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· Post-Market Alpha · by Buzzberg Research
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All-In frames the GPU-cloud selloff as a credit and rate event rather than a demand collapse
Participants see strong compute demand and physical supply constraints but flag refinancing needs, customer concentration, fixed-price contracts and rising borrowing costs at levered neoclouds; Anthropic's potential IPO draws attention to valuation, capital-raising size and disclosure quality.
Jim Bianco turns constructive on duration after six years bearish on bonds
Bianco argues yields near 5% are no longer expensive relative to expected nominal GDP growth of roughly 5-6%, while inflation stays sticky around 3% as goods deflation fades and oil, shipping and diesel costs keep pressure on prices.
Joseph Wang sees bonds as a good hedge as cracks appear in the AI complex
Wang sees solid nominal activity and continued bank lending but hot inflation and added energy costs, while strain builds in the AI complex from hardware competition, leveraged compute providers and slower-than-hoped model-layer growth.
PIMCO's Tony Crescenzi says bond investors are reasserting discipline on hard-to-underwrite borrowers
Asked about the selloff in CoreWeave's high-yield debt, Crescenzi says bond investors are imposing discipline on borrowers whose cash flow is less clear, and notes US net interest costs are back at a record of about 3.2% of GDP.
Trump suspended new Russia energy sanctions while encouraging Russian diesel back into global markets
The White House suspended implementation of newly legislated sanctions tied to Russian energy exports, which would have required steep tariffs on buyers of Russian crude; reporters frame the move as driven by diesel prices roughly two weeks before the midterms.