Marvell has to raise its custom-silicon targets at 09:00 ET, with Nvidia at a record close and the 10-year at a 24-year high. OpenAI is pricing its own $30bn round at $1.4tn.
Marvell’s investor day is the only scheduled company event in our coverage today, and expectations are specific. The livestream starts at 09:00 ET in New York, half an hour before the open. The current framework has custom XPU revenue at roughly $10bn in fiscal 2029 , and custom…
Musk confirms Terafab is talking to TSMC. Intel, the only named foundry partner, is down 4% pre-market, and TSMC closed up 3% in Taipei.
A quiet weekend with one story that matters. On Friday Tim Culpan’s Culpium newsletter reported that TSMC is discussing a collaboration with Terafab , the chip venture SpaceX and Tesla are building in Grimes County, Texas. The structure Culpan considers most likely has TSMC…
Broadcom will lend Anthropic up to $42bn to lease Broadcom’s own chips. Vendor financing has reached the frontier labs, and the prospectus that reveals it is still not on EDGAR.
The chip supplier is now the lender. Reuters, citing Anthropic’s IPO prospectus, reports that Broadcom has agreed to lend Anthropic up to $42bn in convertible notes . The money finances about a third of a $125.2bn five-year commitment for TPU computing capacity. Broadcom may…
Micron beat and guided to $61.5bn, but its fiscal 2027 capex is heading above $50bn. Customers have committed $32bn, mostly as cash deposits, to secure the output.
Micron cleared the bar, and the debate has moved from prices to supply. Fiscal Q4 revenue was $54.23bn , up 379% from a year earlier, against a $50.0bn guide and LSEG consensus of $51.07bn. Non-GAAP gross margin was 87.0% and non-GAAP EPS $33.42 . The fiscal Q1 guide is $61.5bn…
Micron reports tonight. Overnight, Reuters’ reading of Anthropic’s draft prospectus shows almost half its sales running through Amazon’s and Google’s marketplaces.
Tonight Micron gives the first hard number on memory pricing since June. It reports fiscal Q4 and full fiscal 2026 after the close, with the call at 17:30 BRT . The guide is $50.0bn ±$1.0bn of revenue at about 86% gross margin and $31.00 ±$1.00 of EPS. Consensus sits above the…
Nvidia adds $150bn to its buyback and, per the FT, asks insurers to cover loans backed by its own chips. The 10-year closed at a 19-year high.
Nvidia is returning cash and moving credit risk in the same week. On Monday it raised its buyback authorisation by $150bn , leaving $235bn to spend through fiscal 2028. Nvidia calls it the largest authorisation increase in history. On Tuesday the Financial Times reported that…
The 10-year is back above 5.2% and Korea’s memory makers fell 5% two days before Micron reports. The AI trade meets its cost of capital this morning.
Rates and oil did the damage over the weekend, and the AI trade is taking the hit first. Trump rejected Iran’s truce proposal, which would have reopened the Strait of Hormuz. Brent jumped about 4% to roughly $108.4–108.7 and WTI to about $95–96. The US 10-year rose to around…
Oracle invokes force majeure on Stargate New Mexico, while Anthropic signs Akamai for $11.6bn. The build-out’s demand is fine. The problem is the power.
On Thursday Oracle sent a force majeure notice to the developer of Project Jupiter , Bloomberg reported. Jupiter is the ~2.5GW Stargate campus in Doña Ana County, New Mexico. The developer is STACK Infrastructure, which Blue Owl Capital owns. The notice would let Oracle delay…
The discount rate repriced the build-out. A 19-year high in the 10-year hit the levered AI names hardest, and Oracle, Alphabet and Amazon led the coverage list down while Meta rose on Connect.
Nothing changed in the AI demand data yesterday. What changed was the rate you discount it at. The 10-year Treasury yield rose more than 15bp to 5.11% from 4.96%, its highest since 2007 — a 19-year high. The five-year broke 5% for the first time since 2007 , closing near 5.031%.…
Meta’s Muse stopped being an AI story and became a disruption trade: banks, insurers and Booking sold off, Amazon blocked the agent, Shopify added another 7%. Connect is tonight.
On Monday the market paid Meta for Muse. On Tuesday it started working out who pays for it. Bloomberg reported that banks, insurers and online travel agencies sold off on fears that personal AI agents will erode businesses that depend on “consumer inertia” , customers who keep…
CPU makers had their biggest day of the cycle on no new numbers: Arm +17%, Intel +12%, AMD past $1tn. The same day, a data centre leased to CoreWeave went to the junk market at about 9%.
Monday was the market’s best day since early August. The Nasdaq closed at a record 27,122.09 ( +2.26% ), the S&P 500 at 7,764.70 ( +1.49% ) and the SOX at 12,433.17 ( +4.29% ). The leaders were the CPU makers: Arm +17.16% to $322.90, Intel +12.14% to $121.78, AMD +9.95% to…
OpenAI’s own plan burns $278bn of cash through 2030, and that shortfall is money its suppliers are counting on being paid. Chip stocks opened the week higher anyway, as Korea’s chip exports rose 259% in 20 days.
The Financial Times obtained a July OpenAI presentation, prepared for a computing deal, and Bloomberg confirmed the figures. It projects negative free cash flow of $278bn from 2026 through 2030 . Revenue is projected to rise from $36bn this year to $350bn in 2030 , but spending…