Hyperscalers are quietly becoming giants of the bond market.
Many investors might still underestimate the sheer scale of debt issuance coming from Big Tech. At the current pace, hyperscalers could become as significant in the investment-grade bond market as the largest global banks within just a few years. The AI infrastructure boom isn’t just reshaping technology. It’s reshaping credit markets too. Source: BofA, Tracy Alloway
Average token costs have collapsed from a high of $2.07/mil tokens on May 28 to $1.02/mil tokens.
Main drivers are price cuts to OpenAI's models and new open-source models from Kimi & DeepSeek (which tend to be several multiples cheaper than closed-source models). Source: Liz Thomas Bloomberg
Nasdaq is introducing a new trading session from 9pm to 4am ET starting December 6, 2026.
The stock market will soon trade 23 hours a day, 5 days a week. Source: Trend Spider
The number of S&P500 stocks that now have negative beta to the market is at the highest level since 2000 / 2001
“The list of “Negative Beta” stocks, names whose day in and day out correlation to the S&P 500 is inverse, has surged to 121 names, far surpassing the only other significant spike, in 2000-01 after the dot com bubble had burst.” -Evercore Source: Negligible Capital ISI evercore
Asset Managers and Hedge Funds have now built the largest Nasdaq Futures short position in history
Source: Barchart
In case you missed it... US 30-year government bond yields hit 5.31%, highest since 2007.
~$2tn deficits, sticky inflation, heavy long-bond supply due to AI-fueled corporate borrowing are lifting term premia as traditional demand fades. Even softer data can't stop the selloff. Source: HolgerZ, Bloomberg
Sandisk $SNDK is now up 62% in the last 14 days, adding $101 billion to its market value.
SanDisk has now broken past almost every analyst target on Wall Street. Source: Bull Theory
Energy stocks are up by nearly 38% so far this year ... so far, that ranks as the third best year going back to 1990.
Source: Kevin Gordon Bloomberg
