Cycle on Aug 9, 2026

I will start by listing the existing open threads and watches for this topic to see what questions have been prioritized and if any watches have been triggered.

I will fetch the current public-market view for NVIDIA Corporation (NVDA) using the `market_view` tool to check its latest financial metrics, revenue/earnings trajectory, and recent price movement.

I see that Nvidia's latest reported quarter was 2026-04-30 (Q1 FY2027), with revenue of $81.61B and operating income of $53.54B. The next earnings release (Q2 FY2027) is expected in late August 2026, which is coming up in a couple of weeks (since current date is August 9, 2026). Let's see if there are any recent news reports or analyst notes about Nvidia's capex story, tech capex, hyperscaler capex, or upcoming Q2 FY2027 earnings. I will do a web search.

The search results show that as of August 2026, the AI capex story is very much intact, and in fact, has accelerated. According to the article "AI Semiconductor Spending: Essential $630B Capex Breakdown" updated on August 5, 2026, the four hyperscalers (Alphabet, Amazon, Microsoft, Meta) are planning to spend roughly $720–$745 billion on capital projects in 2026. Let's fetch that page (`https://quantflowlab.com/ai-semiconductor-spending/`) to see the detailed breakdown, including Alphabet's Q2 call (July 22, 2026) and Microsoft's June 2026 quarter (reported recently). This will give us concrete evidence and numbers to update our findings.

This is an incredibly rich and up-to-date source (published/updated August 5, 2026). Let's analyze the findings here: 1. **Hyperscaler Capex Numbers (CY2026 Outlook)**: - Combined CY2026 capex outlook for the top four hyperscalers is now **$720–745 Billion** (up from the $710B in our previous findings). - Breakdown of CY2026 Capex Outlook: - **Amazon**: ~$220B (raised from ~$200B on Q2 call on July 30, 2026, citing memory costs). - **Alphabet**: $195–205B (raised from $180–190B on Q2 call on July 22, 2026). - **Microsoft**: ~$175B (adjusted for lease reclassifications, Q4 FY26 call on July 29, 2026). - **Meta**: $130–145B (narrowed from $125–145B on Q2 release on July 29, 2026). - *Key takeaway*: The capex story is not only intact but has actually **accelerated/revised upwards** in the Q2 2026 earnings cycle (late July 2026). 2. **Server vs. Infrastructure split**: - Alphabet: ~60% of Q2 technical infrastructure spend went to servers, 40% to data centers and networking. - Microsoft: ~two-thirds of quarterly capex in short-lived assets (primarily CPUs and GPUs). 3. **Nvidia's Performance**: - Nvidia's Data Center revenue reached **$75.2 Billion** in a single quarter (FQ1 2027 ending April 26, 2026), up 92% YoY. Total revenue was $81.6B. (Note: Nvidia's FQ1 2027 corresponds to the calendar quarter ending April 2026). - In FQ1 2027, three direct customers represented 21%, 17%, and 16% of total revenue (54% combined). 4. **Memory / HBM Inflation Factor**: - Amazon attributed its $20 billion increase to higher memory prices rather than to added capacity. This means part of this year's growth in AI semiconductor spending is due to **input-cost inflation** (memory costs). - Micron reported FQ3 2026 (ended May 28, 2026) revenue of $41.46B (vs $23.86B prior quarter!) with gross margins swinging to 84.9% (vs 39.0% a year ago). - SK Hynix reported Q2 2026 revenue of ₩79.32 trillion and operating profit of ₩60.54 trillion (76% operating margin!). 5. **Cash Generation Compression**: - Alphabet reported negative free cash flow of $5.9 billion in Q2 2026, with long-term debt of $98.2 billion. - Meta's free cash flow fell to $784 million in Q2 2026, with long-term debt of $83.66 billion. - This shows that the massive capex is compressing the free cash flow of these tech giants. Let's do a search on other details, such as the upcoming Nvidia Q2 FY2027 earnings release (expected late August 2026) and any other recent news about advanced packaging or Amkor Technology. First, let's search for "Amkor Technology" "Nvidia" "$1.5 Billion" to get details on the deal mentioned in the market view.

Great. I will fetch the Bloomberg or TradingKey article to read more details about the Amkor-Nvidia packaging services agreement signed on July 23, 2026. Let's fetch `https://www.tradingkey.com/analysis/stocks/us-stocks/262052084-nvidia-amkor-packaging-agreement-nvda-amkr-tradingkey`.

This provides highly specific and concrete details on the Nvidia-Amkor deal: - Signed on July 23, 2026. - A multi-year packaging services agreement valued at approximately $1.5 billion. - Nvidia provides an advance payment to support Amkor in expanding capacity at its new advanced packaging facility in Peoria, Arizona. - First manufacturing building expected to be completed by mid-2027, with production starting in early 2028. - Supported by up to $400 million in direct subsidies under the CHIPS and Science Act. - Focuses on 2.5D/3D advanced packaging technologies (heterogeneous integration, CoWoS-like). - TSMC and Amkor previously signed a 10-year cooperative agreement in June 2026 to deepen advanced packaging collaboration in Arizona, meaning Amkor's facility will complement TSMC's Arizona wafer fabs. - Helps Nvidia secure a "second packaging source" to address CoWoS bottlenecks. Let's do a search on other major events. Specifically, let's look at the "Big Four Combined AI Capex Crosses $1 Trillion" watch. The watch says: "Track when the combined capital expenditures of Amazon, Alphabet, Microsoft, and Meta for a fiscal year officially cross $1 trillion, or when consensus forecasts for 2027 cross $1 trillion." Let's see if 2027 consensus forecasts for the Big Four combined capex have crossed $1 trillion or are approaching it. According to `https://quantflowlab.com/ai-semiconductor-spending/`: - CY2026 combined capex for the four hyperscalers is guided at **$720–745 Billion** (up from $410 Billion in 2025). - If 2026 is already $720–745B, what are the projections for 2027? Let's search for "hyperscaler capex 2027 1 trillion" or "Big Tech capex 2027 1 trillion" to see what consensus estimates currently say.

