Google is digging for power both in space and on Earth, Planet Lab and Fervo Energy shares rise—what exactly does Buffett see in Google?

Yesterday, September 24, the 30-year U.S. Treasury yield hit a new high since 2004, the Nasdaq Composite edged up 0.01% to close at 26,939.373, and Oracle fell 3.47% on a single "force majeure" notice. Yet on the same trading day, Google made progress in two diametrically opposite directions at once: its partner Fervo Energy's Cape Station geothermal plant, located 2,000 meters underground in Utah, achieved the world's first utility-scale enhanced geothermal power generation; at the same time, Google confirmed that the first experimental satellite of Project Suncatcher, equipped with its self-developed chips, will launch ahead of schedule on October 1. What exactly is forcing the world's second-most valuable technology company to seek power from both the Earth's core and orbit at the same time? And which layer of Google's moat in the AI race is Buffett eyeing as he makes a rare public endorsement of a tech stock?

1. Google Is Sending Its Self-Developed TPU Chips into Space Ahead of Schedule? Satellite Builder Planet Labs Rises 7.57%

The Experimental Satellite Is Scheduled to Launch to Complete Hardware Validation of a Minimum Viable Product

According to a report first published by The New York Times and confirmed by Google, the first experimental satellite of Project Suncatcher is scheduled to launch on October 1 aboard the Transporter-18 rideshare mission, but this mission is an additional hardware validation step outside the original plan. The satellite is equipped with four Google self-developed TPU chips and 1 kilowatt of solar power, with computing power roughly equivalent to a single ground-based data center server, and is designed to operate in orbit for about one year and handle simple AI queries. Google's description of the project is notably restrained, emphasizing that there will be no commercially usable output in the short term, and that the originally planned two prototype satellites for laser networking tests with Planet in 2027 remain on schedule, with orbital computing costs expected to reach parity with ground-based costs only in the mid-2030s.

The Per-Watt Efficiency of Self-Developed TPU Chips Is a Key Prerequisite for Achieving Orbital Computing

Google's ability to extend computing power into space depends crucially on its self-developed TPU (Tensor Processing Unit) ASIC chips, custom-built for neural network matrix operations. In an orbital environment with only 1 kilowatt of available power and extreme difficulty in dissipating heat through air convection in a vacuum, AI computing power per unit of power consumption is the only hard physical constraint. Self-developed TPUs sacrifice general-purpose flexibility in exchange for extremely high energy efficiency, enabling Google to deploy computing power under extreme physical conditions and transforming vertically integrated chip capabilities into a tangible strategic advantage in space.

Planet Labs Handles Satellite Construction and Operations, Opening Up a Brand-New Business Line

The satellites for Project Suncatcher are not manufactured directly by Google, but are built and operated by Earth-imaging company Planet Labs (NYSE: PL). Planet has a mature satellite production line and in-orbit operations capability, forming a clear division of labor in which "Google provides the chips and Planet provides the satellites." For Planet, whose market value is only just over $6 billion, this partnership directly opens up an incremental business channel in "space data centers," and its stock price surged 7.57% on September 24 the same day and continued to climb after hours.

Space-themed stocks strengthened collectively, reflecting broad capital attention to the theme

2. Green Power Simultaneously Extracted from Deep Underground: Fervo Energy Once Rose More Than 11% Pre-Market

The Geothermal Plant Successfully Achieved First Power, Setting an Enhanced Geothermal Industry Milestone

On September 24, 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. After the news was announced, FRVO rose more than 11% at one point pre-market and closed up 2.20%. The project's first phase is planned for 100 MW of installed capacity, with the first 33 MW GeoBlock module set to begin commercial operations on October 1, while the second phase of 400 MW is also under construction, with potential development scale exceeding 4 GW, and technically it has sharply reduced development costs by introducing oil and gas horizontal drilling techniques.

Google Locks In Massive Power Supply While Also Enjoying Equity-Level Capital Appreciation

Google is not only a core power purchaser for Fervo Energy, but also an important strategic shareholder. Starting from a pilot partnership in Nevada, Google not only participated in Fervo's $462 million Series E financing, but also signed the world's largest enhanced geothermal power purchase agreement of 396 MW in early September 2026, and holds an additional expansion option of about 600 MW, bringing the potential total scale to nearly 1 GW. After Cape Station achieved first power, Google benefits on two levels simultaneously: it has locked in stable zero-carbon baseload power for its data centers, and as a shareholder it indirectly benefits from project progress. According to stockanalysis.com statistics as of September 24, 2026, the 13 analysts covering FRVO are mostly rated Buy, with an average target price of $40.75; statistical standards differ across data platforms. Institutional ratings represent only their own views and do not constitute investment advice.

