Nvidia is planning to sell at least $20bn of investment-grade debt in the US its first bond sale in more than five years in a test of investor appetite for further exposure to the AI sector.
Source: FT
"The relationship between what the US government's debt is doing and stock prices has flipped in a big way. In fact, this is the most extreme yields-stocks relationship this entire market cycle."
Source: Daily Chartbook
JUST IN: SPACEX HAS REPORTEDLY LINED UP INVESTMENT-GRADE CREDIT RATINGS FROM ALL THREE MAJOR AGENCIES
Per Bloomberg, citing sources: - Moody's, Fitch, and S&P Global all have SpaceX at investment grade - The ratings are reportedly being communicated privately ahead of Friday's $SPCX IPO debut - All three agencies publicly say they have not issued ratings The backing: - Google $GOOGL cloud services deal: $30B through mid-2029 - Anthropic compute deal: ~$45B over the next 3 years - Combined contracted revenue: $75B The Q1 financials: - Revenue: $4.69B (vs $4B a year earlier) - Net loss: $4.28B (vs $528M loss a year earlier) CreditSights expects SpaceX to issue investment-grade debt shortly after the IPO. The company has a $20B bridge loan due September 2027. Per CreditSights' Zachary Griffiths: "Negative earnings are not typically associated with an investment-grade company, but nothing about this is typical." Source: Evan, IPO Newsroom
Oil falls. Yields rise. Something has shifted
Oil down 15% in three weeks. The two-year yield up 15bps last week to 4.15% - its highest since early 2025. For the first time in months, US macro is back in the driving seat. Source: Jonny Matthews | SuperMacro
Breaking: Hyperscaler Bond Issuance Soars
In 4+ months in 2026 it is already more than in 2025, and several times more than the average of previous years. Their Free Cash Flow is dropping to 0. -> They must sell stocks, or slow down AI CAPEX. Source: BraVoCycles Newsletter
When rates start to matter... NASDAQ versus inverse US 10-year yields remains one of the biggest macro dislocation charts out there.
Let's keep in mind that bond volatility is exploding higher JUST AS hyperscalers enter the most capital-intensive spending cycle in modern tech history. Source: The Market Ear
We've officially reached the "brutal" stage in the global bond market sell-off. The 10y10y forward yield (red) is making new highs all over the place.
Japan's 10y10y forward has risen 30 basis points in just a few days. Even Swiss 10y10y forward is rising. Source: Robin Brooks
Another day, another new high for JGBs yields... Countdown to more BOJ QE as JGBs go bidless.
Source: zerohedge
