Sandy Hendry
@sandyhendry.bsky.social
Senior editor for Bloomberg's Functions for the Market stories. Showing data insights that explain the world. Opinions are my own.
Two partners in the $500 billion Stargate AI project — Oracle and SoftBank — have seen bond risk jump on massive capex. Oracle’s CDS cost tripled in 4 months to 120 bps. SoftBank’s topped 300. The Bloomberg Default Risk Model shows rising credit strains, with Oracle’s cash flow weaker than peers.
December 2, 2025 at 6:45 PM
Two partners in the $500 billion Stargate AI project — Oracle and SoftBank — have seen bond risk jump on massive capex. Oracle’s CDS cost tripled in 4 months to 120 bps. SoftBank’s topped 300. The Bloomberg Default Risk Model shows rising credit strains, with Oracle’s cash flow weaker than peers.
China is an example of how the breaking up of monopolies spurred growth and the protection of state giants did the opposite. The problem with the UK is that our monopolies are privately run, like the railways and water companies. That is worse. You could argue Internet companies are monopolies too.
December 2, 2025 at 4:14 PM
China is an example of how the breaking up of monopolies spurred growth and the protection of state giants did the opposite. The problem with the UK is that our monopolies are privately run, like the railways and water companies. That is worse. You could argue Internet companies are monopolies too.
The Eurozone periphery success story in the past four years hasn't been written about enough. I'm not sure why it's happening but countries like Italy, Spain, Greece and Portugal will surely reap rewards.
November 27, 2025 at 9:18 AM
The Eurozone periphery success story in the past four years hasn't been written about enough. I'm not sure why it's happening but countries like Italy, Spain, Greece and Portugal will surely reap rewards.
Ben Houchen, the Tees Valley Mayor, has already spoken out against the UK's new tourism taxes, declaring that the additional fee will not exist in Teesside, Darlington, and Hartlepool.
That's my summer vacation plan sorted then ;-)
That's my summer vacation plan sorted then ;-)
November 26, 2025 at 2:23 PM
Ben Houchen, the Tees Valley Mayor, has already spoken out against the UK's new tourism taxes, declaring that the additional fee will not exist in Teesside, Darlington, and Hartlepool.
That's my summer vacation plan sorted then ;-)
That's my summer vacation plan sorted then ;-)
By withdrawing aid from Ukraine, Trump is just extending Putin's optimism that he can achieve his goals. He doesn't care about the deaths of his soldiers because he is a brutal dictator. Clearly the EU and US need to boost aid to Ukraine to break the deadlock and achieve peace through strength.
October 21, 2025 at 8:32 AM
By withdrawing aid from Ukraine, Trump is just extending Putin's optimism that he can achieve his goals. He doesn't care about the deaths of his soldiers because he is a brutal dictator. Clearly the EU and US need to boost aid to Ukraine to break the deadlock and achieve peace through strength.
Brexit is a failure but the pro-Brexit Midlands refuses to accept they were wrong and want more Farage. www.bbc.co.uk/news/article...
October 15, 2025 at 9:16 AM
Brexit is a failure but the pro-Brexit Midlands refuses to accept they were wrong and want more Farage. www.bbc.co.uk/news/article...
The latest from the US-China trade war...
October 13, 2025 at 8:20 AM
The latest from the US-China trade war...
The top gold ETF saw assets rise 73% YTD to $130 billion, vs a combined 262% jump to $126 billion for the two largest Bitcoin ones. Those of largest 20+ year Treasury ETF fell 18% to $48.5 billion. Large investors are taking over from jewelry buyers driving gold demand. Clients can read on FFM GO.
October 10, 2025 at 3:39 PM
The top gold ETF saw assets rise 73% YTD to $130 billion, vs a combined 262% jump to $126 billion for the two largest Bitcoin ones. Those of largest 20+ year Treasury ETF fell 18% to $48.5 billion. Large investors are taking over from jewelry buyers driving gold demand. Clients can read on FFM GO.
First Brands bankruptcy threw a spotlight on contagion risk in an auto industry facing worsening creditworthiness. Supplier Advance Auto Parts fell 16% in three months. 268 institutions held $5.4 billion worth of First Brands loans, with Norinchukin Bank heavily exposed. Clients can read on FFM GO.
October 10, 2025 at 3:26 PM
First Brands bankruptcy threw a spotlight on contagion risk in an auto industry facing worsening creditworthiness. Supplier Advance Auto Parts fell 16% in three months. 268 institutions held $5.4 billion worth of First Brands loans, with Norinchukin Bank heavily exposed. Clients can read on FFM GO.
I have no way of knowing if it's real. But the last time I saw a youth in a balaclava on a sunny day on Wimbledon Broadway was Saturday. A month ago a guy scratching cocaine bugs on his calves threatened to beat me up for looking at him on the Northern Line. I got away with just a shoulder barge.
October 6, 2025 at 8:59 AM
I have no way of knowing if it's real. But the last time I saw a youth in a balaclava on a sunny day on Wimbledon Broadway was Saturday. A month ago a guy scratching cocaine bugs on his calves threatened to beat me up for looking at him on the Northern Line. I got away with just a shoulder barge.