The search results confirm that analyst consensus and major Wall Street firms (including Goldman Sachs, Evercore, Bank of America, Morgan Stanley/Nowak) are now forecasting that Big Tech/hyperscaler capex will officially cross $1 trillion in 2027. Specifically, let's fetch the CNBC article `https://www.cnbc.com/2026/04/30/ai-boom-big-tech-capital-expenditures-now-seen-topping-1-trillion-in-2027-.html` or the Yahoo Finance article `https://finance.yahoo.com/markets/article/big-tech-will-fund-more-than-a-third-of-its-ai-investments-with-debt-in-2027-goldman-sachs-predicts-145136150.html` to get concrete details on the forecasts. Let's fetch the Yahoo Finance article first.

This Yahoo Finance article (published July 28, 2026) is brilliant! It outlines that: - For 2025, the hyperscalers (Meta, Microsoft, Alphabet, Amazon, Oracle) collectively reported $405 billion in capex. - For 2026, Goldman Sachs expects that figure to reach **$750 billion** (very close to our $720–745B range for the Big Four alone). - For 2027, Goldman Sachs expects that figure to reach **$1.14 trillion** or near **$1.2 trillion** (confirming that consensus forecasts for 2027 have officially crossed the $1 trillion mark!). - It also mentions a highly relevant watch: **Big Four Combined AI Capex Crosses $1 Trillion** (id: `019fdec4-d33e-71ad-9fbb-4410292d9599`). The trigger for this is "Big Four Hyperscalers combined_capex >= 1000" or when consensus forecasts for 2027 cross $1 trillion. Goldman Sachs' 2027 projection is $1.14T, and other Wall Street consensus estimates are at $1 trillion. This means we can record an event resolving or updating this watch! Let's check if the watch is a `one_shot` or `ongoing` watch. The thread says it is `one_shot` and its description is "Track when the combined capital expenditures of Amazon, Alphabet, Microsoft, and Meta for a fiscal year officially cross $1 trillion, or when consensus forecasts for 2027 cross $1 trillion." Since consensus forecasts for 2027 have officially crossed $1 trillion (as of mid-2026, with Goldman at $1.14T and others at $1T–$1.2T), we can trigger the event and resolve this thread. - Another fascinating piece of evidence: **Alphabet's negative free cash flow**. In its mid-July earnings report (Q2 2026, reported July 22, 2026), Alphabet reported its first quarter of negative free cash flow since it went public in 2004. This was due to massive capex ($44.9 billion in Q2). - **Meta's free cash flow** fell to $784 million in Q2 2026, with long-term debt of $83.66 billion. - **Off-balance sheet debt / Joint Ventures**: Meta announced a new joint venture with BlackRock to fund a large-scale data center in El Paso, Texas. BlackRock holds an 80% stake, and Meta represents over $10B of investment, with BlackRock funding its portion with $12.5 billion in debt. This is a very interesting structural change in how AI infrastructure is being financed! Let's do a search on Meta's joint venture with BlackRock to get the exact details. This is a crucial new development in the AI capex/infrastructure financing landscape.

This Forbes article and the official press releases confirm a major structural change in how AI capex/infrastructure is funded. Let's synthesize this: - **Meta and BlackRock's $14 Billion Joint Venture**: - Announced July 28, 2026. - To develop and operate a 1-gigawatt AI data center campus in El Paso, Texas. - Ownership: BlackRock-managed funds (along with Global Infrastructure Partners and HPS Investment Partners, both part of BlackRock) will own an **80% stake**, while Meta retains the remaining **20% stake**. - Financing: Meta contributes land and construction-in-progress assets valued at ~$2.3 billion, and BlackRock contributes ~$4.9 billion in cash. Meta receives a one-time distribution of ~$1 billion to align ownership. - A portion of BlackRock's investment will be funded with proceeds from a **$12.5 billion debt financing** (off Meta's balance sheet). - Meta will lease the entire campus with a 4-year initial term and 4 options to extend (potential 20-year term), providing Meta with residual value guarantees of up to $13 billion. - This is a direct strategy to keep massive capital expenditures **off Meta's balance sheet** and mitigate investor concerns about free cash flow compression, especially after Alphabet reported its first negative free cash flow quarter in Q2 2026 due to its $44.9B capex. - The Forbes article notes other similar joint ventures: - In October (presumably 2025), Meta signed a similar deal with **Blue Owl Capital** to develop, own, and finance the **Hyperion AI data center campus** in Richland Parish, Louisiana. Blue Owl took an 80% stake, and a special-purpose holding company (Beignet Investor / Project Sopaipilla Holdings) issued **$27 billion** in project bonds to fund construction. - Google and Blackstone joint venture to create a new TPU cloud. - Microsoft, BlackRock, and MGX (Abu Dhabi) fund structure to allow institutional investors to finance AI infrastructure. - Broadcom partnered with Apollo and Blackstone to establish an AI infrastructure platform targeting over 20 GW of AI compute. This is a massive structural shift! It shows that although hyperscalers are scaling their AI capex to extreme heights ($720–745B in 2026, and projected at $1.14T–1.2T in 2027), they are increasingly hitting the limits of cash-flow funding (with Alphabet registering negative free cash flow and Meta's FCF dropping to $784 million in Q2 2026). To keep building, they are shifting to **off-balance-sheet joint ventures** with major asset managers (BlackRock, Blue Owl, Blackstone, Apollo) to leverage project finance, private credit, and joint-venture debt. Let's read the notes we currently have. I will call `read_notes` to see what notes are already in our topic.

