Alphabet reportedly pulls in $5B in orders for landmark Hong Kong and Singapore dollar bond sale

An EU court adviser questioned a lower court's decision to overturn a €1.49B ($1.7B) antitrust fine against Google, potentially creating hurdles for the company. The fine was originally imposed on Google's AdSense business.

Alphabet's first Hong Kong and Singapore dollar bond sales received about $5 billion in early orders, including contributions from arranging banks. The bonds, with yields ranging from 2.75% to 5.50%, aim to fund AI infrastructure investments. HSBC and JPMorgan are joint global coordinators, with other banks arranging the sales. The bonds are expected to be rated Aa2 by Moody's and AA+ by S&P.

Amazon (AMZN) and Alphabet (GOOG, GOOGL) hold stakes in Anthropic, which is set to IPO on November 18. At the top of the $70-$78 price range, their stakes could be worth $411 billion. Amazon's stake is larger (9.3% of its market value) compared to Alphabet's (3.9%). Both companies fund and provide cloud services to Anthropic, with AWS and Google Cloud revenue growing 39% and 103% respectively.

Goldman Sachs projects Anthropic's revenue to reach $685B by 2030, with significant equipment leases totaling $161B tied to Broadcom. Anthropic's IPO is set for Nov. 18, with Broadcom reporting earnings on Dec. 9. Anthropic's commitments amount to $900.9B, with up to $90.4B to be raised from the IPO and private placement.

Alphabet's Google division plans to invest $10 billion in Anthropic's IPO, buying nonvoting Class N shares at the IPO price. At the midpoint price of $74, Google's stake will increase by 8.2% to 13.7% of Anthropic's outstanding shares. This investment is part of a previously agreed $20 billion funding deal. Anthropic's IPO is expected to price next week with a range of $70 to $78 per share.

Alphabet (GOOG), Nvidia (NVDA), Microsoft (MSFT), Broadcom (AVGO), AMD, Micron, and TSMC will invest $26B in Anthropic's IPO, alongside a $64.4B public offering. These companies also supply Anthropic, creating a circular financial relationship. Broadcom has the largest exposure, with $161B in commitments versus $63.9B in 2025 revenue. The buyers face no lockup period, allowing them to sell shares post-IPO.