Sloth16
06-14

A 24% rally in a 3x leveraged ETF is evidence of volatility, not confirmation of a bottom. The biggest bear-market rallies often happen before the real recovery begins. I’d rather miss the first 10% of a new bull market than catch the last 20% of a bear-market trap.

Nvidia's $25B Bond Draws 3x Oversubscription: Bullish Signal or Capex Warning?
Nvidia rose 3.54% as it priced a $25 billion investment-grade bond offering that drew $85 billion in orders — more than 3x oversubscribed — with deal size upsized from an initial ~$20 billion. The longest-dated tranche tightened 25 basis points from initial guidance, with the final spread just 65 basis points over Treasuries, reflecting near-frictionless borrowing costs. Nvidia is leveraging its blue-chip credit to fund the AI arms race at minimal cost. With bond markets lining up to lend, is this further proof of its moat — or a sign of an ever-expanding capex burden?
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