New Delhi, Feb. 12 -- Alphabet just did something that, on the surface, sounds absolutely insane. The company behind Google sold bonds that won't mature until the year 2126. That's right, a full century from now. When your great-great-grandchildren might be reading history books about how quaint smartphones were.

And here's the kicker: investors went crazy for it. Alphabet wanted to raise £1 billion with this century bond and received £9.5 billion in bids. That's nearly 10 times oversubscribed. The overall debt raised across dollars, sterling, and Swiss francs hit almost $32 billion in less than 24 hours.

This is unprecedented in modern tech. The last time a technology company issued a 100-year bond was in 1997, when Motorola ...