It makes good financial sense for a company to sell shares when the price is high and do stock buybacks when it's low. I guess they think the price is on the high side?

Also, selling shares puts them in a better position to survive a downturn (more cash, less debt).

When money is cheap you take it. Google sees all the capital waiting to pour into these AI IPOs, and correctly assumed they could tap into that with little dilution.

Just look at the net income of alphabet.

Whatever financial games they play in the background, doesn't matter when you make that much per 2 quarters alone.