Markets take note as world’s biggest equity fundraiser bids to garner more money than three biggest-ever IPOs combined

• Kenneth Rogoff: will AI create a permanent underclass?

Google’s parent company, Alphabet, has said it plans to raise up to $80bn (£59bn) in equity to fund its vast artificial intelligence infrastructure investments, raising further questions over the economics of the AI boom.

The move, the largest equity fundraising ever according to analysts, includes a $10bn share sale to the US investment group Berkshire Hathaway, which was led until last year by Warren Buffett.

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In a landmark moment, gold has overtaken US government bonds as the world’s top reserve asset, according to calculations from the European Central Bank.

The ECB says that gold made up 27% of total official foreign reserves at the end of 2025, ahead of US Treasuries (22% of reserves) and the euro (15%).

Forces of fragmentation are becoming more pronounced. Geopolitical tensions continue to drive strong central bank demand for gold.

In nominal terms, the gold price surged by around 60% and 30% in 2025 and 2024 respectively, which mechanically increases the share of gold in total official foreign reserves.

Correcting for such valuation effects by using the gold price at the end of 2023, the share of the euro (16%) remains at par with the share of gold (16%), while the share of US Treasuries continues to be markedly higher (26%).