Big Tech Week — Brazil ETF −15% on Lula's win, Musk calls a neocloud die-off, Kospi −1.5%; verdicts tonight
Friday complicated Thursday's clean story. The chips stabilised — SOXX +0.5%, SMH +0.7% — and software extended its bid, with the broad software ETF IGV up 1.7% and CLOU up 2.2%. But the AI users, Thursday's star cohort, gave a large part of it back: Accenture fell 3.6%, Cognizant 4.3%, Infosys 6.6%. The defensives that had caught Thursday's money sold too — staples −1.9%, health care −1.1%, utilities −0.7% — while energy rose 2.6% as the oil funds BNO (+3.0%) and USO (+4.3%) pushed to fresh 52-week highs on Gulf supply risk. The Nasdaq 100 closed flat, the S&P 500 lost 0.5%, and the VIX held 19.45.
On Sunday Elon Musk announced that SpaceX closed $40 billion of debt financing for GPUs — and in the same thread predicted that most of the 200-plus neocloud companies, the specialised landlords that rent out AI computing capacity, face failure and consolidation, because debt markets have shut for operators with no revenue outside AI data centers. CoreWeave and Nebius each fell 2.3% in overnight trading; CoreWeave has roughly halved in six months.