Alphabet is raising $80B to fund its AI infrastructure cycle — one of the largest equity financing events in history, with Berkshire anchoring the deal at a negotiated discount. In under nine months, Greg Abel has committed ~$27B to Alphabet, mirroring the Apple playbook but at twice the speed and with a private equity-style deal structure. This is not dilution — it is the first "AI IPO", and Berkshire just got the anchor allocation at a price retail investors could not access.