“Google just sold stock for the first time since 2004 to fund datacenters that lose money, and investors will eventually sell in disgust as the asset-light story dies.”
“now Alphabet (GOOG) has even resorted to its first major equity issuance since 2004 (with Meta reportedly considering one as well now). Despite their desperation to build datacenters, I haven’t seen a single financial model that shows one with a positive ROIC.”
Prices are point-in-time snapshots from the named provider. The verdict compares the return since entry against the band above.