TechCrunch AI highlights Alphabet’s $85 billion raise as a sign of investor enthusiasm for AI, but the story may overstate its broader implications. Alphabet’s success doesn’t necessarily translate to smaller AI firms, which lack its scale and profitability. The real test will be whether public markets can absorb the flood of AI-related IPOs on the horizon, especially as Anthropic and OpenAI prepare to go public. Investors’ willingness to fund Alphabet’s AI ambitions may not extend to less proven players.