Alphabet launches Asia bond sale as AI companies face strict scrutiny.

Alphabet Inc. has begun marketing its first-ever Hong Kong dollar and Singapore dollar bond offerings, testing investor appetite at a time of growing market volatility for artificial intelligence-related companies. The Google parent has set initial price guidance of about 4.6%, 5% and 5.5% for its planned 2-year, 5-year and 10-year Hong Kong dollar notes, respectively, according to people familiar with the matter. The company is also marketing 2-year, 5-year, 10-year and 30-year Singapore dollar bonds at guidance of about 2.75%, 3.25%, 3.65% and 4%, the people said. Proceeds from the offerings will be used for general corporate purposes, potentially including refinancing existing debt. The bonds could be priced as early as Thursday, the people said. The deal comes at a difficult time for technology-sector borrowers. Last week, investors grew more cautious on AI-related assets amid a broad market selloff driven by concerns that a Democratic sweep in the U.S. midterm elections could lead to tighter scrutiny of data center development and AI infrastructure spending. The sector has also been buffeted by market turmoil stemming from Nvidia, the leading maker of AI chips, which is working with an outside firm to identify a potential successor to Chief Executive Jensen Huang.