Bonds Bite, AI Keeps Burning

Rates Steal the Show

30-year Treasury yields broke above 5.5% today. That is the dominant macro story of the session. Rising long-end yields are pressuring valuations across growth and rate-sensitive sectors. Regional bank Park National Corporation felt it acutely. Its put/call ratio exploded to 1.17 — a 4.1 standard deviation spike from its 20-day average of just 0.16. That is the highest reading in 52 weeks. Traders are loading up on downside protection at a pace rarely seen in small-cap banking.

AI Demand Stays Red-Hot

NVIDIA continues to dominate infrastructure narratives. SemiAnalysis reported today that GPU demand is so extreme, even subpar cloud infrastructure is selling out. Akamai jumped after announcing a deal with Anthropic, adding it to the growing list of AI content-delivery plays. CoreWeave also featured in coverage as hyperscaler demand keeps building.

Chips and Analysts

Bank of America raised its AMD price target by $100 to $720 today, keeping its Buy rating. AMD's market cap now exceeds $1 trillion. Despite that bullish call, options bears are active — AMD saw heavy negative flow over the past week alongside Meta and NVIDIA. Meta itself got a fresh $820 target from Deutsche Bank. Its RSI sits at a stretched 80.5.

Twilio moved the other way. HSBC downgraded the stock to Reduce, sending shares lower on the day.

Europe & Events Ahead

UK construction group Kier reported this morning in London. Eyes now turn to Tuesday's cruise read from Carnival and Wednesday's blockbuster Micron print — the week's most anticipated earnings event. Micron's results will serve as a real-time stress test for memory chip demand in the AI build-out.