Blackstone-backed AirTrunk, Nvidia-backed Firmus, and SoftBank-backed SB Energy paused or pulled planned listings in the past week. Firmus had aimed to raise $5 billion. Equity fundraising for the sector is down 4.6 percent year-to-date. Bonds backing Meta/Blue Owl’s Hyperion project fell below 91 cents on the dollar. Bonds for the Blackstone QTS “Project Excalibur” site leased to Microsoft slipped below 87 cents. CoreWeave’s 2032 bonds traded near 75 cents with yields near 16 percent. Dell, HPE, and NetApp shares dropped after a Barclays note said it sees no meaningful AI inflection yet. The Philadelphia semiconductor index fell for a seventh straight day. Thursday’s equity bounce went into healthcare and other defensives while tech stayed weak.
https://www.ft.com/content/678bcd31-6c2a-447b-a68c-ce6dec220bbc
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