INDYNEWS

The 30-year Treasury yield's lead over average stock dividend payouts widened to its largest gap in 19 years, pulling income-focused money toward bonds and away from equities. · Nebius disclosed it had borrowed 3.5 times its annual revenue to fund AI data-center expansion, while Alibaba moved to raise $10.2 billion in a record Hong Kong share sale for the same purpose.

Micron fell 7% as the semiconductor sell-off deepened, helping snap the S&P 500's three-week winning streak. · Hyperscalers are now spending 102% of cloud revenue on AI capital expenditure, a ratio flagged by Wall Street ahead of Nvidia's earnings next week.

US federal debt passed $40 trillion on the same day the Fed released its latest meeting minutes, and bond yields rose again by the close, undercutting the Treasury's new debt buyback plan. · Gold traded above $4,500 an ounce and gold miner Wheaton Precious Metals rose 11% after Trump threatened a "crushing economic operation" against Iran.

Global bond rout paused as Treasury leaned into the long end, but easing yields failed to lift equities · Chip complex cracked: Intel and AMD each fell ~4%, Kulicke & Soffa slumped ~10%, while Nvidia drew upgrades on an extended AI capex cycle

Bund yields pierced 2011 highs and long-end benchmarks breached crisis-era levels as the global duration rout accelerated, pressuring European equities toward their longest losing streak since 2025 · Earnings season bifurcated sharply: infrastructure backlogs rewarded, growth premiums punished despite beats — Klarna posted a Q2 profit but trimmed volume guidance

Soft U.S. retail sales trimmed Fed rate bets, lifting European equities and gold; Goldman still sees the Fed on hold in September as the S&P 500 prints records · China's July data missed hard — industrial output slowed to 4.5% — while Japan's 1.1% annualised Q2 GDP masked weak capex and consumption

AMD priced a record $4.75bn bond and Goldman shopped a $500bn Nvidia AI financing — the AI trade is now a credit market story · September Fed hike odds collapsed to ~25%, but a steepening curve and cycle-high long yields put a 20-year auction on trial

Nvidia scaled back its $250bn OpenAI data center backstop, shifting AI financing tail risk from vendor balance sheets to lenders and private credit · Alphabet posted its first-ever negative free cash flow, making hyperscaler capex funding the central analytical question

Softening inflation and dovish Goolsbee commentary revived rate-cut bets; gold held above $4,400 while the dollar firmed · AI hardware split violently — Broadcom and Coherent sold off, Western Digital and CoreWeave (+18%) rallied; SMIC price hikes signal mature-node tightness

July CPI in line at 3.4%; bitcoin stalls near $63,500 with Jackson Hole now the binding catalyst · AI infrastructure trade fractures: Super Micro misses but guides $16bn above consensus; CoreWeave credit questions shadow the group

July CPI in line; Fed hike risk priced out, cut odds firm, euro zone yields drop — but shelter inflation stays stubborn · Crude's six-day rally extends on Hormuz risk premium, capping European equities; yen sinks as US-Japan intervention unravels

Apple is testing DRAM from China's CXMT for iPhones and MacBooks · Iran says an Oman-brokered Hormuz deal is in its "final stages" but the strait stays shut