New York, Feb 14, 2026, 10:12 (EST) — The market is closed.
Alphabet Inc’s Class C shares (GOOG) lost 1.1% to finish at $306.02 on Friday, trailing the broader market’s slight uptick as U.S. investors prepared for the Presidents Day holiday closure on Monday.
The timing here is straightforward: Google’s search ads remain the cash cow, while regulators continue to eye the mechanisms behind ad pricing. This story can simmer unnoticed for weeks, then jump to the front on a single headline.
Debt’s the other story here. Alphabet is hitting the markets harder now, and traders are zeroed in on what the company reveals about how big — and how pricey — its next spending push will be.
European Union regulators flagged worries in a letter to advertisers, reviewed by Reuters, that Google might be “artificially increasing the clearing price”—the amount paid at the end of some Google Search ad auctions—potentially hurting advertisers. Google responded, saying ad prices “are determined by a real-time auction.” The European Commission hasn’t launched a formal probe and is asking for feedback by March 2. Reuters
Alphabet pulled in $31.51 billion this week, selling bonds in dollars, sterling, and Swiss francs—including a rare century-long sterling note. The deal stood out for its unusually light investor protections. “What stands out is what’s missing,” said Julia Khandoshko, CEO of Mind Money. CreditSights’ Jordan Chalfin echoed that, commenting, “I wouldn’t expect there to be any real covenant protections.” Covenants—those lender-friendly contract clauses—were notably absent. Reuters
Alphabet wrapped up dual offerings totaling $20 billion in U.S. dollar senior notes and £5.5 billion in sterling notes, per a recent U.S. securities filing. The deal, finalized Feb. 13, included sterling bonds maturing in 2126 and U.S.-denominated notes stretching to 2066. CFO Anat Ashkenazi signed the 8-K.
Google Cloud pointed to new enterprise wins. Wesfarmers picked the company for a multi-year partnership to deploy “agentic” AI—tools that go beyond answering prompts and actually perform tasks—across Kmart, Officeworks, Priceline, and OnePass. “AI is fundamentally changing the retail sector,” Google Cloud CEO Thomas Kurian said. Google Cloud Press Corner
Cashflows and discount rates are back in focus, so investors have their eyes on the macro tape once markets are open again. The Federal Reserve is set to release minutes from its Jan. 27-28 meeting on Feb. 18 at 2 p.m. ET, landing alongside a batch of other data that could shift yields—and with them, valuations for the biggest tech names.
Still, there’s a risk lurking. Should Europe take those concerns and formalize them into a case, pricing power in the auctions is on the line — and that hits margins directly. Over in financing, demand for covenant-light deals can evaporate in a hurry if risk appetite fades or rates spike.
Next up: Ashkenazi is set to speak at Morgan Stanley’s Technology, Media and Telecom Conference on March 3 at 3:20 p.m. ET. Investors will be tuning in for signals about spending trends and the latest on cloud demand.
