Alphabet shares fall 4% after $80bn share sale; Marvell jumps on Huang remarks
Alphabet’s shares dropped 4% in early trading to $361.10 after the company announced it would sell $80bn in shares. The company said it is raising $40bn to fund “AI infrastructure and global compute” and another $40bn to cover costs such as “tax obligations associated with vesting of employee equity awards.” Analysts noted that this secondary share offering is the largest on record, surpassing the amounts raised in the world’s largest IPOs. Separately, the U.S. Bureau of Labor Statistics reported that job openings rose to 7.6 million in April from about 6.88 million in March, potentially easing concerns that AI is driving up unemployment. Shares in Marvell Technology surged, with Nvidia CEO Jensen Huang calling the chipmaker a potential “trillion-dollar company.” In other corporate news, British Land appointed Joanne McNamara as its new chief executive, and Wessex Water announced the retirement of its CFO Andy Pymer.
What’s reported
Alphabet’s shares fell 4% to $361.10 after announcing $80bn in share sales.
The company plans to raise $40bn for AI infrastructure and $40bn for employee equity award tax obligations.
Analysts said this secondary share offering is the largest on record.
U.S. job openings rose to 7.6 million in April from approximately 6.88 million in March.
Marvell Technology shares surged 25% after Nvidia CEO Jensen Huang said Marvell could be the next trillion-dollar company.
British Land appointed Joanne McNamara as its new CEO, succeeding Simon Carter.
Wessex Water announced the retirement of CFO Andy Pymer, to be replaced by Richard Eadie.
Key figures
Jensen Huang, Nvidia CEO
Matt Murphy, Marvell CEO
Joanne McNamara, incoming British Land CEO
Simon Carter, outgoing British Land CEO
William Rucker, British Land chair
Andy Pymer, retiring Wessex Water CFO
Richard Eadie, incoming Wessex Water CFO
Sources: The Guardian
