News Summary

• Thursday's decline in chipmakers — perhaps the most sensitive area of the AI trade — didn't follow the risk-off playbook that's defined 2026 so far.
• At least for one day, investors rekindled the Treasury safety trade.
• The next test of any possible Treasury-hedging revival will come the next time US stocks sell off.
• But if these Anthropic nerves spread, investors would be well served to use Treasurys as an escape valve..
• A Treasury rally is not a universal bailout for corporate borrowers pressured by surging yields.
• We got a prime example this week with data-center giant CoreWeave, which faced sudden concerns about its ability to service its mountain of debt.
• Credit spreads across the broader market have blown out, showing that concerns about AI-linked debt are far from settled.