Okay, I see the existing notes. The note `big-tech-capex-reaches-710b-in-2026` was updated very recently (updated_at: 2026-08-08T00:27:28Z), and its title is: "Big Tech's AI Capex Surpasses $730 Billion in 2026 on Track for $1 Trillion in 2027 Supported by Ballooning Cloud Backlogs". Wait, the slug is `big-tech-capex-reaches-710b-in-2026` but the title says $730 Billion. Let's read the full content of `big-tech-capex-reaches-710b-in-2026` to see what is already in it, so we can refine and expand it properly. We will fetch the note body using `read_notes` or since we can write over it, let's see if we can get the actual body. Ah, `read_notes` only returns the slug, title, preview, updated_at, and source_count. But we can search for the note or fetch it if there is a tool? Wait, `read_notes` does not return the full body. But wait! I can search the web or check if there is another way. Let's see if we can read the note by calling a tool or if we should write a new version of it based on what we have. Oh, wait, is there a tool to read a specific note? No, `read_notes` lists the notes. But wait, I can just write a note with the same slug `big-tech-capex-reaches-710b-in-2026` to update it. Wait, let's first check if there are other threads or watches we can resolve or record events for. Let's review the threads and watches from `list_threads`: 1. **Big Four Combined AI Capex Crosses $1 Trillion** (id: `019fdec4-d33e-71ad-9fbb-4410292d9599`): - Trigger: "Big Four Hyperscalers combined_capex >= 1000" or when consensus forecasts for 2027 cross $1 trillion. - We have definitive evidence that consensus forecasts for 2027 have crossed $1 trillion (Goldman Sachs projects $1.14T, other firms like Evercore and Bank of America estimate over $1T). - Let's call `record_event` on this watch! 2. Let's look at other watches: - **Nvidia OpenAI $250B Guarantee and $350B Chip Financing Agreement** (id: `019fa61f-84e3-723a-a440-de2a98a99347`): - Has this been officially signed? Let's search for "Nvidia OpenAI $250B Guarantee" or "Nvidia OpenAI financing agreement" to see if there is any update on this. - **Nvidia Q2 FY2027 Earnings Release** (id: `019ed2f6-f136-7051-a5b0-fa3b26ec02e0`): - Fire date: 2026-08-20. Current date is 2026-08-09. This has not fired yet, as it is in the future. - **Alphabet $40B At-the-Market (ATM) Stock Program Execution** (id: `019fd9a1-6885-789f-94ab-620d5c3fc1d5`): - Let's see if there are any details about Alphabet's Q2 2026 filings regarding this ATM program. We know Alphabet reported Q2 2026 results on July 22, 2026. Let's do a search on Alphabet's Q2 2026 10-Q filing or "Alphabet $40B ATM program" or "Alphabet at-the-market stock program Q2 2026". Let's search for the Nvidia OpenAI $250B guarantee first.

This is amazing! This is a brand new development that happened on July 26-27, 2026. Let's see: - **Nvidia-OpenAI $250 Billion Guarantee**: - The Wall Street Journal reported on July 26, 2026, that Nvidia is in talks to provide roughly **$250 billion in financing guarantees (backstop)** for OpenAI as part of a massive data center project. - The guarantee covers the data center lease and construction debt, but not the Nvidia chips themselves. - Separately, the parties are discussing financing OpenAI's chip purchases worth **up to $350 billion**. - This backing would support financing vehicles (like SoftBank's developer / SB Energy) aimed at reassuring lenders about the project's funding, since OpenAI is a loss-making private company without an investment-grade credit rating. - *Strategic Risk/Contingent Liability*: As of late April 2026, Nvidia's total assets stood at $259.5 billion, and equity at $195.5 billion. A potential $250 billion guarantee is roughly equivalent to the company's entire asset base, representing a significant contingent liability. - This has raised fears of "circular financing" in the AI sector (where Nvidia guarantees loans for its customers to buy its own chips). Bloomberg's article on July 27, 2026 was titled "Nvidia’s $750 Billion Deals Revive Fear of AI Circular Financing". Let's read more about the "circular financing" or the Bloomberg article details. Let's do a search for "Nvidia's $750 Billion Deals Revive Fear of AI Circular Financing" to get the exact quotes.

Let's fetch the Bloomberg article on "Nvidia's $750 Billion in Deals Reignite Circular AI Fears - Bloomberg" (`https://www.bloomberg.com/news/articles/2026-07-27/nvidia-s-750-billion-deals-revive-fear-of-ai-circular-financing`) to get the exact text and details of the "$750 billion in deals". What are these deals? One is the OpenAI $250B guarantee + $350B chip financing. What is the rest? Let's check.

Aha! The Bloomberg article says: - Nvidia is working on a fresh round of AI deals worth more than **$750 billion**. - This includes a partnership with South Korean conglomerate **SK Group** unveiled late Friday (July 24, 2026), meaning the companies will be doing more than **$500 billion** in business with each other. - It also includes the talks to backstop as much as **$250 billion** to help OpenAI lease computing power from a US data center project. - Together, these add up to $750 billion ($500B with SK Group + $250B with OpenAI). Let's do a search on "Nvidia" "SK Group" "$500 billion" or "Nvidia to invest $1 billion in Naver and expand SK Group accord" to get more details on this massive deal with SK Group! This is a massive new development!

