> There are many reasons why a conglomerate like Alphabet doesn't want to hold all of that directly on the balance sheet
Can you tell us those reasons? I think this is basically _the_ question.
"Tech" was incredible light on CapExp compared with everything else (until AI hit, that is). That is what allowed its explosive growth. On the one hand alphabet is not used to that. On the other hand it is turning into a more normal business with more CapExp, and like other more "normal" business it uses more external investment. As a general rule of thumb: The more capex, the more leverage; for example commodity extraction, infrastructure or power generation are very capex heavy, and heavily leveraged.
I want one personally, so it can rake the leaves, mow the lawn, tend the garden, do the laundry and dishes, replace the roof, etc., when I'm old. But they should also be used to pick up litter along the highway, paint over graffiti, etc..