Signal & Scale

Big Tech still looks like Big Tech.Alphabet, Meta and the other major AI spenders retain strong balance sheets, investment-grade credit ratings and enormous cash-generating businesses. Yet borrowing is getting more expensive.The important distinction is why.This is not primarily a story about investors suddenly doubting whether the largest technology companies can repay their debt. The pressure ..

ASML’s High-NA EUV machines cost roughly $400 million each. Intel is already using the technology on selected production layers, Samsung plans to bring it into advanced DRAM manufacturing by 2028, and TSMC intends to use it for advanced-node production starting in 2030.At first glance, that sounds like a simple semiconductor story: chips are getting smaller, so fabs need a more powerful lithogra..

Oracle reported $664 billion in remaining performance obligations, or RPO, at the end of its fiscal first quarter of 2027.The number is enormous. It is also easy to read too much into it.RPO is not $664 billion of current revenue, and it is certainly not $664 billion of cash waiting to arrive. It is contracted revenue that Oracle expects to recognize as it delivers services over time. The real q..

더보기Alphabet issued an inaugural A$5.5B Kangaroo bond to diversify funding for its $200B AI infrastructure buildout. Here is what the deal proves for tech balance sheets. Alphabet's inaugural A$5.5 billion ($3.9 billion) Australian dollar bond issuance is a calculated diversification of its capital structure as annual AI infrastructure spending approaches $200 billion. The transaction, which drew..

더보기 Pennsylvania did not ban data centers. Executive Order 2026-05 ends fast-track permitting, mandates developer-funded grid upgrades, and requires local consent. Here is what it means for hyperscaler CAPEX and Amazon's $20B footprint.Pennsylvania has not enacted a ban on AI data centers. Under Executive Order 2026-05 signed on August 18, 2026, Governor Josh Shapiro officially excluded commerc..

더보기Nvidia is providing up to $105 billion in contingent residual-value guarantees for OpenAI’s 8 GW data center buildout. Here is how the Land, Power, Shell (LPS) structure works and what it means for AI infrastructure risk.Nvidia’s $105 billion commitment to OpenAI’s data center is not a direct cash investment, but a cumulative cap on contingent residual-value guarantees tied to 20-year facilit..