphabet Inc.: Update to credit analysis - Alphabet's credit profile r...

Our credit view of this issuer reflects its high brand recognition, against its continuing evolving nature and maturation of Internet technologies, usage, and behavioral patterns.