Amazon inks a $17.5B loan as AI spending accelerates. This → more hyperscaler AI capex. More capex → tighter data center capacity and strained power grids. Capacity strain → rising chip prices and long term energy contracts bid higher. Higher input costs → inflation pressure embedded into 2027. Embedded inflation → higher long end yields. Higher yields → equity multiple compression, led by the same AI names driving the spend. I’m focused on the 10Y above 4.75% and watching for a weekly close through 5%. That’s the level where growth valuations start to reset in size. Most people see AI loans as bullish. They will see the bond market reaction too late. Others are chasing clicks. I map the dominoes for market alpha. Follow me or fall behind 📊

OpenAI files for US IPO after Anthropic as AI giants head to public markets

Oracle's Recent CapEx: FY24 $6.86B FY25 $21.21B FY26 $48.25B FY27 ~$70B

What Smart People Are Saying About OpenAI’s IPO Filing 👇 OpenAI filed its confidential S-1, following Anthropic. Both AI giants are racing toward public markets while SpaceX is set to go public later this week. Here’s the pulse from Wall Street and tech: Gary Marcus: Highly skeptical, calls current trillion-dollar valuations delusional. “The only people buying at list price will be the stragglers who still can’t see it.” Gregory Allen: Points out that a $1T valuation implies an annuity that kicks out $45B a year forever. While gross margins look great, the big risk is timing, if they miscalculate their hundreds of billions in capex investments, they could easily run out of cash and face bankruptcy before the revenue wave catches up. Dan Niles: Prefers Anthropic over OpenAI. Says Anthropic is already profitable with explosive revenue growth, while OpenAI is stuck between Google and Anthropic. Aravind Srinivas (Perplexity): Still targeting 2028 IPO. Warns that weak debuts from OpenAI/Anthropic would send ripple effects across the industry. Joshua Achiam (OpenAI): “Should a loving ensouled machine God watch over humanity? Vote Anthropic. Should humanity be entrusted with the tools of its own progress? Vote OpenAI.” The move to public markets is inevitable, but these valuations are getting absurd. Burning billions while racing for dominance makes the IPO more about liquidity and retention than proven sustainability. Anthropic’s enterprise traction looks cleaner right now. Who do you think wins long-term: OpenAI, Anthropic, or someone else? 👀

We just added new pre-IPO perps for Anthropic, OpenAI, SpaceX, and Quantinuum: Anthropic: Aster + Lighter OpenAI: Aster + Lighter SpaceX: Aster + ApeX Quantinuum: Aster + trade[XYZ] Total markets now tracked on DefiLlama: SpaceX: 6 OpenAI: 3 Anthropic: 3 Quantinuum: 2 4 unique pre-IPO underlyings · 14 active markets · 6 unique venues (Variational, Aster, Lighter, trade[XYZ], ApeX, Extended). These are just a part of 47 new RWA perps we just added across Aster, Lighter, ApeX, trade[XYZ], and Ostium, bringing our RWA perps dashboard to 500+ markets in total.

🚨 THIS IS HOW AI BUBBLE ENDS The S&P 500 keeps hitting all-time highs. But almost nobody sees the systemic crisis brewing. Wall Street has built a giant debt pyramid. Just like in 2000. How the scam works: Nvidia pours money into AI startups. Those startups borrow billions from Apollo, Athene and Blackstone using Nvidia chips as collateral. Then they give that money right back to Nvidia to buy more chips. On paper, it's a masterpiece: Nvidia reports record sales. Startups show explosive growth. Tech stocks skyrocket. In reality, a big part of the demand is fake. It's a circular loop. And it only works as long as the chip shortage lasts. When Nvidia drops new chips, the old ones used as collateral will lose value fast. Even worse: most companies still aren't making enough money from AI to justify these huge costs. This is not "if". It's already starting. Remember, I warned about the BTC $82k bull trap and Saylor's sell-off before it happened. My next call will be the biggest one this cycle. Turn on notifications. Most people will follow me too late.

🧪 Startup's $1.25 Billion Solid-State Battery Breakthrough Exposed as Traditional Lithium-Ion 1. Finnish battery startup Donut Lab has been exposed for making false claims about its supposedly revolutionary, production-ready solid-state battery technology. 2. Independent investigations and third-party testing revealed that the company's miracle power cells actually rely on standard lithium-ion chemistry rather than next-generation solid-state materials. 3. The revelation has effectively debunked the startup's claims, raising serious questions for investors who recently valued the company at $1.25 billion. Bobbi thinks: This spectacular collapse serves as a stark reminder for climate tech investors that rigorous technical due diligence is absolutely essential in the hyper-competitive, hype-driven battery sector. Subscribe to CleanTech Pulse on Bobbi for supporting links, newsletter, and podcast.

🚨BIG TECH IS BORROWING HUGE MONEY FOR AI AI hyperscalers Google $GOOGL, Amazon $AMZN, Meta $META, Microsoft $MSFT, and Oracle $ORCL have already issued $159B in debt in the first 5 months of this year. That is 47% higher than all of 2025 and already more than the entire 2020 to 2024 period combined.