Alphabet's historic issuance of 100-year "century bonds" in 2026 to fund a massive $185 billion AI infrastructure expansion. While the bond market showed immense demand, there has been a growing divide between institutional confidence and skeptical "bubble" narratives led by figures like Michael Burry. Critics compare this aggressive debt raise to the late 1990s tech peak, warning that rapid AI obsolescence and shifting software business models could mirror the fall of former giants like Motorola and Netscape.

00:00 未来科技的展望