Google Just Did What It Hasn't Since 2004

Last week, Google went to Wall Street and asked for $25 billion in cash. Buyers showed up with $115 billion in orders. That's more than four times what Google was selling.

Think about that for a second. Google didn't need the money to keep the lights on. It's one of the richest firms on earth. It has more cash than most countries. But it needed the money. And that's the part that stops me cold.

Where should you invest $100 right now?

Elon Musk just invented and patented this new AI technology…

And he's predicting it will launch a NEW industry that will grow more than 7 million percent in the coming years.

Even if he's only 10% right, that would still be enough to grow $100 into more than $700,000.

I don't think most people realize how much has changed. Google made money hand over fist for 22 straight years. Ever since 2004. Ever since the day it went public. Cash gushed in every single quarter. Nothing but green ink.

Last quarter, that streak ended. Google spent more cash than it took in. Its first negative quarter since the IPO. Twenty-two years of pure cash flow, done.

Here's what worries me. It's not just Google. Amazon did the same. Meta did the same. Oracle did the same. Together, those four firms have sold about $194 billion in new bonds this year. That's up 79% from all of last year. In just seven months.

They're all borrowing to build one thing. Data centers. Chips. Power lines. AI plants. Google alone plans to spend up to $205 billion this year on this stuff. Two hundred billion dollars. In a single year. On buildings full of servers and the power to run them.

But here's the part I can't stop thinking about. Who bought all those bonds?

Not day traders. Not tech guys. The buyers were pension funds. Big insurers. Retirement bond funds. Target-date funds. The safe money. Your safe money.

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If you own a bond fund in your 401(k), you might own some of this paper. If you have an annuity, you might own some. If your parents have life insurance, the firm that wrote it likely owns some too.

Some of these new Google bonds don't come due until 2066. Forty years out. I'll be in my nineties by then. Some of you reading this won't be here. And that Google bond will still be sitting in a pension fund somewhere, waiting on a check.

I get it. Google is a great firm. So is Amazon. So is Meta. These are not junk names. On paper, they're the safest names on Wall Street.

But the safe side of your ledger just became a 40-year bet on AI. On a build-out no one has ever done at this scale. On tech that didn't exist five years ago in the form we see now.

If the AI boom pays off, these bonds get paid back with interest. Everyone wins. Pensions stay whole. Retirees stay whole.

If it doesn't? Nobody knows. Nobody has seen this movie before. But when the biggest firms on earth borrow $70 billion in one year to build stuff that hasn't earned back a dime yet, I get uneasy.

The 40-year Google bond had to pay 1.55% more than a 40-year Treasury to find buyers. For a firm this safe, that gap is wide. Wider than you'd expect. The bond market is saying something, even as it buys.

That's the part I want you to sit with. The stock side of your ledger has always been the risk side. The bond side was the calm side. The steady side. The part you don't have to watch.

That's not quite true anymore. The bond side is now a long, quiet bet on AI. And most folks have no idea.

I'm not saying sell. I'm not saying panic. I own some of this paper myself, through my own funds. So do you, most likely.

I'm saying know what you own. Ask your advisor what's inside your bond fund. If it's stuffed with 30-year tech paper, that's not a sin. But it's not what your grandfather meant when he said "safe."

More on this tomorrow.

— Lauren
Editor, American Ledger

Disclaimer: Please read the offering circular and related risks at invest.modemobile.com. This is a paid advertisement for Mode Mobile’s Regulation A+ Offering.

Mode Mobile recently received their ticker reservation with Nasdaq ($MODE), indicating an intent to IPO in the next 24 months. An intent to IPO is no guarantee that an actual IPO will occur.

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