3. Buffett's Rare Public Endorsement: The Pricing Power Logic Behind a Heavy Bet on Alphabet

Berkshire Significantly Increased Its Alphabet Stake, Making It the Third-Largest Holding in the Portfolio

Berkshire Hathaway significantly increased its Alphabet position in the second quarter. The 13F filing shows that Berkshire increased its Class A shares (GOOGL) by 45% to 78.79 million shares and its Class C shares (GOOG) by 83%, bringing total holdings of the two classes to 106 million shares; at the same time, Berkshire also served as a cornerstone investor in Alphabet's $84.75 billion AI financing with $10 billion. This series of moves quickly made Alphabet Berkshire's third-largest holding, with a market value surpassing Coca-Cola, which had been held for decades. Buffett also previously said publicly that the company is more likely to be a winner than 90% to 95% of the stocks Wall Street pitches.

Berkshire's latest top three holdings (second-quarter 13F filed on August 14, U.S. Eastern Time, with holdings data as of June 30)

Vertical Integration Builds a Deep Moat, Turning Peer Costs into Google Assets

Among major tech giants, Google is one of the few companies that has connected the AI industry chain all the way from chips, models, cloud infrastructure, and consumer entry points to underlying energy and physical expansion. While the entire industry is lining up for computing chips, power supply, and data center land, Google develops its own TPUs, builds its own data centers, invests in geothermal and nuclear power, and extends computing power into space exploration. This pricing power advantage—turning industry bottlenecks into its own balance sheet strength—combined with its price-to-earnings ratio of about 17 times, may be an important consideration behind Berkshire's decision to increase its stake.

4. A Cautionary Counterexample: Oracle's "Force Majeure" Exposes Delivery Risks

Oracle's Force Majeure Notice Raises Concerns About Performance on Highly Leveraged Computing Projects

At the other end of the rapid expansion of AI infrastructure, delivery-level risks have begun to emerge. Oracle sent Stack Infrastructure a formal notice invoking force majeure clauses, affecting the massive Project Jupiter data center project that provides computing power for OpenAI. The project uses a highly leveraged SPV (special purpose vehicle) off-balance-sheet financing structure, bundling debt together with private equity. Although Oracle insists the project is still proceeding on schedule,

Contagion from Delivery Delay Risk Puts Broad Pressure on Related Industry Chain Stocks

Market concerns that Project Jupiter may not be delivered on time quickly spread to the surrounding supply chain. On September 24, project developer parent company Blue Owl Capital fell 3.65%, Oracle closed down 3.47%, and Bloom Energy, which supplies fuel cells for the project, was also dragged down, closing down 3.10%. This case reflects the potential risks of building computing power through highly leveraged off-balance-sheet financing, contrasting with Google's model of advancing with its own balance sheet and power equity.

Disclaimer

This article was compiled and written by this platform based on public information. The market data, corporate announcements, and news reports cited are all from public disclosures by Futu market data, Google's official blog, Fervo Energy press releases, Bloomberg, The New York Times, Berkshire Hathaway's 13F filings, and major financial media. This platform has made every effort to verify their accuracy, but makes no express or implied warranty as to the completeness, timeliness, or accuracy of the relevant information.

The content related to Oracle's force majeure notice mentioned in this article originates from media reports citing people familiar with the matter. Oracle officially insists that the project is still proceeding on schedule and has not commented on the notice itself. The subsequent developments of related matters are uncertain, and readers should treat them with caution. The public statements by Buffett cited in this article are quoted from public reports of his interview in July 2026. The institutional ratings and target prices appearing in this article are the independent views of the corresponding research institutions, do not represent the position of this platform, and do not constitute any recommendation.

The market data contained in this article are all U.S. stock closing prices on September 24, 2026; holdings data come from Berkshire Hathaway's second-quarter 13F filing submitted on August 14, 2026, U.S. Eastern Time, with holdings as of June 30, 2026. All analyses, judgments, and expectations represent views only as of the time of writing and may be adjusted with changes in the market environment, policy direction, and data. This platform assumes no obligation to update them. A single-day price change reflects only market performance on a specific trading day and does not represent any trend judgment.

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