Alphabet Is Paying a Dividend While Selling $85 Billion of New Stock

Alphabet raised its dividend to $0.22 per share while simultaneously raising $84.75 billion through stock sales and debt issuance to fund its massive AI infrastructure buildout. The company halted share buybacks entirely in H1 2026 after spending $28.3 billion on them in H1 2025. With capital expenditures of $195-205 billion planned for 2026, the company's cash generation is running behind its AI ambitions, making shareholders net funders rather than beneficiaries.