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The 30-year Treasury yield spiked to 5.32% Tuesday and the AI hardware complex broke. The Philadelphia Semiconductor Index fell roughly 4.96%, with the Nasdaq down 1.33% to 26,289.71 and the S&P 500 off 0.69% to 7,691.76 — a third straight loss since Thursday's record. NVDA -2.3%, AMD -4.3%, AVGO -3.2%, MU -7.0%.
A Wall Street Journal analysis of filings found nine big tech firms carrying roughly $3 trillion in AI-related commitments that don't appear as balance-sheet liabilities — about five times their combined $600 billion in trailing-twelve-month capex. The split is roughly $1.2 trillion in unstarted leases and $1.9 trillion in purchase commitments for chips, construction and power. Alphabet alone accounts for $811 billion.
SK Hynix announced it will repurchase and cancel up to 24 million treasury shares — 40 trillion won, about $29 billion — between August 20 and November 19, plus commit more than 50% of 2025–2027 free cash flow to shareholder returns. The move follows a 9.8% single-day drop in Seoul. SKHY depositary receipts jumped about 6% in premarket trade Wednesday.
Nvidia is providing up to $105 billion in credit support for an OpenAI data center at the PORTS-Pike Technology Campus in Pike County, Ohio, covering an initial 4.25 gigawatts with an option for another 3.75. SoftBank's SB Energy builds and manages the site on a 20-year lease to OpenAI, with first 800 megawatts online in 2028 and completion targeted for 2032. Nvidia is also putting $1.5 billion directly into SB Energy.
SemiAnalysis reports Google is working with AMD on a next-generation hybrid TPU that would integrate x86 CPU cores into the accelerator package — AMD's first major role in a custom AI silicon program. Separately, Jefferies' Advancing AI readout says AMD's Helios and ROCm roadmap could leapfrog Nvidia in select workloads, with Helios ramping in September and AI revenue possibly topping the firm's $26 billion estimate for next year. AMD still finished down about 4.3% on the broad selloff.
CoreWeave fell 12.10% to $93.17 on 36.9 million shares, 28% above its 30-day average, as rising yields put a spotlight on its debt-financed buildout. Q2 revenue was strong at $2.6 billion, up 112% year over year, but interest expense hit $640 million in the quarter, debt-to-equity sits at 8.94 and net debt to EBITDA at 10.75. The stock is now up just 17.5% year to date after a post-earnings pop of 19% barely a week ago.
Baidu was the single worst AI-complex performer Tuesday, down 12.73% after reporting its fourth consecutive quarter of advertising revenue contraction. The stock is now down 39.54% year to date, a reminder that the China AI trade and the U.S. AI trade are not moving together.
Netlist filed fresh ITC and federal court actions targeting Micron's DDR5 RDIMM and MRDIMM lines, seeking U.S. import and sales bans on the allegedly infringing products. That landed on a day Micron already broke below the $1,000 mark to roughly $941. Micron is still up about 198% year to date, so this is a high-expectations name absorbing a legal overhang, not a broken thesis.
While chips got hammered, the software side caught a bid. monday.com led all AI names at +5.65% to $88.04 on an earnings beat with measurable mondayAI upsell, against a mean analyst target of $108.50 — about 26% above Tuesday's close. Salesforce added 2.71% and ServiceNow 1.52%, with ServiceNow up roughly 17% over the past month.
Anthropic's annualized revenue has surged to roughly $65 billion, with investors modeling $100 to $120 billion exiting 2026. The company raised $65 billion in Series H at a $965 billion post-money valuation, ahead of OpenAI's $852 billion. Both have reportedly filed confidentially for IPOs, with Anthropic potentially hitting public markets first. Neither is publicly traded — this is a watch item, not a tradable one.
