Скачать или смотреть The $660 Billion Reality Wall: Alphabet’s Century Bond & the Mag 7 Fracturing

Institutional capital is undergoing a violent rotation as the "Magnificent Seven" trade fractures under the weight of a $660 billion AI infrastructure bill.

On February 10, 2026, Alphabet Inc. (GOOGL) redefined the era of "Industrial AI" by upscaling its U.S. bond issuance to $20 billion and launching a rare 100-year "century bond" in the UK to fund its massive $185 billion CapEx mandate.’

In this briefing, we analyze the widening "monetization gap" and why institutional desks are pivoting toward "hard tech" infrastructure. While Amazon (AMZN) faces a significant "reality wall" as its $200 billion spending plan triggers a historic contraction in free cash flow, Apple (AAPL) has emerged as a survivor, leveraging an asset-light strategy and a disciplined $14 billion budget to reclaim its $4.06 trillion market cap.

Key Data Points for February 10, 2026:
• Alphabet ($GOOGL): $20B debt raise and $185B 2026 CapEx midpoint.[3, 5]
• Amazon ($AMZN): $200B spending shock; trailing free cash flow contracted to $11.2B.
• Apple ($AAPL): Asset-light strategy results in just $14B projected CapEx—less than one-tenth of Google's spend.
• NVIDIA ($NVDA): Capturing roughly 90% of the $660B collective hyperscaler spend.
We examine why the market is no longer rewarding spending announcements but is instead demanding immediate evidence of return on invested capital (ROIC).

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