On September 24th, the 30-year US Treasury yield hit its highest level since 2004, while the Nasdaq Composite Index slightly rose by 0.01% to close at 26939.373. Oracle fell by 3.47% due to a notice of “force majeure.” On the same trading day, Google made progress in two completely opposite directions: its partner Fervo Energy achieved the world’s first utility-scale enhanced geothermal power generation at the Cape Station geothermal power plant located 2000 meters underground in Utah; at the same time, Google confirmed that the first test satellite of Project Suncatcher, equipped with its self-developed chip, will launch ahead of schedule on October 1st. What exactly is forcing the world's second-largest technology company to seek electricity from both the earth’s core and space simultaneously? Buffett unusually publicly supported a technology stock. What aspect of Google’s moat in the AI race has caught his attention?

1. Is Google sending its self-developed TPU chip into space early? Satellite manufacturer Planet Labs rises by 7.57%

The test satellite's scheduled launch aims to complete hardware verification for a minimum viable product

According to a report by The New York Times, which was confirmed by Google, the first test satellite of Project Suncatcher is scheduled to launch on October 1st as part of the Transporter-18 rideshare mission, but this mission is an unscheduled hardware verification step. The satellite is equipped with four self-developed TPU chips from Google and one kilowatt of solar power, with computing power roughly equivalent to that of a ground data center server, designed to operate in orbit for about a year and handle simple AI queries. Google has stated that there will be no commercially usable output in the short term, and the originally planned two prototype satellites for laser networking testing in cooperation with Planet in 2027 will remain as scheduled, with expectations that orbital computing costs will only be on par with ground costs in the mid-2030s.

The unit power efficiency of self-developed TPU chips is the key premise for achieving orbital computing power

Google's ability to extend computing power into space primarily relies on its self-developed TPU (Tensor Processing Unit) ASIC chips that are customized for neural network matrix operations. In an orbital environment where only one kilowatt of power is available and heat dissipation is extremely difficult due to the vacuum and lack of air convection, AI computing power under unit power is the only rigid physical constraint. The self-developed TPU sacrifices general flexibility for an extremely high efficiency ratio, allowing Google to deploy computing power under extreme physical conditions, turning vertically integrated chip capabilities into a tangible strategic advantage in space.

Planet Labs is responsible for satellite construction and operation while simultaneously opening new business lines

The satellites for Project Suncatcher are not manufactured directly by Google but are constructed and operated by Earth imaging company Planet Labs (NYSE: PL). Planet has a mature satellite production line and operational capabilities in orbit, forming a clear division of labor: Google supplies chips, and Planet provides satellites. For Planet, with a market value of just over six billion dollars, this collaboration directly opens up a new incremental business channel for a "space data center," with its stock price skyrocketing by 7.57% on September 24th and continuing to rise in after-hours trading.

Space-related stocks collectively strengthened, reflecting the overall interest of funds in this theme.

2. Digging out green electricity from deep within the earth: Fervo Energy surged over 11% before the market

The geothermal power station successfully achieves First Power, marking a milestone in the enhanced geothermal industry

On September 24th, geothermal innovation company Fervo Energy (NASDAQ: FRVO) announced that its Cape Station in Beaver County, Utah, achieved First Power, becoming the world’s first enhanced geothermal (EGS) project to reach a utility-scale power generation milestone. Following the announcement, FRVO surged more than 11% before the market opened, closing up 2.20%. The first phase of the project plans to achieve a capacity of 100MW, with the first 33MW GeoBlock module set to start commercial operation on October 1st. Phase two of 400MW is also under construction, with a potential development scale exceeding 4GW, significantly reducing development costs through the introduction of oil and gas horizontal drilling techniques.

Google secures a massive power supply and simultaneously enjoys capital appreciation at the equity level

Google is not only a core electricity purchasing customer of Fervo Energy but also an important strategic shareholder. The two parties began their collaboration with a pilot project in Nevada, where Google not only participated in Fervo's $462 million Series E financing but also signed the world's largest enhanced geothermal power purchase agreement for 396MW in early September 2026, with an additional approximately 600MW expansion option, bringing the potential total to nearly 1GW. After Cape Station’s first power generation, Google benefits on two levels: securing stable, zero-carbon base-load power for its data centers and indirectly benefiting as a shareholder from the project’s progress.According to stockanalysis.com, as of September 24, 2026, the ratings from 13 analysts covering FRVO are predominantly buy, with a mean target price of $40.75; there may be differences in statistical standards across different data platforms. Institutional ratings represent only their own views and do not constitute investment advice.

