Investors sell longer-dated AI debt. Scepticism over sector’s long-term profitability'

Bonds issued by the top five hyperscalers — Amazon, Google, Meta, Microsoft and Oracle — are now yielding roughly 0.6 percentage points more than their blue-chip peers with the same ratings and maturities, 

RE: 0,6 procent låter inte mycket för en amatör.

representing the widest risk premium of any sector in the investment-grade market.

“It’s not clear what the industry landscape is going to look like ten years from now.”

Michelle Chan Financial Times 10 July 2026

https://www.ft.com/content/28380abc-72f9-4287-8d36-2823c73358ce?syn-25a6b1a6=1


AI investor fatigue

Hyperscalers are doubling their capital expenditure this year to some $800bn with scarcely any revenue to show for it yet.

“At some point you’ve got to make money. And we’ve gotten further away from that over the last couple of years instead of closer to it,” says Jim Covello, head of global equities at Goldman Sachs.

Almost all profit so far has been captured by makers of semiconductor chips and graphics processing units (GPUs) – the “picks and shovels” of this gold rush. 

That is an even greater accident waiting to happen than the AI rush itself.

Jensen Huang’s Nvidia is king, still worth $4.8tn even after a few hiccups. The company sells its $40,000 Blackwell GPUs in racks of 72 at a time, with monopoly pricing power and a gross profit margin of 74pc.

What can possibly go wrong? 

Ambrose Evans-Pritchard Telegraph 3 July 2026 

https://www.telegraph.co.uk/business/2026/07/03/the-ai-bubble-is-bursting-but-behind-it-hides-an-even-great/

https://englundmacro.blogspot.com/2025/08/nvidia-rekordkvartal-resultat-per-aktie.html

Sällan har investerare varit besatta av ett ämne så till synes banalt som den korrekta avskrivningsplanen för anläggningstillgångar.

Michael Burry, den berömda investeringsförvaltaren som spelades av Christian Bale i filmen "The Big Short" från 2015, hällde nyligen olja på elden. 

"Att förlänga livslängden minskar avskrivningskostnaderna och ökar de synliga vinsterna", skrev han.

https://englundmacro.blogspot.com/2026/06/vad-ar-den-korrekta-avskrivningsplanen.html

Kommentarer

Skicka en kommentar

Populära inlägg i den här bloggen

Pfizer in 2019 sold $20 billion of drugs in the U.S. Its federal tax bill? Zero; Ireland

Trump has already singled out pharma companies and countries like Ireland that reap the benefits of tax-avoidance moves.  Despite its small size, Ireland ran an $87 billion trade surplus with the U.S. last year—larger than any country except China, Mexico and Vietnam. https://www.wsj.com/health/pharma/how-trumps-tariffs-could-upend-pharmas-overseas-tax-strategy-5b8ca758 Is Ireland vulnerable again as the world’s vast shadow banking system starts to crack? Shadow banking is the dog that has not barked during the latest global spasm of financial stress. This is very fortunate, especially for small countries such as Ireland that have bet the farm on this industry. https://englundmacro.blogspot.com/2023/04/is-ireland-vulnerable-again-as-worlds.html Cayman Islands https://en.wikipedia.org/wiki/Cayman_Islands What the heck is happening in the Cayman Islands? A Sunny Place for a Shady Online Business https://englundmacro.blogspot.com/2021/12/a-sunny-place-for-shady-online-business.html Ti...
Läs mer

My blogg short index

Bild
1968 Vojne, vojne, vänsterdårarna kommer AI Artificial intelligence https://englundmacro.blogspot.com/2025/06/ai-artificial-intelligence.html Akvedukten vid Zaghouan, Sven Otto Littorin och Niall Ferguson. Denna vackra betraktelse från 1994 har sedan dess legat i mitt bakhuvud. https://englundmacro.blogspot.com/2024/04/akvedukten-vid-zaghouan-sven-otto.html Alistair Darling, Northern Rock och Royal Bank of Scotland https://englundmacro.blogspot.com/2025/07/alistair-darling.html Bank stress tests https://englundmacro.blogspot.com/2025/06/bank-stress-tests.html Bessent https://englundmacro.blogspot.com/2025/06/bessent.html Gordon Brown https://englundmacro.blogspot.com/2025/07/gordon-brown_5.html Buy the dip https://englundmacro.blogspot.com/2025/07/buy-dip.html Fastighetsbolagen https://englundmacro.blogspot.com/2025/07/fastighetsbolagen.html Tomas Fischer https://englundmacro.blogspot.com/2025/07/tomas-fischer.html James Grant https://englundmacro.blogspot.com/2025/07/james-grant.h...
Läs mer

Cognitive blind spots

Bild
Cognitive blind spots are undermining our ability to see the world as it is, rather than as we would like it to be. At the start of the 21st century, western elites generally assumed that globalisation, democracy and the free market were self-evidently good, and would keep spreading, creating peace. N o longer.  FIS, Swiss Federal Intelligence Service, has published a manual about cognitive blind spots. 18 different cognitive biases that hamper our thinking, such as “group think” (adhering to the cosy assumptions of our tribe), “anchoring” (relying exclusively on whatever information we see first, say on social media),  “confirmation bias” (only seeing data that reinforces pre-existing views),  “mirror imaging” (assuming others think like us),  “absence of evidence” bias (failing to think about the data we lack)  and “survivorship bias” (judging data only with success stories, not failures). Gillian Tett Financial Times 2 January 2026 https://www.ft.com/content/...
Läs mer