Google's parent company Alphabet has announced plans to raise $80 billion to finance its large-scale infrastructure projects in the field of artificial intelligence.
According to the company, additional shares will be sold for this purpose. The proceeds will be used to finance general corporate expenses, including the expansion of artificial intelligence infrastructure and global computing power.
As part of the plan, Alphabet will sell $10 billion in shares to Berkshire Hathaway, a holding company led by investor Warren Buffett for many years.
The company said that demand for artificial intelligence solutions and services from both corporate clients and individual users exceeds current capabilities. Therefore, Alphabet aims to increase its investments to support future growth potential.
The statement noted that the sale of shares will allow the company to maintain financial stability while financing its investments.
Like other large technology companies, Google is building a large-scale computing infrastructure this year for the development of artificial intelligence services. At the Google I/O conference last month, CEO Sundar Pichai said that Alphabet plans to spend $180 billion to $190 billion on capital expenditures by the end of the year.
Analysts estimate that Google and other tech giants could invest a total of $700 billion in artificial intelligence by 2026.
