Alphabet Seeks $5 Billion Aussie Bond Amid AI Arms Race

Alphabet, the parent company of Google and Gemini, is seeking to raise up to $5 billion through a Kangaroo bond in Australia. This move comes as part of the company's efforts to bolster its war chest for artificial intelligence spending, particularly in an AI arms race against other major technology companies.

The bond transaction marks Alphabet's first time raising debt in Australia and is a significant move in the country's corporate debt market. The Kangaroo bond will be part of a year-long effort by Alphabet to finance its AI investments.

Earlier this month, Alphabet raised $US25 billion ($35 billion) from the US market, and before that had sold bonds in Canada, Japan, and Switzerland. In March, the company issued a 100-year, £1 billion ($1.9 billion) bond in the UK.