Michael Burry says Alphabet’s century bond gamble revives Motorola’s 1997 peak, and what came next

Alphabet is worth about $3.9 trillion in February 2026, yet Michael Burry sees a warning sign. He compares Alphabet’s planned 100-year bond issuance to Motorola in 1997, the year it peaked. Motorola later collapsed after tech shifts and competition. Alphabet is far stronger today, earning $403 billion yearly, but extreme confidence has often marked market tops.