This is incredibly important! Let's carefully gather the details of this mega-deal announced on July 24-25, 2026: - **Nvidia & SK Group $500 Billion-Plus AI Alliance**: - Announced July 24-25, 2026. - A comprehensive multi-year strategic partnership formalised via letters of intent, valued by Nvidia at **more than $500 billion**. - **SK Telecom's 2GW AI Factory**: SK Telecom will build a massive **2-gigawatt (GW) AI cloud / data center facility** in South Korea, deploying Nvidia's DSX full-stack platform and **Nvidia Vera Rubin** accelerated computing technology powered by **SK hynix HBM4** memory. The first facility is scheduled to come online in **2027**. - **SK Hynix Long-Term HBM Supply**: SK hynix (which controls ~60% of the global HBM market and raised $28 billion in a historic Nasdaq listing in June 2026) entered a long-term supply and co-development arrangement with Nvidia to secure next-generation AI memory (including HBM4) for Nvidia's Vera Rubin chips. - **Nvidia-Naver-Brookfield Deal**: - Separately, Nvidia, Naver, and Brookfield proposed a massive expansion of South Korea's national AI factory infrastructure. - They will expand Naver's Nvidia DSX AI factory deployment to 200MW (up from 55MW previously), with Naver aiming to extend its total deployment of Nvidia AI infrastructure in South Korea to **1 gigawatt (1GW)**. - **Nvidia will invest $1 billion in Naver**. - **Brookfield** signed a non-binding term sheet to provide up to **$9 billion in financing** for the project. Naver will cover the remainder. - This deal represents a massive sovereign-scale and corporate commitment to Nvidia's next-generation platform (Vera Rubin) and locks in Nvidia's critical memory substrate (SK Hynix HBM4) to bypass supply bottlenecks. Let's check our watches again: - **SK Telecom 2GW AI Data Center First Facility Live** (id: `019fd9a0-f1c5-73dc-9a83-dc211ce96d11`): - Description: "Monitor the completion and official launch of SK Telecom's first facility of its planned 2-gigawatt AI data center in South Korea, powered by Nvidia's Vera Rubin platform and SK Hynix's HBM4." - This watch is scheduled for 2027-12-31T00:00:00Z. It has not fired yet, but this deal is the exact formalization of it! - **HBM Memory Component Pricing and Supply Bottlenecks** (id: `019fbaba-2a7b-7e80-b885-9f29c3a7f0ee`): - Description: "Monitor HBM (High Bandwidth Memory) component pricing, manufacturing yields, and supply bottlenecks (SK Hynix, Micron, Samsung) as a key driver of hyperscaler hardware procurement costs and potential margin pressure for Nvidia and its customers." - Trigger: "Fires if major memory manufacturers report severe HBM supply shortages, yield issues on HBM4, or if component price hikes drive further revisions to hyperscaler capex budgets." - We have a clear trigger event here: Amazon raised its CY2026 capex by $20 billion (to ~$220 billion) specifically citing **higher memory prices** (input-cost inflation from HBM/DRAM) rather than added capacity. This shows HBM memory pricing is actively driving up hyperscaler capex budgets! Let's record this event. Let's also look at the watch: - **Big Four Combined AI Capex Crosses $1 Trillion** (id: `019fdec4-d33e-71ad-9fbb-4410292d9599`): - Description: "Track when the combined capital expenditures of Amazon, Alphabet, Microsoft, and Meta for a fiscal year officially cross $1 trillion, or when consensus forecasts for 2027 cross $1 trillion." - Trigger: "Big Four Hyperscalers combined_capex >= 1000" - Since consensus forecasts for 2027 have officially crossed $1 trillion (with Goldman Sachs projecting $1.14T, other firms topping $1T), we can record an event for this watch and resolve it because it's a `one_shot` watch. - Wait, let's verify if there are other watches that we can record events for. - Let's check: - **Google Cloud Q3 2026 Operating Margin and Third-Party Capacity Impact** (id: `019f9bd1-265c-7c53-ac9b-daf15136e97e`): Fire date is 2026-10-25. It's in the future. - **Google 110,000-GPU Colossus 2 Lease Commencement** (id: `019f9185-7240-73e6-897f-7a8c1b51e4a8`): Fire date is October 2026. - **Oracle 50,000-GPU AMD Instinct Helios Supercluster Deployment** (id: `019f8c5c-970d-7ba8-a4f1-d61379b41103`): Fire date is September 30, 2026. - **Oracle $40B Debt and Equity Financing Plan for FY2027** (id: `019ef70b-6b49-7831-893f-6d78e9b2099e`): Ongoing. Let's see if there are any updates on Oracle's $40B financing or its latest quarter. - **Nebius Group Q2 2026 earnings and margin trajectory** (id: `019edd49-1ccb-73d3-9fc0-80ae266f32c4`): Fire date is 2026-08-15. Today is August 9, 2026. Not yet fired. - **Alphabet $40B At-the-Market (ATM) Stock Program Execution** (id: `019fd9a1-6885-789f-94ab-620d5c3fc1d5`): - Let's search if there are any details about Alphabet's Q2 2026 filings regarding its $40B ATM program. Let's search for "Alphabet" "$40 billion" "ATM" OR "at-the-market" stock program 2026. Let's do a search on Alphabet's ATM stock program.

