"The Very Thing Creating The Equity Problem Is Solving The Rates Problem": A Week When Zuck's CapEx Wall Turned An Oil Spike Into A Bond Rally

Tl;dr: Despite all the chaotic headlines, SPX ended only modestly down on the week (Tech unch? ...RTY & DOW green) despite Meta's earnings turning a midweek AI relief rally into a funding scare: a $49-59 billion Q4 capex wall, negative free cash flow after dividends, a non-voting share class to raise "hundreds of billions" and record CDS sent the Nasdaq crashing to its worst day since June on Thursday (even as two-thirds of the S&P rose), and OpenAI's $150 billion valuation haircut on Friday confirmed that the market now cares about who pays. Credit spreads hit cycle wides as Treasuries were bid on the week (with their best day in more than a year, 10Y back below 5% on Thurs), even as Brent pushed to Iran war highs on Houthi strikes on Saudi Arabia and talk of post-midterm strikes on Iran, because bonds read oil as a growth threat. France's OAT-Bund spread hit its widest since 2011 ahead of tonight's Moody's review, with the dollar limping lower, bitcoin flat on the week, as gold broke below $4,000. Investors bought equity funds for a fifth straight week into Wednesday's Lipper cutoff, just before the carnage.