Microsoft funded its AI capex from free cash flow and rose; Alphabet turned to bonds and stock sales and fell 10%, while Marvell’s reported Lumentum bid confirmed the laser bottleneck.
SK hynix is reported to be weighing a $12bn special dividend while AI cloud debt markets shut, and the Fed, SK hynix, Microsoft and Alphabet all land on one Wednesday.
The chip index’s longest losing streak since 2008 is a neocloud credit scare, not a demand break: borrowers pay 15%, builders still fund from cash, and Treasuries acted as the hedge.
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