Tech stocks surge! Google makes a $20 billion move, increasing AI spending!

Major technology stocks mostly rose, with Oracle surging over 9%.

On February 9 (Monday), U.S. stock indices closed higher across the board, with the Dow up 0.04%, reaching a new all-time high; the Nasdaq rose 0.9%; and the S&P 500 increased by 0.47%. Most large tech stocks gained, with Oracle jumping over 9%, AMD, Microsoft, and Broadcom up more than 3%, Nvidia and Meta up over 2%, and Tesla and TSMC up more than 1%.

Earnings reports continue to be released densely in the U.S. stock market, with Coca-Cola and Ford Motor scheduled to report on Tuesday. Analysts say that if this week’s corporate earnings perform well, the market’s recent rotation out of tech stocks could happen again.

Investors are also watching the Labor Department’s employment report for January, which has been delayed until this Wednesday, February 11. The report was originally scheduled for last Friday, February 6, but was postponed due to a partial government shutdown.

Google Plans to Issue $20 Billion in Bonds to Boost AI Spending

Most large tech stocks rose, with Oracle surging over 9%, AMD, Microsoft, and Broadcom up more than 3%, Nvidia and Meta up over 2%, and Tesla and TSMC up more than 1%. Micron Technology fell nearly 3%, Apple declined over 1%, while Netflix, Amazon, and ON Semiconductor saw slight declines.

Google edged up 0.4%. According to media reports, Google’s parent company Alphabet plans to raise $20 billion through its dollar bond issuance, exceeding the initially expected $15 billion. Sources familiar with the matter said that Alphabet’s dollar bond issuance on Monday attracted over $100 billion in orders.

The bonds are divided into up to seven maturity tranches. The longest tranche, maturing in 2066, has a pricing spread 0.95 percentage points higher than U.S. Treasuries.

Additionally, Alphabet is pitching its first bond issuance plans in Switzerland and the UK. The UK issuance may include a rare 100-year bond — the first time since the late 1990s internet bubble that a tech company has attempted to issue such a long-term bond.

Last week, Google announced its Q4 2025 earnings, with revenue and profit both exceeding analyst expectations. However, the company also stated that capital expenditures could reach as high as $185 billion this year, far surpassing Wall Street estimates.

Besides Google, Meta, Microsoft, and Amazon have announced massive capital expenditure plans, with these four tech giants expected to spend a total of up to $650 billion this year, mainly to expand AI infrastructure.

Just last week, Oracle raised $25 billion through bond issuance, with peak orders reaching $129 billion, setting a record.

Furthermore, OpenAI is rushing to secure a funding round that could reach up to $100 billion. Sources say OpenAI expects a significant increase in the likelihood of negotiations over the next two weeks.

According to previous media reports, OpenAI’s current funding round may be completed in two phases. The first phase could include investments from Microsoft, Nvidia, and Amazon, with Amazon discussing investing up to $50 billion. There may also be additional contributions from investors like SoftBank, which has discussed reinvesting $30 billion.

In earnings news, ON Semiconductor reported Q4 revenue of $1.53 billion, in line with analyst expectations. It is expected to generate $1.44–$1.54 billion in Q1 2026, with a median below the analyst estimate of $1.51 billion. After hours, ON Semiconductor’s stock fell as much as 8%.

AI Tools Spark Disruption Fears, U.S. Insurance Broker Stocks Plunge

Affected by the release of AI tools by private online insurance shopping platform Insurify, which has raised concerns about industry disruption, U.S. insurance broker stocks plummeted on Monday. The S&P 500 Insurance Index closed down 3.89%, the largest single-day decline since October last year. The worst performer was Willis Towers Watson (WTW), which fell 12.10%, experiencing its worst trading day since November 2008. Arthur J Gallagher (AJG) dropped 9.84%; Aon (AON) declined 9.27%; Brown & Brown (BRO) fell nearly 7%; Future Intelligence (AIFU) dropped nearly 5%; and Reinsurance Group of America (RGA) declined over 2%.

Insurance analyst Matthew Palazola said that insurance broker stocks are taking a hit, and the market may be concerned about Insurify’s new AI tools and Anthropic’s AI developments. These applications could threaten some consulting services of insurance brokers, though he views them as efficiency enhancers rather than survival threats.

Popular Chinese concept stocks had mixed performances. The Nasdaq Golden Dragon China Index rose 0.12%. Fangdd Network, Xiaoniu Electric, and Century Internet gained over 12%, 6%, and 5%, respectively. Zhihu, Futu Holdings, and New Oxygen increased over 3%, while Tuniu, Pinduoduo, and China Post Express saw slight gains. New Oriental fell over 4%, Li Auto declined over 3%, and NIO, BaWang Tea, and Bilibili dropped over 2%. Dingdong Maicai, Xpeng Motors, and iQiyi declined over 1%. Foggy Chip Technology, JD.com, and Vipshop saw slight declines.