Debt scrutiny intensifies

25%its chance, of the story’s futures

−0.3%on the S&P 500, if it happens

The offering clears, but buyers demand meaningfully higher compensation because of Meta’s negative free cash flow and the scale of planned AI hardware spending. The result reinforces concerns that hyperscaler AI investment is becoming increasingly debt-funded.

What it moves

Technology−0.5%

Sectors in percent; other series by direction only.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.

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