[infecto]

If they truly wanted the capex, this would not be a mixed round A fully internal recap would have been simpler. The presence of outside capital, even minority, is consistent with a gradual transition toward shared ownership, asset light structures, or operator partners.

They have made many comments over the years about this too.

[kolbe]

What gradual transition? Alphabet's ownership percentage is unchanged.

[infecto]

Notice I left a list of potential reasons. Not that ownership has changed. Just pointing out for folks like yourself that Google has made commentary about this exploring the idea of partnering with companies that operate the physical fleet. $3bn even if chump change for you is still a larger placement and has some level of signaling indicating the want to get other folks involved at some level.

[kolbe]

I didn't ask for potential reasons. You're talking about the "reasons" for a "gradual transition," and I am telling you that this investment isn't transitioning anything. Everyone is keeping their equal share of the company. So, I don't understand why you are giving reasons for something that isn't currently happening.

[infecto]

I think the words are going over your head sorry. I will try one more time but realize now it might be too much especially see some of your dead comments here.

I am not claiming a transition is happening in this round, so asking for evidence of one misses the point. Transition here means enabling future shifts in who owns and operates the capex, not changing the cap table today. If Alphabet wanted permanent full-stack ownership, an entirely internal recap would have been cleaner. Bringing in outside capital, even minority, is about signaling and optionality, not dilution.

[kolbe]

I understand everything you have said. The D-K of you WSB transplants is wildly frustrating.

If you'll notice, all I am doing is asking the brigade of snarky know-nothings to stop talking. I'm not pretentiously claiming to know, unlike all of you. You clearly aren't in any position to understand the internal working of Google, and it's unfortunate that HN used to be a place where a question like the original one would have been answered by a person who does, but is now flooded with people like you. I will gladly take the downvotes if they're from a bunch of garage band stock pickers.

[infecto]

Go take a breath and stop digging a hole. Nobody is being rude to you but you are highly inflammatory and honestly a real lowering of quality. Take a bit of your medicine and step away. I am sorry you feel the need to be so rude back to everyone.

You are not “just asking questions.” You are dismissing any analysis that is not insider gossip as illegitimate, which is a convenient way to avoid engaging with the substance. No one claimed NDA level insight. We are talking about incentives, capital structure, and signaling, which is literally what outsiders analyze. If only Googlers are allowed to reason about Google, then HN has no purpose beyond rumor laundering.