# AI capex — X 热门讨论 (2026-10-09 21:09 UTC)
## @ParadisLabs (Paradis) · 10-09 19:17 · ♥134 ↻1 💬13 I still think we see a bull market for stocks into 2027.
Up until now, I'd argue that AI capex has been a major driver behind almost every move across rates, credit and equities.
But as long as the data center buildout accelerates further, I don't realistically see how long-dated yields come back down in any kind of hurry.
The near-term offset is...you guessed it...energy!
If oil (and gas) gets calmer, that takes one source of inflation pressure off the long end which should be enough to stabilise bonds even if yields stay high.
We then get the textbook play of easing the massacre in the bond market = stocks go 🚀 into December and (hopefully) Q1'27.
Little ramble - feels like most retail investors have underrated the impacts on the AI trade that comes from the higher cost of capital due to higher rates. For most of the past ~1.5 decades, the private sector was a net saver...so governments could sell duration with minimal pushback. Now, the AI buildout is being funded by jumbo corporate bond deals and cash flows which institutions (pension funds, insurance guys) can own instead of government debt.
That's a reason why the long end keeps getting cheaper and why the government will have to keep paying up to fund themselves. https://x.com/ParadisLabs/status/2108637911365083267
## @leadlagreport (Michael A. Gayed, CFA) · 10-09 16:15 · ♥47 ↻4 💬13 The AI selloff was a credit story wearing a revenue costume.
OpenAI's run rate: near $50B, not the $70B circulated. Same day, Broadcom and Oracle were lining up chip financing.
Debt-funded capex prices off the long bond. The 30-year just cleared at 5.618%.
$ORCL $AVGO $TLT https://t.co/nHkpOAGgmW https://x.com/leadlagreport/status/2108592097271935345
## @JSpitTrades (Justin Spittler) · 10-09 13:09 · ♥30 ↻1 💬10 $KEYS with a breakout retest...
Quietly one of the best AI Capex names as of late https://t.co/NDH3Ol8EHH https://x.com/JSpitTrades/status/2108545376667984139