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Story summary
- Alphabet Inc. joined the Dow Jones Industrial Average, a symbolic move because it already trades in the S&P 500 and Nasdaq 100, as its stock fell for a second straight month.
- Alphabet lacks sufficient compute capacity for enterprise customers such as Meta and is turning to infrastructure partners like SpaceX.
- Its shrinking cash pile, first-time Q1 buyback skip in nearly a decade, and $140 billion raised in debt and equity signal tightening finances.
