Topic
A rapid ramp-up in corporate borrowing to fund the artificial-intelligence boom cited as one source of pressure on long-dated bonds.
The largest corporate bond ever sold in Australia raised about US$3.9bn for Alphabet. Its 2026 capital expenditure guidance is between $195bn and $205bn.
Reality
Management says scale is starting to show up as operating leverage. The release as supplied gives a backlog, power figures and more than $14bn of fresh capital, but no margin numbers.
Reality
Four tranches out to 20 years, weeks after $25bn of dollar bonds and an $85bn equity raise, from a company that just posted its first negative quarterly free cash flow.
Reality
Lingxi Games is profitable and is being sold anyway, to fund model training and data centres. Assume your competitors are financing AI capex the same way: by divesting, not by growing into it.
Reality
CoreWeave, Nebius and Cerebras all grew fast and lost more money in Q2 2026. The spending curves say capacity is still being contracted ahead of the demand it serves.
Reality
Treasury's $25 billion long bond sale drew the highest yield since 2001, a day after the priciest 10-year auction since 2007. Demand showed up, but only at a price.
Reality