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Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. ## Straight from the Desk # **Syz** the moment Live feeds, charts, breaking stories, all day long. - [All](https://blog.syzgroup.com/syz-the-moment) - [equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) - [United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) - [Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) - [Food for Thought](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thought) - [markets](https://blog.syzgroup.com/syz-the-moment/tag/markets) - [Central banks](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) - [bitcoin](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin) - [Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) - [geopolitics](https://blog.syzgroup.com/syz-the-moment/tag/geopolitics) - [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) - [Asia](https://blog.syzgroup.com/syz-the-moment/tag/asia) - [europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) - [gold](https://blog.syzgroup.com/syz-the-moment/tag/gold) - [Commodities](https://blog.syzgroup.com/syz-the-moment/tag/commodities) - [investing](https://blog.syzgroup.com/syz-the-moment/tag/investing) - [Technology](https://blog.syzgroup.com/syz-the-moment/tag/technology) - [Crypto](https://blog.syzgroup.com/syz-the-moment/tag/crypto) - [technical analysis](https://blog.syzgroup.com/syz-the-moment/tag/technical-analysis) - [nvidia](https://blog.syzgroup.com/syz-the-moment/tag/nvidia) - [oil](https://blog.syzgroup.com/syz-the-moment/tag/oil) - [china](https://blog.syzgroup.com/syz-the-moment/tag/china) - [ETF](https://blog.syzgroup.com/syz-the-moment/tag/etf) - [earnings](https://blog.syzgroup.com/syz-the-moment/tag/earnings) - [Forex](https://blog.syzgroup.com/syz-the-moment/tag/forex) - [energy](https://blog.syzgroup.com/syz-the-moment/tag/energy) - [banking](https://blog.syzgroup.com/syz-the-moment/tag/banking) - [magnificent-7](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7) - [Alternatives](https://blog.syzgroup.com/syz-the-moment/tag/alternatives) - [Volatility](https://blog.syzgroup.com/syz-the-moment/tag/volatility) - [Real Estate](https://blog.syzgroup.com/syz-the-moment/tag/real-estate) - [apple](https://blog.syzgroup.com/syz-the-moment/tag/apple) - [emerging-markets](https://blog.syzgroup.com/syz-the-moment/tag/emerging-markets) - [google](https://blog.syzgroup.com/syz-the-moment/tag/google) - [Middle East](https://blog.syzgroup.com/syz-the-moment/tag/middle-east) - [switzerland](https://blog.syzgroup.com/syz-the-moment/tag/switzerland) - [tesla](https://blog.syzgroup.com/syz-the-moment/tag/tesla) - [United Kingdom](https://blog.syzgroup.com/syz-the-moment/tag/united-kingdom) - [amazon](https://blog.syzgroup.com/syz-the-moment/tag/amazon) - [microsoft](https://blog.syzgroup.com/syz-the-moment/tag/microsoft) - [assetmanagement](https://blog.syzgroup.com/syz-the-moment/tag/assetmanagement) - [ethereum](https://blog.syzgroup.com/syz-the-moment/tag/ethereum) - [meta](https://blog.syzgroup.com/syz-the-moment/tag/meta) - [russia](https://blog.syzgroup.com/syz-the-moment/tag/russia) - [Industrial-production](https://blog.syzgroup.com/syz-the-moment/tag/industrial-production) - [Healthcare](https://blog.syzgroup.com/syz-the-moment/tag/healthcare) - [ESG](https://blog.syzgroup.com/syz-the-moment/tag/esg) - [Global Markets Outlook](https://blog.syzgroup.com/syz-the-moment/tag/global-markets-outlook) - [Turkey](https://blog.syzgroup.com/syz-the-moment/tag/turkey) - [inflation](https://blog.syzgroup.com/syz-the-moment/tag/inflation) - [bankruptcy](https://blog.syzgroup.com/syz-the-moment/tag/bankruptcy) - [brics](https://blog.syzgroup.com/syz-the-moment/tag/brics) - [Market