TMTB Morning Wrap

Good morning. Futures +30bps early this morning although selling off a bit following the ORCL headline below around funding talks with Blue Owl stalling re: their Michigan DC. Asia stocks mixed: : TPX -0.03%, NKY +0.26%, Hang Seng +0.92%, HSCEI +0.98%, SHCOMP +1.19%, Shenzhen +1.68%, Taiwan TAIEX -0.04%, Korea KOSPI +1.43%. But Memory names strong ahead of MU EPS tonight: KIOXIA+7%, PHISON+5%, SAMSUNG+4.5%, Hynix +4%, Nanya+4%.

Yields are up 2bps across the curve. Hassett’s Fed chair odds have jumped back to 55% vs. Warsh at 25% and Waller at 17% (according to Polymarket)

We’ll get to all things AI first then move onto the rest…

Lots to get to this morning, so let’s get to it…

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ORCL: Oracle’s $10bn Michigan data centre in limbo after Blue Owl funding talks stall