Alphabet is executing an $85B equity raise, including $10B from Berkshire Hathaway, to accelerate its aggressive AI and Cloud CapEx plans. GOOG's external capital raise funds ~46% of its $185B CapEx budget, enabling faster AI Data Center expansion without straining free cash flow. Despite a P/E of 24.6X, I see 22% re-rating potential with a fair value target of $434 on continued Cloud and AI-driven growth.