Outlook](https://blog.syzgroup.com/syz-the-moment/tag/market-outlook) - [performance](https://blog.syzgroup.com/syz-the-moment/tag/performance) - [africa](https://blog.syzgroup.com/syz-the-moment/tag/africa) - [LLM](https://blog.syzgroup.com/syz-the-moment/tag/llm) - [Global](https://blog.syzgroup.com/syz-the-moment/tag/global) - [Market News](https://blog.syzgroup.com/syz-the-moment/tag/market-news) - [Weekly Equities](https://blog.syzgroup.com/syz-the-moment/tag/weekly-equities) Show more 19 Oct 2026 - - - #### An AI credit spread chart tells you the price of risk. It doesn’t tell you the full story. Behind several neocloud operators stand companies with trillion-dollar market capitalisations and exceptionally low financing costs. Consider the relationships → CoreWeave: NVIDIA holds approximately 10% of the equity and has committed to purchase unused capacity through 2032, worth up to $6.3 billion. → NScale, Lambda, Nebius and IREN: NVIDIA’s involvement includes equity investments and preferential commercial agreements. → IREN: Microsoft has signed a major contract, with 20% of its value prepaid. → NScale and Lambda: NVIDIA has provided backing for leases. → Hut 8 and TeraWulf: Google has provided lease-related guarantees. → Cipher: Amazon has provided lease guarantees. These arrangements matter. But equity ownership, customer prepayments, capacity commitments and lease guarantees offer different levels of protection. Strategic backing does not eliminate default risk. Equally, a widening credit spread alone does not establish that default is inevitable. Source: Boring\_Business on X @BoringBiz\_ [#AI|](https://blog.syzgroup.com/syz-the-moment/tag/ai) [#nvidia](https://blog.syzgroup.com/syz-the-moment/tag/nvidia) ![An AI credit spread chart tells you the price of risk. It doesn’t tell you the full story.](https://blog.syzgroup.com/hubfs/1792349325079.jpg) ![An AI credit spread chart tells you the price of risk. It doesn’t tell you the full story.](https://blog.syzgroup.com/hubfs/1792349325079.jpg) 19 Oct 2026 - - - #### European diesel prices are exploding, approaching $200/barrel... Meanwhile, today's Eurostat report shows eurozone industrial production contracted another 1.1% yoy. Europe’s energy shock is becoming an industrial competitiveness crisis. European diesel prices are approaching $200 per barrel, while eurozone industrial production has contracted by another 1.1% year on year. Germany’s industrial output is already almost 10% below its 2021 level. Another energy shock is hitting an industrial base with limited room to absorb it. The transmission mechanism is clear: → Higher transportation costs. → Higher production costs. → Renewed inflationary pressure. But pricing power has limits. When businesses can no longer pass higher costs on to customers, margins compress. Production is reduced. Investment is postponed. More factories become economically unviable. This is the risk of another stagflationary shock: weaker activity alongside higher prices. For the ECB, the dilemma is increasingly difficult. Raising rates could contain inflation, but would also weaken demand, increase sovereign financing pressures and accelerate industrial decline. Europe faces a growing risk that a temporary energy shock leaves permanent damage to its industrial capacity. Source: Lukas Ekwueme @ekwufinance Bloomberg [#europe|](https://blog.syzgroup.com/syz-the-moment/tag/europe) [#oil](https://blog.syzgroup.com/syz-the-moment/tag/oil) ![European diesel prices are exploding, approaching $200/barrel...](https://blog.syzgroup.com/hubfs/1792348900958.jpg) ![European diesel prices are exploding, approaching $200/barrel...](https://blog.syzgroup.com/hubfs/1792348900958.jpg) 19 Oct 2026 - - - #### Another upward revision: Morgan Stanley now sees $1.6 trillion in total 2027 capex Source: zerohedge [#Technology|](https://blog.syzgroup.com/syz-the-moment/tag/technology) [#AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) ![Another upward revision: Morgan Stanley now sees $1.6 trillion in total 2027 capex](https://blog.syzgroup.com/hubfs/1792382657668.jpg) ![Another upward revision: Morgan Stanley now sees $1.6 trillion in total 2027 capex](https://blog.syzgroup.com/hubfs/1792382657668.jpg) 19 Oct 2026 - - - #### Peter Lynch said “If the P/E ratio is less than the growth rate, you may have found yourself a bargain” Well what if that’s true for the entire S&P 500? Or is the 5-year expected earnings growth just wrong ? Source: Mindset for Money [#equities|](https://blog.syzgroup.com/syz-the-moment/tag/equities) [#earnings](https://blog.syzgroup.com/syz-the-moment/tag/earnings) ![Peter Lynch said “If the P/E ratio is less than the growth rate, you may have found yourself a bargain”](https://blog.syzgroup.com/hubfs/1792382866590.jpg) ![Peter Lynch said “If the P/E ratio is less than the growth rate, you may have found yourself a bargain”](https://blog.syzgroup.com/hubfs/1792382866590.jpg) 19 Oct 2026 - - - #### France's 10-year bond yields are surging to new post-2012 highs relative to German 10-year yields. Source: Bloomberg, Lisa Abramowicz @lisaabramowicz1 on X [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![France's 10-year bond yields are surging to new post-2012 highs relative to German 10-year yields.](https://blog.syzgroup.com/hubfs/1792407403002.jpg) ![France's 10-year bond yields are surging to new post-2012 highs relative to German 10-year yields.](https://blog.syzgroup.com/hubfs/1792407403002.jpg) 19 Oct 2026 - - - #### According to MS, AA-rated hyperscalers are "mostly price insensitive to higher interest rates," since they start from interest coverage above 30x. The problem is everyone else. In an illustrative exercise, MS has the high-quality hyperscalers issuing $400 billion at 7% next year, which takes coverage from 30.7x to a still-comfortable 11.9x. But give Oracle and SpaceX $120 billion at 8.5%, and their combined coverage collapses from 4.0x to just 1.8x. Source: zerohedge [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#Technology](https://blog.syzgroup.com/syz-the-moment/tag/technology) ![According to MS, AA-rated hyperscalers are ](https://blog.syzgroup.com/hubfs/1792383204106.jpg) ![According to MS, AA-rated hyperscalers are ](https://blog.syzgroup.com/hubfs/1792383204106.jpg) 19 Oct 2026 - - - #### And the winner is... Source: Kalshi [#Food for Thought](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thought) ![And the winner is...](https://blog.syzgroup.com/hubfs/1792407765164.jpg) ![And the winner is...](https://blog.syzgroup.com/hubfs/1792407765164.jpg) 19 Oct 2026 - - - #### Elon Musk says he will give one of his personal SpaceX shares to every American kid next year Source: Kalshi [#Technology|](https://blog.syzgroup.com/syz-the-moment/tag/technology) [#equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) ![Elon Musk says he will give one of his personal SpaceX shares to every American kid next year](https://blog.syzgroup.com/hubfs/1792418948258.jpg) ![Elon Musk says he will give one of his personal SpaceX shares to every American kid next year](https://blog.syzgroup.com/hubfs/1792418948258.jpg) ❮❮ [❮](https://blog.syzgroup.com/syz-the-moment/page/4) [3](https://blog.syzgroup.com/syz-the-moment/page/3) [4](https://blog.syzgroup.com/syz-the-moment/page/4) [5](https://blog.syzgroup.com/syz-the-moment/page/5) [6](https://blog.syzgroup.com/syz-the-moment/page/6) [7](https://blog.syzgroup.com/syz-the-moment/page/7) [❯](https://blog.syzgroup.com/syz-the-moment/page/6) [❯❯](https://blog.syzgroup.com/syz-the-moment/page/1250?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. 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