3. Buffett's rare public support: The pricing power logic behind Alphabet's heavy investment

Berkshire significantly increased its stake in Alphabet, becoming its third-largest holding

Berkshire Hathaway significantly increased its stake in Alphabet in the second quarter. According to the 13F filing, Berkshire increased its holdings of Class A shares (GOOGL) by 45% to 78.79 million shares and Class C shares (GOOG) by 83%, totaling 106 million shares of both classes; at the same time, Berkshire also served as a cornerstone investor for Alphabet's $84.75 billion AI financing with an investment of $10 billion. This series of actions has made Alphabet the third-largest holding in Berkshire’s portfolio, surpassing Coca-Cola, which it has held for decades. Buffett has previously publicly stated that this company is more likely to be a winner than 90% to 95% of the stocks promoted by Wall Street.

Berkshire’s latest top three holdings (as of August 14, 2026, according to the 13F filing submitted on August 14, holdings data as of June 30)

Vertical integration creates a strong moat that turns the cost of peers into Google’s assets

Among major tech giants, Google is one of the few companies that has interconnected the AI industry chain from chips, models, cloud infrastructure, consumer entry to the underlying energy and physical expansion. While the whole industry is queuing for computing chips, power supply, and land for data centers, Google develops its own TPU, builds its own data centers, invests in geothermal and nuclear power, and extends computing power into space exploration. This transformation of industry development bottlenecks into its own balance sheet pricing power advantage, combined with its approximately 17 times price-to-earnings ratio, may be an important consideration for Berkshire’s decision to increase its stake.

4. Negative case raises alarms: Oracle's "force majeure" exposes delivery risks

Oracle's notice of force majeure raises concerns about the performance of highly leveraged computing projects

At the other end of the rapid expansion of AI infrastructure, delivery risks have begun to emerge. Oracle issued a formal notice invoking force majeure to Stack Infrastructure, affecting the Project Jupiter mega data center project that provides computing power for OpenAI. This project adopted a highly leveraged SPV (Special Purpose Vehicle) off-balance-sheet financing structure that bundles debt and private equity together. Although Oracle insists that the project is still progressing as planned,

Risks of delivery delays spreading lead to widespread pressure on the stock prices of related industry chain targets

Market concerns about Project Jupiter’s inability to deliver on time quickly spread to surrounding supply chains. On September 24th, the parent company of the project developer Blue Owl Capital dropped by 3.65%, Oracle closed down 3.47%, while Bloom Energy, which provides fuel cells for it, also suffered a related impact, dropping 3.10%. This case reflects the potential risks of building computing power relying on high-leverage off-balance-sheet financing and contrasts with Google's model of advancing using its own balance sheet and power equity.

Disclaimer

This article is compiled by our platform based on public information, and the market data, corporate announcements, and news reports cited all come from Futu Holdings, Google official blogs, Fervo Energy press releases, Bloomberg, The New York Times, Berkshire Hathaway 13F filings, and other major financial media disclosures. Our platform has made efforts to verify its accuracy but makes no explicit or implicit guarantees regarding the completeness, timeliness, or accuracy of relevant information.

The content regarding Oracle's force majeure notice comes from media reports from informed sources, and Oracle officially insists that the project is still progressing as planned and has not commented on the notice itself. There is uncertainty about the subsequent developments related to this matter, and readers are urged to treat this information with caution. The public remarks attributed to Buffett are cited from an interview he conducted in July 2026. The institutional ratings and target prices mentioned are independent opinions from the respective research institutions and do not represent the stance of our platform, nor do they constitute any recommendations.

The market data in this article are all based on the closing prices of US stocks on September 24, 2026; the holdings data come from Berkshire Hathaway’s 13F filing submitted on August 14, 2026, with the holdings data as of June 30, 2026. All analyses, judgments, and expectations represent only views at the time of writing and may adjust with changes in market conditions, policy orientations, and data; our platform does not assume any obligation to update. Daily fluctuations only reflect market performance for specific trading days and do not represent any trend judgments.

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