Tencent says it plans to spend significantly more on AI infrastructure in H2 2026 as more China-designed AI chips become available "month by month"

Alphabet is in active discussions with three major private equity heavyweights — Blackstone, KKR, and EQT — to grant their portfolio companies access to Google's AI models. The move follows a now-familiar playbook: OpenAI and Anthropic have already inked joint ventures with PE firms pursuing similar arrangements.

The strategy is straightforward. PE firms sit on massive networks of portfolio companies hungry for AI tools. Google wants distribution. The PE shops want cutting-edge AI baked into their holdings to juice performance and valuations.

It's a land grab, plain and simple. The big AI labs are racing to lock in enterprise customers through every channel possible, and private equity's sprawling portfolio networks represent an enormous untapped pipeline.

Google arriving late to this particular party isn't surprising. But with its deep cloud infrastructure and Gemini model family, it brings serious leverage to the negotiating table.