Capital is cheap for Google because they are making a lot of money and they have very little debt.
They are considered a very low risk and can borrow for a long time at low rates. They recently issued a 100 year bond.
They seem to have decided to issue equity rather than borrow more. This is probably so that they can maintain the ability to borrow very cheaply in future if necessary.
alt Hacker News
Capital is cheap for Google because they are making a lot of money and they have very little debt.
They are considered a very low risk and can borrow for a long time at low rates. They recently issued a 100 year bond.
They seem to have decided to issue equity rather than borrow more. This is probably so that they can maintain the ability to borrow very cheaply in future if necessary.