Hyperscaler Equity-Raise Dilution Analyzer

Decodes the 2026 shift from buybacks to share issuance as Big Tech funds AI capex — Alphabet's $84.75B issuance program and Meta's planned raise of up to ~$95B via underwritten offerings, an at-the-market program and new non-voting Class C shares after Q3 free cash flow turned negative. Computes net dilution after buybacks, EPS and per-share FCF drag, ATM overhang and price-pressure windows, governance impact of non-voting shares, credit-spread/CDS signals, and the ROIC hurdle the new capital must clear — then outputs a hold/trim/add decision memo with explicit kill-switch triggers