Slate Money 100 More Years of Google
10 snips
Feb 14, 2026 They unpack Alphabet’s surprising 100-year bond and why insurers crave ultra-long assets. They debate a Fed analysis that Trump-era tariffs function like a regressive tax and whether tariffs can be a pragmatic revenue tool. They defend knockoffs and remix culture while weighing harms to small designers. Quick numbers and pop-culture tidbits round out the conversation.
AI Snips
Chapters
Transcript
Episode notes
Google's Century Bond Was Market-Driven
- Google issued a 100-year sterling bond because a niche demand existed among UK investors.
- The bond priced wider than gilts because liquidity and perceived long-term survival differ from sovereign debt.
Hyperscalers Are Financing AI With Debt
- Big tech is borrowing more to fund AI infrastructure rather than relying only on free cash flow.
- Hyperscalers increasingly use public and private credit to finance massive data centers and chip purchases.
Century Bonds Offer Convexity And Optionality
- Century bonds offer huge convexity, so small rate moves produce large price swings.
- Investors treat them as both liability-matching assets and optional profitable trades if rates decline.