Markets, page 2
Where the money is moving, and what it means for the choices in front of you.
Companies plan $215B of bonds in September. Read who absorbs it.
Dealers expect a record $215 billion of high-grade supply in September, into a 30-year at 5.25%. The AI buildout borrows, and your bond index fund buys.
Japan's 10-year hit 3%. Its money stopped leaving the country.
Japan’s benchmark yield touched 3% on September 1. Its biggest investors sold 1.8 trillion yen of foreign bonds this year, after buying 9.66 trillion last year.
Nvidia's supply commitments hit $279B. Read who carries the risk.
Nvidia's record quarter came with $279 billion in supply commitments, 15 extra days of customer credit, and operating cash flow down by half.
Treasury doubled its bond buybacks. That adds $14 billion.
Treasury's doubled cap buys at most $14 billion of extra long bonds by November 4. It auctions $148 billion of new ones over the same weeks.
Jackson Hole 2026 is about payments. The rate signal came in July.
The Fed’s biggest stage this year is themed on payments. Three officials already voted to hike on July 29. That vote is the September signal.
S&P 500 earnings grew 50.4% last quarter. Two stocks did a third.
The blended number is the best since 2021. Strip out Alphabet and Amazon and it drops to 32%. Read which figure describes the market you actually own.
Anthropic passed OpenAI in revenue. Read how it's counted.
Anthropic reports a $47B run-rate to OpenAI's $24B. It books gross cloud-reseller spend where OpenAI counts net. October's IPO forces the audited number.
SpaceX booked $76B in AI compute rent. Read who pays it.
SpaceX's IPO filing shows a compute-rental business booking $76 billion through 2029. Anthropic alone pays $1.25 billion a month. Read who really profits.
Chips shed $1.5T in three weeks. Your index fund owns it.
Semiconductors lost $1.5 trillion since June 25. Because seven stocks are 34% of the S&P 500, a passive index fund took the hit, and bitcoin fell too.
The Fed flipped from a cut to a hike. Read the three drivers.
In March the Fed's own projections implied a 2026 rate cut. By June they implied a hike. Tariffs, Middle East energy, and the AI buildout moved it.