This is a fantastic update on the Alphabet $40B ATM program watch! Let's see: - On August 6, 2026, Alphabet filed a prospectus supplement (Rule 424(b)(5)) adding 13 managers (including BofA Securities, Citigroup, Deutsche Bank, HSBC, Wells Fargo, Barclays, BNP Paribas, BTIG, Credit Agricole, Mizuho, RBC Capital Markets, Societe Generale, TD Securities) to its **$40,000,000,000 ($40 Billion) At-The-Market (ATM) stock offering program** for Class A Common Stock and Class C Capital Stock. - The original managers were Goldman Sachs, J.P. Morgan, and Morgan Stanley. - The ATM program was originally registered/launched on June 1, 2026, and is expected to execute over time starting in Q3 2026 (which is the current quarter, as today is August 9, 2026). - This supplement filed on August 6, 2026, shows that Alphabet is actively setting up the machinery to execute this massive $40B stock sale program. - This fits perfectly with the watch **Alphabet $40B At-the-Market (ATM) Stock Program Execution** (id: `019fd9a1-6885-789f-94ab-620d5c3fc1d5`). Since this is an `ongoing` watch, we can record an event detailing this prospectus supplement and the addition of 13 managers as a key step in setting up the machinery for this stock sale in Q3 2026. Let's review the watches and threads we want to address: 1. **Big Four Combined AI Capex Crosses $1 Trillion** (id: `019fdec4-d33e-71ad-9fbb-4410292d9599`): - We will record an event: `resolves: true`, because consensus forecasts for 2027 have officially crossed $1 trillion (e.g., Goldman Sachs at $1.14T, other major Wall Street firms over $1T). 2. **HBM Memory Component Pricing and Supply Bottlenecks** (id: `019fbaba-2a7b-7e80-b885-9f29c3a7f0ee`): - We will record an event: `resolves: false`, because it's an ongoing watch. The event is that Amazon raised its 2026 capex outlook by $20 billion to ~$220 billion in its Q2 call on July 30, 2026, specifically citing memory-chip pricing as a primary driver. 3. **Alphabet $40B At-the-Market (ATM) Stock Program Execution** (id: `019fd9a1-6885-789f-94ab-620d5c3fc1d5`): - We will record an event: `resolves: false`, because it's an ongoing watch. On August 6, 2026, Alphabet filed a prospectus supplement adding 13 Wall Street managers to the $40 billion ATM program, setting the stage for execution in Q3 2026. 4. **Nvidia OpenAI $250B Guarantee and $350B Chip Financing Agreement** (id: `019fa61f-84e3-723a-a440-de2a98a99347`): - The watch is: "Monitor negotiations between Nvidia, OpenAI, and SoftBank's SB Energy regarding the $250 billion lease/debt guarantee and $350 billion chip purchase financing agreement for the 10-gigawatt Ohio data center campus." - We have verified that negotiations are indeed active (reported by WSJ on July 26, 2026, and confirmed by CNBC/Reuters). - This watch is `one_shot`, but the trigger is "Fires when Nvidia and OpenAI officially sign or finalize the $250 billion financing guarantee and/or the $350 billion chip purchase financing deal." - Since they are still in negotiations and haven't officially signed yet, we shouldn't resolve it yet. However, we can record an event indicating that negotiations have been confirmed by the Wall Street Journal and other media outlets on July 26, 2026. Let's record an ongoing event or just keep it open. Wait, since it's a `one_shot` watch, `resolves: false` keeps it open. Let's record an event with `resolves: false` to show progress! Let's double check if there are other threads. Let's call `list_threads` again or check the list of threads we got earlier. The threads we listed are: - `019fdec4-d33e-71ad-9fbb-4410292d9599` - Big Four Combined AI Capex Crosses $1 Trillion (watch, one_shot) -> Resolves: true. - `019fd9a1-6885-789f-94ab-620d5c3fc1d5` - Alphabet $40B At-the-Market (ATM) Stock Program Execution (watch, ongoing) -> Resolves: false. - `019fd9a0-f1c5-73dc-9a83-dc211ce96d11` - SK Telecom 2GW AI Data Center First Facility Live (watch, one_shot) -> Keep open. - `019fcf4f-b10d-7c95-80a4-c3a46edfdeb9` - SpaceX Starmind Satellite Orbital Data Center Launch (watch, one_shot) -> Keep open. - `019fbaba-2a7b-7e80-b885-9f29c3a7f0ee` - HBM Memory Component Pricing and Supply Bottlenecks (watch, ongoing) -> Resolves: false. - `019fb590-b4f8-783d-8602-79565a1f723c` - Meta Cloud Infrastructure and Compute Leasing Commercialization (watch, ongoing) -> Keep open. - `019fa61f-84e3-723a-a440-de2a98a99347` - Nvidia OpenAI $250B Guarantee and $350B Chip Financing Agreement (watch, one_shot) -> Resolves: false (negotiations confirmed). - `019f9bd1-265c-7c53-ac9b-daf15136e97e` - Google Cloud Q3 2026 Operating Margin and Third-Party Capacity Impact (watch, one_shot) -> Keep open. - `019f9185-7240-73e6-897f-7a8c1b51e4a8` - Google 110,000-GPU Colossus 2 Lease Commencement (watch, one_shot) -> Keep open. - `019f8c5c-970d-7ba8-a4f1-d61379b41103` - Oracle 50,000-GPU AMD Instinct Helios Supercluster Deployment (watch, one_shot) -> Keep open. - `019f8c5c-8c5b-7f14-9587-cd5fad2257f6` - AMD Instinct MI455X and Helios Rack mass production ramp (watch, one_shot) -> Keep open. - `019f6d77-03de-7a2b-bf6d-aacefbf423de` - Nvidia Kyber NVL144 rack commercial shipment verification (watch, one_shot) -> Keep open. - `019f15ef-5c71-7ebb-ae84-3e7bc3e90ac6` - Qualcomm Dragonfly C1000 commercial availability (watch, one_shot) -> Keep open. - `019f15ef-4fa2-7f15-a299-a9eed3caa38d` - Qualcomm HBC Gen 1 and AI250 commercial sampling (watch, one_shot) -> Keep open. - `019f0679-7d60-7d01-98b1-601ff5664523` - OpenAI Jalapeño chip initial production deployment (watch, one_shot) -> Keep open. - `019ef70b-6b49-7831-893f-6d78e9b2099e` - Oracle $40B Debt and Equity Financing Plan for FY2027 (watch, ongoing) -> Keep open. - `019ee796-b599-775e-b0db-e799779d71a4` - Anthropic public S-1 filing and IPO debut (watch, one_shot) -> Keep open. - `019edd49-1ccb-73d3-9fc0-80ae266f32c4` - Nebius Group Q2 2026 earnings and margin trajectory (watch, one_shot) -> Keep open. - `019ed2f6-f136-7051-a5b0-fa3b26ec02e0` - Nvidia Q2 FY2027 Earnings Release (watch, one_shot) -> Keep open. - `019eb93f-9403-7dea-9c9e-9ac0765dd674` - Meta Platforms potential equity raise announcement and pricing (watch, one_shot) -> Keep open. - `019eaeeb-7009-7e9b-9b2f-d6c2f4ec5339` - Nebius 850 MW active power capacity by YE 2026 (watch, one_shot) -> Keep open. - `019e9f7b-4f43-77fd-9c28-923bb95b9b39` - RTX Spark laptops and desktops retail launch (watch, one_shot) -> Keep open. Let's record the events for the watches we identified: First: **Big Four Combined AI Capex Crosses $1 Trillion** (id: `019fdec4-d33e-71ad-9fbb-4410292d9599`). We will pass `resolves: true`. Let's do this.

Excellent. Let's record the event for **HBM Memory Component Pricing and Supply Bottlenecks** (id: `019fbaba-2a7b-7e80-b885-9f29c3a7f0ee`). This is an ongoing watch, so `resolves: false`. Let's call `record_event`.

Excellent. Next, let's record the event for **Alphabet $40B At-the-Market (ATM) Stock Program Execution** (id: `019fd9a1-6885-789f-94ab-620d5c3fc1d5`). This is an ongoing watch, so `resolves: false`. Let's call `record_event`.

Now let's record the event for **Nvidia OpenAI $250B Guarantee and $350B Chip Financing Agreement** (id: `019fa61f-84e3-723a-a440-de2a98a99347`). This is a `one_shot` watch but since it is still in negotiations (not officially signed or finalized), we will set `resolves: false` to keep it open while documenting the confirmed negotiations. Let's do that.

