Warsh named hyperscaler borrowing as one reason the 10-year is at 5%. The next morning CoreWeave launched a $3bn convertible with a coupon under 3%.
The Fed raised rates by 25bp to 3.75–4.00% on Wednesday, 12–0, its first hike since July 2023, and its projections point to one more this year. Asked at the press conference why long yields have risen, Chair Kevin Warsh gave three reasons: a stronger economy, the Iran war, and…
Hours before the first Fed hike since 2023, Dell borrowed $5bn to repay $1.75bn: the AI supply chain is locking in debt at 5–6%.
The Fed decides at 15:00 BRT today, and a 25bp hike is about 92% priced on CME FedWatch. The US 10-year Treasury yield closed Tuesday at 5.00%. Three covered companies used the last sessions before the decision to close large investment-grade bond deals. On Monday Amazon closed…
Monday split the AI trade in two: the companies that pay for the build-out rose, the ones that get paid fell, and Oracle traded with the suppliers.
Yesterday’s session answered the question left open on Monday morning: did the market read the Amodei essay as bad for all of AI, or only for part of it? Only for part of it. The Philadelphia Semiconductor Index fell 5.86%, with Lam Research down 8.29%, Marvell down 7.32% and…
The labs asked to slow the frontier. The market is selling the chips, but the essay never mentioned them.
Over the weekend Anthropic’s Dario Amodei published an essay, “We Must Pace the Frontier”, arguing that AI companies should slow the rate at which they improve their most capable models. Sam Altman agreed publicly, and separately told Fortune that OpenAI will not go public in…
Oracle says its $664bn backlog needs no more of its own cash. It still needs the chips.
Oracle reported fiscal first-quarter 2027 results after Thursday’s close and the stock is up more than 7% in premarket. Cloud infrastructure revenue grew 121% to $7.4bn, remaining performance obligations reached $664bn, and the company signed over $30bn of new AI cloud contracts…
TSMC printed the demand side of the AI trade overnight. Tonight Oracle has to print the financing side.
TSMC's August revenue was NT$514,806m , up 53.3% year on year and 10.1% on July. It is the first month the company has ever cleared NT$500bn , and the fourth consecutive record. Eight months into the year the cumulative figure is NT$3,386,870m , 39.3% ahead of 2025. That is not…
The AI supply chain raised its numbers in unison this week — and Amazon paid for its newest chip partner in warrants
Monday and Tuesday were the Citi TMT and Goldman Communacopia conferences, and the entire AI supply chain marked its own numbers up inside forty-eight hours. AMD guided fiscal-2027 data-centre revenue to about $70bn , roughly double 2026, with AI GPUs in the low $40bns and…
With New York shut, Asia repriced the AI trade on its own — and it did it through memory
The most useful thing that happened this morning is that it happened without Wall Street. With the US closed, Asia was left alone to follow through on Friday's US chip session — and what it bought was not compute. It was memory . Korea's Kospi had one of its biggest days of the…
The jobs number put a rate hike back on the table — and the physical semiconductor chain ignored it completely
August payrolls came in at 162,000 against a Dow Jones consensus of 53,000 — the strongest month since March — with unemployment steady at 4.1% , and June and July revised up by a combined 55,000 . Short-dated Treasury yields jumped and the market moved back toward pricing a…
Four beats, three selloffs: the market has stopped paying for beats and started paying only for acceleration
Six names in your coverage have reported inside the last 48 hours, and every one of them beat. The share-price outcomes have almost nothing to do with the beats.
Nvidia is now holding the lease on its own demand — and Broadcom prints into the highest 10-year yield since 2023
Anthropic signed a roughly $35bn , six-year compute agreement with Lambda. The structure is the story: the facility sits in Nueces County, Texas, built by Hut 8; Nvidia retains the lease on the site and supplies the chips to Lambda , which resells the compute to Anthropic.…
Broadcom reports Wednesday, and the question is one number it refused to raise last quarter
Monday 31 August 2026 · written 12:55 BRT · scheduled 07:00 BRT, run late · the US session has been open since 10:30 BRT (US daylight saving in force, so the gap is 3.5h, not 4.5h)