Bloomberg Tech Podcast Summary

Episode: Alphabet’s Mega Bond Plans Includes 100-Year Offering
Date: February 9, 2026
Hosts: Caroline Hyde (NY) & Ed Ludlow (SF)

Episode Overview

This episode centers on Alphabet’s major foray into the bond market—including a rare 100-year, sterling-denominated note—and what that says about big tech’s strategy for capital expenditures amid the ongoing AI boom. The conversation broadens to cover the current state of the crypto markets, significant product releases from Apple, and the expanding influence of tech in advertising and private finance. Key guests include Robert Schiffman (Bloomberg Intelligence), Gil Luria (DA Davidson), Ben Putra (Future Perfect Ventures), and Kevin Krim (EDO).

Key Discussion Points

1. Alphabet’s Mega Bond Issuance: Signals & Market Dynamics

Segment: [01:51]–[06:47]

• Alphabet is raising $15 billion through US high-grade bonds, including a super-rare 100-year sterling note, and may also issue Swiss franc-denominated bonds—the first 100-year corporate note since the late '90s.
• The move is not a necessity (Alphabet is flush with cash) but an opportunity—low rates and huge institutional demand for high-grade tech debt.

Notable Quote:

“Do they actually need any money? My answer is no. I think they're borrowing money because they can, because it's super cheap... Demand for not just AI but bonds is so insatiable that they can go out and do 100 year maturity.”
— Robert Schiffman [03:46]

• Bondholder appetite: Investors want exposure to “Mount Rushmore style credits” (big tech).
• Scope of borrowing: Expect other big tech names (Amazon, Microsoft, Apple) to soon follow, possibly in different currencies.
• Big Tech’s capex cycle: Hyperscaler spending estimates keep rising, now surpassing $4 trillion cumulative spend from 2022–2030.
  [05:58] “I think this is the tip of the iceberg... It's going to be closer to 750 [billion] when you include names like Oracle and CoreWeave.” — Robert Schiffman

2. AI Investment, OpenAI, and Oracle’s Resurgence

Segment: [06:47]–[13:13]

• Oracle sees a surge tied to OpenAI’s success:
  Improvements to ChatGPT and anticipated monetization reverse concerns over OpenAI’s ability to pay its infrastructure bills, benefiting Oracle, Microsoft, and Nvidia.

Notable Quotes:

“OpenAI is going to start monetizing more through ads within the next couple of weeks… Now it looks like Google is going to win. That created a panic at Microsoft, Amazon, Nvidia, who are now going to invest $100 billion in OpenAI.”
— Gil Luria [07:34]

• Risk for Oracle: Had locked itself into OpenAI’s expansion, and the risk was whether both it and OpenAI could fund their commitments. Now, both seem sufficiently backed:
  [09:31] “There were two risks…would Oracle be able to get the capital…would OpenAI have the capital and the wherewithal to pay Oracle…those two risks...really look like they're going to go away.” — Gil Luria

• AI chip game: Despite talk of custom chips (Amazon, Google), Nvidia remains the "default" supplier due to unmatched performance and ecosystem lock-in.
  [12:02] “Everybody still needs Nvidia…They can't do it right now because they're building out capacity so quickly. Nvidia has the best chip.” — Gil Luria

3. Bitcoin’s Institutional Shift & Market Turbulence

Segment: [13:14]–[20:44]

• Bitcoin drops below $70K after volatility:
  Despite institutional adoption and favorable White House attitudes, price action decouples from the "digital gold" narrative, with market structure and leverage concerns.
• Key issues:
  • Senate’s slow-moving “Clarity Act” creates regulatory uncertainty.
  • Bitcoin is behaving more as a risk asset, tracked by institutional moves, than as a haven.

Notable Quotes:

“We're really seeing Bitcoin act more like a risk asset these days rather than that digital gold narrative…institutions have determined that this will be more of a risk asset.”
— Ben Putra [15:49], [17:02]

• Philosophical shift: Early holders prized Bitcoin’s independence from government, now institutionalization shapes its function and narrative.
• Blockchain’s broader impact:
  Putra sees major innovation in on-chain asset management and tokenization for real-world assets, regardless of Bitcoin’s price direction.
  [18:34] “We're really seeing the financial infrastructure being rebuilt by blockchain technology which also powers Bitcoin. I don't think either is going away. I think we just have to separate the two.” — Ben Putra

4. Apple’s Spring Product Roadmap

Segment: [23:14]–[26:04]

• Product launches coming: iPhone 17e (with MagSafe, new chip), new iPads (iPad Air with M4 chip, entry iPad with A18 and Apple Intelligence), plus new MacBook Pros/Airs.
• Enterprise and education focus:
  Apple is aggressively targeting bulk buyers with lower-priced devices, aiming to grow in segments where it’s traditionally lagged.