Great. Now, let's write our findings as notes. We have some major themes to cover: 1. **The $720B+ Capex Acceleration & The Trillion-Dollar 2027 Horizon**: - We should update `big-tech-capex-reaches-710b-in-2026` with the new Q2 2026 earnings data. - Stated numbers: Combined CY2026 capex outlook for the top four hyperscalers has risen to **$720–745 Billion** (with Amazon at ~$220B, Alphabet at $195–205B, Microsoft at ~$175B, and Meta at $130–145B). - Goldman Sachs expects the combined capex of the five largest hyperscalers (including Oracle) to reach **$750 billion in 2026** and **$1.14 trillion to $1.2 trillion in 2027**. - This massive spending is compressing cash generation, leading to Alphabet's first negative free cash flow quarter in its history as Google ($5.9B negative FCF in Q2 2026) and Meta's FCF dropping to $784 million in Q2 2026. - We must cite the `/markets/NVDA/2026/08/09` URL for Nvidia's market data. 2. **Nvidia-SK Group $500 Billion Alliance & Sovereign-Scale AI Factories**: - Let's create a new note or update an existing one if it fits. Wait, is there an existing note on neoclouds or specialized GPU clouds? We have `gpu-specialized-clouds-and-strategic-co-investment` but this is about Nebius. Let's look at `nvidia-vera-cpu-agentic-infrastructure-shift` or `big-tech-capex-reaches-710b-in-2026`. - Actually, a $500 billion-plus deal with SK Group is a massive subject! It deserves its own stable slug, say `nvidia-sk-group-500b-alliance-and-vera-rubin` or we can update `nvidia-vera-cpu-agentic-infrastructure-shift` since it mentions Vera Rubin and the next-gen platform. Wait, let's look at the title of `nvidia-vera-cpu-agentic-infrastructure-shift`: "Nvidia's Vera CPU and the Agentic Computing Infrastructure Shift". The new deal is about **Nvidia Vera Rubin DSX AI factories** and **SK Hynix HBM4**. - Let's mint a new slug `nvidia-sk-group-500b-alliance-and-vera-rubin` for this massive alliance, as it represents a sovereign-scale infrastructure commitment. 3. **Off-Balance-Sheet Joint Ventures & The New Infrastructure Financing Model (Meta & BlackRock's $14B Deal)**: - This represents a massive shift in how AI capex is financed. To bypass free cash flow compression, hyperscalers are partnering with asset managers (BlackRock, Blue Owl, Blackstone, Apollo) to build and fund data centers off-balance sheet and lease them. - Meta and BlackRock's $14 billion joint venture for the 1GW El Paso data center (BlackRock owns 80%, Meta owns 20% and leases it, with $12.5 billion in debt financing) is the premier example. - We can coin a new slug for this: `off-balance-sheet-ai-infrastructure-financing-models`. This is a highly durable subject that tracks the structural shift in financing. 4. **Nvidia-OpenAI $250B Financing Guarantee & Circular Financing Scrutiny**: - We have an existing note: `nvidia-record-q1-results-and-trillion-dollar-order-book` whose title is "Nvidia's AI Moat Expands to Infrastructure Financing as It Negotiates $250 Billion OpenAI Guarantee Amid Circular Financing Scrutiny". - Let's update `nvidia-record-q1-results-and-trillion-dollar-order-book` with the newly confirmed details from the July 26-27, 2026 reports (WSJ, CNBC, Bloomberg) regarding the $250B backstop and the $350B chip financing negotiations, and the fears of circular financing. Let's double-check if we need to link notes. To link another note body, we use `[[its-slug]]`. - In `big-tech-capex-reaches-710b-in-2026`, we can link to `[[off-balance-sheet-ai-infrastructure-financing-models]]` and `[[nvidia-record-q1-results-and-trillion-dollar-order-book]]`. - In `nvidia-record-q1-results-and-trillion-dollar-order-book`, we can link to `[[nvidia-sk-group-500b-alliance-and-vera-rubin]]`. Let's write the first note: **`big-tech-capex-reaches-710b-in-2026`**. Wait, the slug is `big-tech-capex-reaches-710b-in-2026` but the title can be updated to reflect the new $720B–$745B CY2026 outlook. Let's draft the body of `big-tech-capex-reaches-710b-in-2026`. We will write it using `write_note`. Let's ensure we name and link the actual things, carry 1-2 representative verbatim quotes with their links, and interpret. We must ground any quantitative claim in the figures from the `/markets/NVDA/2026/08/09` URL we fetched. Let's check the exact quotes from the sources: - From `https://quantflowlab.com/ai-semiconductor-spending/`: - "Four companies plan to spend roughly $720–745 billion on capital projects in 2026." - "Amazon ... ~$220B ... Cash capex; raised from ~$200B, memory costs cited" - "Alphabet ... $195–205B ... Company-reported capex; raised from $180–190B" - "Microsoft ... ~$175B ... Capex incl. finance leases" - "Meta ... $130–145B ... Capex incl. finance-lease principal; narrowed from $125–145B" - "Alphabet reported negative free cash flow of $5.9 billion in Q2 2026 and long-term debt of $98.2 billion." - "Meta’s free cash flow fell to $784 million in Q2 2026, with long-term debt of $83.66 billion." - "NVIDIA Data Center revenue was $75.2 billion in a single quarter, FQ1 2027" - From `https://finance.yahoo.com/markets/article/big-tech-will-fund-more-than-a-third-of-its-ai-investments-with-debt-in-2027-goldman-sachs-predicts-145136150.html`: - "In 2025, the companies collectively reported $405 billion in capex. By year end for 2026, that figure is expected to reach $750 billion, per Goldman Sachs, before nearing $1.2 trillion in 2027." - "In 2027, Goldman Sachs said, the share of debt-funded capex is likely to rise even further, with $400 billion in expected global IG bond issuance from the hyperscalers against an estimated $1.14 trillion in capex, or a roughly 35% share." Let's call `write_note` for `big-tech-capex-reaches-710b-in-2026`. We'll write the full markdown. No frontmatter. Title as `# `. Let's do this.

Excellent. Now let's write the second note: **`nvidia-sk-group-500b-alliance-and-vera-rubin`**. This will track the massive $500 billion-plus alliance between Nvidia and SK Group announced on July 24-25, 2026. This is a brand-new note (fresh slug). Let's draft it. Let's check the quotes we have: - From `https://investor.nvidia.com/news/press-release-details/2026/SK-Group-and-NVIDIA-Expand-Strategic-Partnership-Across-AI-Factories-and-Next-Generation-Memory/default.aspx`: - "SK Group and NVIDIA today announced plans for a $500-billion-plus comprehensive partnership to establish AI infrastructure serving the surging demand for global compute." - "This cloud will use the NVIDIA® DSX™ platform and deploy NVIDIA Vera Rubin accelerated computing powered by SK hynix HBM4, with the first AI factory planned to come online in 2027." - From `https://tech-insider.org/nvidia-sk-hynix-500-billion-memory-deal-2026/`: - "On July 24, 2026, the chipmaker and South Korea’s SK Group unveiled a partnership Nvidia itself is calling worth more than $500 billion, tying Nvidia’s next-generation Vera Rubin chips directly to SK Hynix’s high-bandwidth memory production for years to come." - "SK Hynix, which currently controls roughly 60 percent of the global HBM market, will enter a long-term supply arrangement with NVIDIA and co-develop next-generation high-bandwidth memory covering applications from large language model training to physical AI." - From `https://finance.yahoo.com/technology/ai/articles/sk-group-nvidia-sign-500bn-084123801.html`: - "The agreement, formalised through letters of intent, covers the construction of AI factories as well as the supply and co-development of next-generation AI memory." - "In a separate development, Naver, Nvidia, and Brookfield have announced a proposed expansion of South Korea's national AI factory infrastructure." - "Nvidia is expected to invest $1bn into Naver, while Brookfield has signed a nonbinding term sheet for financing up to $9bn. Naver will cover the remaining funding needed to finance the project." Let's call `write_note` for **`nvidia-sk-group-500b-alliance-and-vera-rubin`**. Let's write the note.

Incredible! Now let's write the third note: **`off-balance-sheet-ai-infrastructure-financing-models`**. This will track the major structural shift in how AI capex is being funded: from on-balance-sheet cash/debt to off-balance-sheet joint ventures with major asset managers like BlackRock, Blue Owl, Blackstone, and Apollo. This is a brand-new note (fresh slug). Let's draft it. Let's check the quotes we have: - From `https://investor.atmeta.com/investor-news/press-release-details/2026/Meta-Announces-New-Strategic-Venture-with-BlackRock-to-Develop-Data-Center-in-El-Paso/default.aspx`: - "Meta Platforms, Inc. and BlackRock, Inc. today announced a venture to develop and own a data center campus in El Paso, Texas." - "Funds managed by BlackRock will own an 80% interest in the venture, while Meta will retain the remaining 20% ownership." - "At financial close, Meta will contribute the venture land and construction-in-progress assets valued at approximately $2.3 billion, and BlackRock will make a cash contribution of approximately $4.9 billion." - "A portion of BlackRock's investment will be funded with proceeds from a $12.5 billion debt financing." - "Meta will enter into lease agreements with the venture for use of the entire data center campus." - From `https://www.forbes.com/sites/maryroeloffs/2026/07/28/blackrock-will-own-80-of-metas-massive-new-ai-data-center-in-el-paso/`: - "The deal represents a pioneering financing strategy that could reshape how Big Tech pays for increasingly expensive AI infrastructure, the bill for which has spooked investors as capital expenditure forecasts at companies like Meta, Alphabet and other giants continue to grow." - "The company in October announced a similar deal with Blue Owl Capital to develop, own and finance the record-breaking Hyperion AI data center campus in Richland Parish, Louisiana. The deal created a special-purpose holding company called Beignet Investor to issue about $27 billion in project bonds to fund construction, and Blue Owl funds directly invested about $3 billion in exchange for an 80% ownership stake in the project." - "Google and Blackstone created a new joint venture to build a new AI-focused cloud business; Microsoft, BlackRock and state-backed Abu Dhabi investment firm MGX created a new fund structure that allows institutional investors to finance new AI infrastructure; and Broadcom recently partnered with Apollo and Blackstone to create an AI infrastructure platform targeting more than 20 gigawatts of AI compute deployments." Let's call `write_note` for **`off-balance-sheet-ai-infrastructure-financing-models`**. Let's write the note.

Incredible! Now let's write the fourth note: **`nvidia-record-q1-results-and-trillion-dollar-order-book`**. This note already exists and tracks Nvidia's AI moat expanding to infrastructure financing, including the negotiations with OpenAI for the $250 billion guarantee. Let's update it with the new confirmed details from late July 2026 (the WSJ and CNBC reports that Nvidia is indeed in talks to guarantee a $250 billion debt/lease package and separately finance up to $350 billion in chip purchases for OpenAI). We will also discuss the "circular financing" concerns that Bloomberg highlighted. Let's check the quotes we have: - From `https://www.reuters.com/business/media-telecom/nvidia-talks-with-openai-guarantee-250-billion-financing-data-center-wsj-reports-2026-07-26/`: - "Nvidia is in talks to provide roughly $250 billion in financing guarantees for OpenAI as part of a massive data center project, the Wall Street Journal reported on Sunday." - "The $250 billion guarantee covers the data center lease and debt financing, but would not cover the Nvidia chips inside the center, the WSJ said, adding that the chipmaker was also discussing financing OpenAI's chip purchases worth up to $350 billion." - From `https://bitcoinfoundation.org/news/crypto-companies-news/openai-nvidia-deal/`: - "As of late April 2026, Nvidia’s total assets stood at $259.5 billion, equity at $195.5 billion, and cash equivalents at $13.2 billion. A potential $250 billion guarantee would be roughly equivalent to the company’s total assets–a significant contingent liability." - From `https://www.bloomberg.com/news/articles/2026-07-27/nvidia-s-750-billion-deals-revive-fear-of-ai-circular-financing`: - "Nvidia Corp. is working on a fresh round of AI deals worth more than $750 billion, accelerating investments that skeptics have warned are artificially inflating demand and valuations across the industry." Let's call `write_note` for **`nvidia-record-q1-results-and-trillion-dollar-order-book`**. Let's write the note.

Excellent. I have updated `nvidia-record-q1-results-and-trillion-dollar-order-book` and written `nvidia-sk-group-500b-alliance-and-vera-rubin` and `off-balance-sheet-ai-infrastructure-financing-models`, as well as updated `big-tech-capex-reaches-710b-in-2026`. Let's check if there are any other threads to resolve. Let's look at the open threads from `list_threads`: - **Big Four Combined AI Capex Crosses $1 Trillion** (id: `019fdec4-d33e-71ad-9fbb-4410292d9599`). - We recorded an event on it, and since it is a `one_shot` watch, it is now resolved! Let's call `resolve_thread` to close it and get credit for it. - Let's check the parameters of `resolve_thread`: `thread_id`, `cycle_id`, `resolution_note`. Let's call it.

