谷歌宣布拟筹集800亿美元资本以支持AI基础设施及员工股权激励税务义务，汇丰维持买入评级并将目标价下调至420美元

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)420.00435.00 ◆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 MARKET DATA 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 in2027 (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 June2026, and ahead of an anticipated filing from OpenAI. So as not to be put at acompetitive disadvantage, we cannot rule out further capital raises from otherhyperscalers looking to build out AI infrastructure / compute capabilities against whatappears to be a backdrop of strong investor demand. ◆Concurrent underwritten offerings: USD30bn public offerings, consisting of:USD15bn in depositary shares representing mandatory convertible preferredstock; and USD15bn incommon shares. ◆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 ClassCsharesat price ofUSD351.81 andUSD348.20 per share respectively. 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 thustheoretically capped at USD15bn. The ATM offering will facilitate, for a ‘period of time’,administrative changes to how the company meets vesting employee equity award taxobligations, which Alphabet will now settle on behalf of employees with corporatecash, up to an expected value of USD30bn in 2026. 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: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 toUSD420from USD435.Next potential catalyst:Alphabet Q2 earnings 22 July 2026 (TBC). * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and isnot registered/ qualified pursuant to FINRA regulations 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 Changes in 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 settleon behalf of employees with corporate cash. Valuation and risks Risksto our view Downside risks◆ Google Search losing meaningful query marketshare.◆Google Cloud failing to win further contracts andreaching a lower market share than expected.◆Price war withincloudserverproviders marketimpacting margins.◆Adverse FX scenarios◆Chasing growth, including expensive M&A◆Limited valuation support. 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 anyotherviews or forecasts expressed herein, including any views expressed on the back page of the research report, accurately reflecttheir personal view(s) and that no part of their compensation was, is or will be directly or ind