Notable Quote:

“Two tent poles this year for Apple: education and enterprise…All of these products have price points and feature sets…heavily applicable to business use cases and bulk purchases.”
— Mark Gurman [24:56]

• Advice for Mac users: Old M1 or Intel MacBooks are considered due for upgrade due to leaps in AI and graphics.

5. Market Trends: Software, M&A, and Investor Psychology

Segment: [26:29]–[33:48]

• Tech market sentiment rebound:
  Nasdaq, software, and hardware stocks rebound after volatility; investors weigh risk exposure and look for broadening beyond the “Magnificent Seven.”
• Shift from infrastructure to application:
  Focus is moving from data centers and AI “plumbing” to how tech is being used, especially in sectors like healthcare.

Notable Quotes:

“It’s a natural evolution...It's teeing up all of these really important evolutions.”
— Carol Schleife [29:22]

“Hanging everything on six or seven stocks is not healthy in the long run...that transition may be volatile.”
— Carol Schleife [31:57]

• Bond market’s role:
  Big tech accessing cheap, high-quality debt for flexibility and growth, offering diversification for investors.

6. Super Bowl Ads: Tech Dominance & Consumer Engagement

Segment: [36:11]–[44:04]

• AI and tech outshine traditional sectors:
  This year saw more AI product ads than cars or beer; i.com’s ad led consumer engagement despite most viewers not knowing the brand.

• Why did i.com work?
  Surprise factor, on-trend messaging, and high-profile trolling of AI rivals.
  [38:12] “It was the tech Super Bowl...more AI product ads than...automotive and beer ads.” – Kevin Krim

• Pharma ads make a splash:
  Novo Nordisk's Wegovy and hims & hers score strong engagement despite late-game slots.

• Multi-channel marketing:
  Modern consumer behavior spans TV and online—ads prompt digital engagement measurable against sales and market share.

7. Application Software Sector: Market Pressures & Leadership

Segment: [46:16]–[48:33]

• Workday sees founder return as CEO after stock slump:
  Application software names (Salesforce, Adobe, Workday) face Wall Street skepticism despite good numbers; markets seek more product focus and innovation.
• Industry challenge:
  Legacy software may not be able to deliver new AI-driven growth fast enough to satisfy market expectations.

Notable Quote:

“It's a really tough time to be an application software company...you can put up pretty good numbers...but right now Wall Street is just not going to believe you.”
— Brody Ford [46:49]

Memorable Moments & Quotes with Timestamps

• [03:46] Robert Schiffman on why Alphabet is borrowing:
  “They’re borrowing money because they can, because it’s super cheap... Demand ...is so insatiable that they can go out and do 100 year maturity.”

• [07:34] Gil Luria on OpenAI fueling Oracle's comeback:
  “Now it looks like Google is going to win... Microsoft, Amazon, Nvidia, who are now going to invest $100 billion in OpenAI.”

• [15:49] Ben Putra on Bitcoin’s risk profile:
  “We’re really seeing Bitcoin act more like a risk asset these days rather than that digital gold narrative…”

• [24:56] Mark Gurman on Apple’s bulk education and enterprise push:
  “Apple is... tripling down on moving units into both of those segments.”

• [38:12] Kevin Krim:
  "It was the tech Super Bowl...more AI product ads than...automotive and beer ads."

Structure & Flow

• Alphabet’s bond move opens a conversation on tech sector financing and global debt demand
• Ripple effects for cloud, AI infrastructure, and “hyperscaler” capex
• The shifting AI chessboard: Oracle’s resurgence, OpenAI’s funding, and Nvidia’s sustained dominance
• Crypto’s growing institutionalization changes Bitcoin’s role and volatility profile
• New Apple products target under-served markets and users with updated, AI-ready devices
• Tech market psychology: investor adaptation to diversification, volatility, and evolving sector opportunities
• Super Bowl’s ad landscape as a microcosm of tech’s penetration of popular and enterprise culture
• Legacy application software faces leadership and growth challenges amid tech sector’s rapid evolution

Conclusion

This episode offers a comprehensive look at how tech giants are leveraging global financial markets, restructuring their product lines, and doubling down on next-gen infrastructure amid massive AI and blockchain transformation. The conversation is packed with strategic insights, data points, and a candid look at how all these trends are intersecting to shape the sector’s public market, enterprise, and consumer footprints.