Fantastic. Let's see if there are other threads we should resolve or if we should register any new forward-looking watches or threads. Let's think: are there any new forward-looking triggers or tripwires? Yes: 1. **Meta and BlackRock's El Paso JV closing**: The press release states that "The transaction is expected to close in the coming days and the venture expects to begin bringing this capacity online in 2028." We could register a watch on this, but it's very specific. 2. **Alphabet Q3 2026 ATM execution**: We have an ongoing watch tracking this (`019fd9a1-6885-789f-94ab-620d5c3fc1d5`). 3. **Nvidia-OpenAI $250B Guarantee signing**: We have a watch tracking this (`019fa61f-84e3-723a-a440-de2a98a99347`). 4. **Nvidia's Q2 FY2027 Earnings Release** (expected late August 2026): We have a watch tracking this (`019ed2f6-f136-7051-a5b0-fa3b26ec02e0`). 5. What about the **Nvidia-Naver-Brookfield $10B South Korea national AI factory deal**? We can register a watch to monitor when Naver, Nvidia, and Brookfield officially finalize their proposed expansion to 200MW (up to 1GW) and sign the $9 billion financing package. This is a great forward-looking catalyst! - Let's call `record_watch` to register this. - `watch_type`: `live_process` or `tripwire` or `dated_catalyst`. Since it's a non-binding term sheet right now, it will be a `one_shot` watch. - Let's set the parameters: - `topic_id`: `019e95ad-bd47-7cf5-bd57-eb159d26bbbe` - `cycle_id`: `topic-019e95ad-bd47-7cf5-bd57-eb159d26bbbe-cycle-b84d9880-e0a4-47db-98d0-98c10f56321d` - `title`: `Nvidia Naver Brookfield $10B South Korea AI Factory Finalization` - `cardinality`: `one_shot` - `watch_type`: `live_process` - `description`: `Monitor when Naver, Nvidia, and Brookfield officially sign the definitive agreement and finalize the $9 billion financing package to expand the South Korea DSX AI factory to 200MW.` Let's register this watch.

Excellent. I have recorded the watch. Now let's check if there are any other open questions or threads that should be recorded. We have answered the main topic brief: "Is Nvidia's AI capex story still intact?" The answer is an emphatic **yes**. Not only is it intact, but it has accelerated with: 1. Top-four hyperscaler CY2026 capex revised upwards to $720–745 billion. 2. Goldman Sachs and other consensus estimates projecting 2027 capex to top $1.14T–$1.2T, officially crossing the $1 trillion mark. 3. Nvidia announcing a massive $500B+ strategic alliance with SK Group to secure next-generation HBM4 and build 2GW of AI factories. 4. Nvidia entering negotiations for a $250B guarantee and $350B chip financing package with OpenAI. 5. Hyperscalers pivoting to off-balance-sheet financing models (e.g., Meta-BlackRock $14B JV) to keep liabilities off their balance sheets as free cash flows compress. This is a comprehensive, highly documented update that answers the brief fully. I will call `finish_cycle` to complete this research cycle.

I have successfully completed the research cycle. Here is a summary of the findings and actions taken: ### 1. **Nvidia's AI Capex Story is Accelerating and Intact** The core research brief asks if Nvidia's AI capex story is still intact. The evidence gathered this cycle shows that it is not only intact but has **accelerated significantly** through late July and early August 2026: * **Upward Revisions**: The top four hyperscalers (Amazon, Alphabet, Microsoft, and Meta) have revised their combined CY2026 capital expenditure outlook upwards to **$720–745 billion** (up from $410 billion in 2025). * **The Trillion-Dollar Horizon**: Goldman Sachs and other Wall Street consensus estimates now officially project 2027 hyperscaler capex to reach **$1.14 trillion to $1.2 trillion**, crossing the $1 trillion milestone. * **Supplier Validation**: Nvidia reported a record **$81.61 billion in revenue** (+85.2% YoY) for the quarter ending April 30, 2026, with its Data Center segment printing **$75.2 billion** (up 92% YoY) on total free cash flow of **$48.59 billion**. ### 2. **Key Structural Shifts and Mega-Deals Surfaced** * **Nvidia & SK Group's $500 Billion Alliance**: Announced July 24–25, 2026, this multi-year comprehensive strategic partnership ties Nvidia's next-generation **Vera Rubin** chips directly to **SK hynix's HBM4** production. It also includes plans for SK Telecom to build a **2-gigawatt (GW) AI cloud factory** in South Korea by 2027. * **The Rise of Off-Balance-Sheet JVs (Meta & BlackRock's $14B Deal)**: As massive capex compresses free cash flows (Alphabet reported its first negative FCF quarter since 2004 at **-$5.9 billion** in Q2 2026), tech giants are shifting to off-balance-sheet financing models. On July 28, 2026, Meta and BlackRock announced a **$14 billion joint venture** to build a 1GW AI data center in El Paso, Texas (BlackRock owns 80%, Meta owns 20% and leases the capacity), utilizing **$12.5 billion in debt financing** to keep liabilities off Meta's books. * **Nvidia-OpenAI $250 Billion Guarantee Negotiations**: Confirmed by WSJ and CNBC on July 26–27, 2026, Nvidia is negotiating to act as a credit backstop for OpenAI, guaranteeing **$250 billion in lease and debt financing** for a 10GW Ohio data center, alongside **$350 billion in direct chip-purchase financing**. This has reignited intense regulatory and market scrutiny over "circular financing" in the AI sector. ### 3. **Actions Taken in This Cycle** * **Notes Written & Updated**: * `[[big-tech-capex-reaches-710b-in-2026]]` — Updated to reflect the $720B–$745B CY2026 revisions, free cash flow compression, and the $1.14T consensus outlook for 2027. * `[[nvidia-sk-group-500b-alliance-and-vera-rubin]]` — Minted a new note to track the $500B+ alliance, the 2GW SK Telecom factory, and the $10B Naver-Nvidia-Brookfield South Korea expansion. * `[[off-balance-sheet-ai-infrastructure-financing-models]]` — Minted a new note to track the structural shift toward private infrastructure financing, focusing on Meta-BlackRock's El Paso JV and comparisons to Blue Owl, Blackstone, and Apollo. * `[[nvidia-record-q1-results-and-trillion-dollar-order-book]]` — Updated to document the confirmed Nvidia-OpenAI $250B guarantee and $350B chip financing negotiations, Nvidia's balance sheet capacity, and the circular financing debate. * **Threads Resolved**: * Resolved the thread **"Big Four Combined AI Capex Crosses $1 Trillion"** (id: `019fdec4-d33e-71ad-9fbb-4410292d9599`) as consensus forecasts for 2027 have officially crossed the $1 trillion mark. * **Events Recorded**: * Recorded events on the **HBM memory component pricing** watch (Amazon citing memory costs for its $20B capex increase), the **Alphabet $40B ATM stock program** (adding 13 Wall Street managers to the program on August 6, 2026), and the **Nvidia-OpenAI guarantee** negotiations. * **Watches Registered**: * Registered a new `one_shot` watch: **"Nvidia Naver Brookfield $10B South Korea AI Factory Finalization"** to monitor when the non-binding term sheet is signed into a definitive agreement and the $9B Brookfield financing is finalized.