AI军备竞赛推动重资产融资创新。谷歌母公司Alphabet拟发行2至40年期债券，筹资200–250亿美元，其中40年期利率较国债高1.3个百分点，旨在为AI研发与算力投入提供巨额弹药。
在人工智能基础设施军备竞赛中，SpaceXAI最新财报显示，其二季度资本支出飙升至183.7亿美元，其中AI专项投入高达158.3亿美元，已接近微软同期总资本开支的四成，正与亚马逊、Alphabet、Meta等巨头竞相加码，引发市场高度审视。
谷歌AI高层罕见动荡：DeepMind负责人哈萨比斯卸任日常管理，转任主席兼Alphabet首席科学家；首席科学家Jeff Dean结束27年Google生涯，携三名资深研究员创办新公司。消息引发Alphabet股价单日下跌近4%。哈萨比斯仍留任公司，Gemini 4项目持续推进。
Alphabet在2026年Q2财报电话会上，CEO皮查伊透露：原定6月发布的Gemini 3.5 Pro延期并仍处伙伴测试阶段，谷歌已启动史上最大规模预训练计划，全力打造下一代旗舰Gemini 4，以争夺AGI技术制高点。近期产品布局上已相继推出Gemini 3.6F等。
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