谷歌宣布计划筹集80亿美元资本以支持AI基础设施及员工股权激励的税务义务，汇丰维持买入评级并将目标价下调至420美元

Alphabet(GOOGL US) Buy:Google announces USD80bn capital raise United States ◆UnexpectedGoogle capital raise adds to IPO activity at widersector level that now includes Anthropic IPO MAINTAIN BUY TARGET PRICE(USD)PREVIOUS TARGET(USD)420.00435.00SHARE PRICE(USD)UPSIDE/DOWNSIDE369.17+13.8% ◆Proposedcapitalraise tofundAI infrastructure/computegrowthand employee equity grant tax obligations ◆Retain Buy,cutTP to USD420(fromUSD435), implying ~14%upside. GOOGL remains uniquely placed to benefit from AI (asat10.11am UKT02June2026) Google raise adds to IPO activity at wider sector level:Alphabet has alreadyscaled back buybacks and raised capital via the bond markets to support increasedcapex spend / M&A in 2026, and flagged a further significant increase in capex in 2027 (see our note:‘Global Tech: 2026 HSBC’s key tech discussion points updated’,22 May 2026). However, an announced proposed capital raise so soon wasunexpected and adds to elevated fundraising / IPO activity atthewider sector levelthat now includes Anthropic, which confidentially filed an intention to float on 1 June Capital raise to fund AI infrastructure / compute and employee tax obligations:◆ Concurrent underwritten offerings: USD30bn public offerings, consisting of:USD15bn in depositary shares representing mandatory convertible preferred ◆At-the-market offering: USD40bn at-the-market (ATM), offering for Class ACommon Stock and Class C Capital Stock over time, expected to begin in Q3. Alphabet will sell USD10bn of stock to Berkshire Hathaway(BRK US,USD471.58, n/r)in a private placement comprising USD5bn of Class A and Class Paul Rossington*Senior Global Tech Platforms AnalystHSBC Bank plcpaul.rossington@hsbcib.com+44 20 7991 6734 Use of proceeds:Alphabet will use the net proceeds from the underwritten publicofferings and private placement, i.e. USD40bn, to expand AI infrastructure / computecapabilities andfor general corporate purposes. The latter includes the cost of relatedcapped call transactions funded specifically from depositary share proceeds, and thus Charlie Rothbarth*Global Tech Platforms AnalystHSBC Bank plccharlie.rothbarth@hsbc.com+44 203 2685284 Nicolas Cote-Colisson*MD, Head of Global Tech PlatformsHSBC Continental Europenicolas.cote-colisson@hsbcib.com+44 20 7991 6826 Remain Buy rated with USD420.00 TP (from USD435.00), implying ~14% upside: * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and isnot registered/ qualified pursuant to FINRA regulations We update our model for therelease,making no changes to estimates with theexception of our overall share count, which drives the trimming of our TP toUSD420 Issuer of report:HSBC Bank plc Disclosures &DisclaimerThis report must be read with the disclosures and the analyst certifications in the Disclosure appendix, and with the Disclaimer, which forms part of it. View HSBC Global Investment Research at:https://www.research.hsbc.com Financials & valuation:Alphabet Changes to HSBC estimates Our FCF forecast falls materially due to the presumed incurred USD30bn tax cash outflows inQ4related to thevesting employee equity award taxobligations, which Alphabet will now settle Disclosure appendix Analyst Certification The following analyst(s), economist(s), or strategist(s) who is(are) primarily responsible for thisreport, including any analyst(s)whose name(s) appear(s) as author of an individual section or sections of the report and any analyst(s) named as the coveringanalyst(s) of a subsidiary company in a sum-of-the-parts valuation certifies(y) that the opinion(s) on the subject security(ies) orissuer(s), any views or forecasts expressed in the section(s) of which such individual(s) is(are) named as author(s), and anyother Important disclosures Equities: Stock ratings and basis for financial analysis HSBC and its affiliates, including the issuer of this report (“HSBC”) believes an investor's decision to buy or sell a stockshoulddepend on individual circumstances such as the investor's existing holdings, risk tolerance and other considerations and thatinvestors utilise various disciplines and investment horizons when making investment decisions. Ratings should not be used orrelied on in isolation as investment advice. Different securities firms use a variety of ratings terms as well as different rating From 23rd March 2015 HSBC has assigned ratings on the following basis: The target price is based on the analyst’s assessment of the stock’s actual current value, although we expect it to take sixto 12months for the market price to reflect this.When the target price is more than 20% above the current share price, the stockwillbe classified as a Buy; when it is between 5% and 20% above the current share price, the stock may be classified as a Buy oraHold; when it is between 5% below and 5% above the current share price, the stock will be classified as a Hold; when it isbetween Our ratings are re-calibrated against these bands at the time of any 'ma