A.M. Edition for June 2. Google parent Alphabet plans to issue $80 billion in equity this year to pay for its massive spending tied to the AI race. Plus, California voters head to the polls in a closely-watched primary to choose Governor Gavin Newsom’s successor. And WSJ foreign correspondent Stephen Kalin details a new demand by President Trump complicating efforts to negotiate an end to the Iran war: that Arab states establish diplomatic relations with Israel. Luke Vargas hosts. Sign up for the WSJ’s free What’s News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices