Alphabet announced an $80 billion equity capital raise to fund aggressive spending on artificial intelligence, which is a clear bullish sign for Nvidia. Nvidia's GPUs remain central to Alphabet's business, as CEO Sundar Pichai stated: "Nvidia GPUs are a core part of our AI accelerator portfolio." Alphabet's increased AI spending also suggests that its biggest cloud competitors, Microsoft and Amazon, will likely do the same, along with other companies like Tesla and Space Exploration Technologies. Nvidia's CFO, Colette Kress, said that AI infrastructure spending could reach between $3 trillion and $4 trillion by the end of the decade, compared to $318 billion last year. Nvidia's shares are trading at 22.2x forward earnings.