Netflix and Diageo... I am too easily manipulated.
October 5, 2025 at 8:22 PM
Netflix and Diageo... I am too easily manipulated.
Once Microsoft starts publishing electricity/water use for 2025 and 2030, anyone conscious of the environment (my daughter for one) is to relate AI with climate and social catastrophe. Article 9 ESG funds will need to drop tech giant stocks. US, Iran, Libya & Yemen are the only non-COP parties.
October 1, 2025 at 11:54 AM
Once Microsoft starts publishing electricity/water use for 2025 and 2030, anyone conscious of the environment (my daughter for one) is to relate AI with climate and social catastrophe. Article 9 ESG funds will need to drop tech giant stocks. US, Iran, Libya & Yemen are the only non-COP parties.
Not sure if you are talking to me but this is Alphabet's own figures for their water and electricity use. Not sure what they will be 2025-2030 once they start training AI on more powerful Nvidia chips.
October 1, 2025 at 11:46 AM
Not sure if you are talking to me but this is Alphabet's own figures for their water and electricity use. Not sure what they will be 2025-2030 once they start training AI on more powerful Nvidia chips.
Something toxic on social media.
September 30, 2025 at 12:00 PM
Something toxic on social media.
Thanks to the hero who changed the Union Jack parade on a neighboring street to something more like the United Nations!
September 30, 2025 at 11:59 AM
Thanks to the hero who changed the Union Jack parade on a neighboring street to something more like the United Nations!
Discussing migration isn't bigoted when the UK faces a fiscal crisis. OBR estimates 2021-2024 migrant wave was a net positive £125 billion for the UK budget. (Farage lied and called it a £234 billion drain.) But high wage migrants contribute more than low wage ones. www.bloomberg.com/opinion/arti...
September 26, 2025 at 1:00 PM
Discussing migration isn't bigoted when the UK faces a fiscal crisis. OBR estimates 2021-2024 migrant wave was a net positive £125 billion for the UK budget. (Farage lied and called it a £234 billion drain.) But high wage migrants contribute more than low wage ones. www.bloomberg.com/opinion/arti...
Markets have been betting on a recovery for clean energy, driven by data center demand, so far this year with little sign of the rally losing steam.
September 25, 2025 at 7:55 AM
Markets have been betting on a recovery for clean energy, driven by data center demand, so far this year with little sign of the rally losing steam.
👉 Global AI race may be slowed by water, power shortages.
👉 Droughts in US, China, Latam, Mideast make it hard to cool thermal power stations and data centers, curb hydro output.
👉 36% power generation capacity may be located in high water-stress areas by 2030.
Clients can read on FFM <GO>.
👉 Droughts in US, China, Latam, Mideast make it hard to cool thermal power stations and data centers, curb hydro output.
👉 36% power generation capacity may be located in high water-stress areas by 2030.
Clients can read on FFM <GO>.
September 12, 2025 at 4:48 PM
👉 Global AI race may be slowed by water, power shortages.
👉 Droughts in US, China, Latam, Mideast make it hard to cool thermal power stations and data centers, curb hydro output.
👉 36% power generation capacity may be located in high water-stress areas by 2030.
Clients can read on FFM <GO>.
👉 Droughts in US, China, Latam, Mideast make it hard to cool thermal power stations and data centers, curb hydro output.
👉 36% power generation capacity may be located in high water-stress areas by 2030.
Clients can read on FFM <GO>.
Gaslighting is flavor de jour with ad men.
September 3, 2025 at 11:06 AM
Gaslighting is flavor de jour with ad men.
Also global yields are higher because of Truss's idol Trump. The UK-US 30Y yield premium isn't great but it isn't wider than under Sunak and definitely not as wide as under Truss.
August 29, 2025 at 11:00 AM
Also global yields are higher because of Truss's idol Trump. The UK-US 30Y yield premium isn't great but it isn't wider than under Sunak and definitely not as wide as under Truss.
👉 Markets worry Donald Trump’s move to fire Governor Lisa Cook will weaken Fed independence.
👉 A steepening Treasury curve and falling dollar raise specter of runaway inflation after Nixon pressured Burns in the 1970s.
Clients can read at FFM or blinks.bloomberg.com/news/stories...
👉 A steepening Treasury curve and falling dollar raise specter of runaway inflation after Nixon pressured Burns in the 1970s.
Clients can read at FFM
August 26, 2025 at 5:06 PM
👉 Markets worry Donald Trump’s move to fire Governor Lisa Cook will weaken Fed independence.
👉 A steepening Treasury curve and falling dollar raise specter of runaway inflation after Nixon pressured Burns in the 1970s.
Clients can read at FFM or blinks.bloomberg.com/news/stories...
👉 A steepening Treasury curve and falling dollar raise specter of runaway inflation after Nixon pressured Burns in the 1970s.
Clients can read at FFM
👉With S&P 500 buybacks topping $1 tln in 2025, shareholder yield is in focus.
👉 The factor, which counts dividends, buybacks & debt repayment, beat dividend yield over 1Y & 8Y.
👉 This week was marked by factor rotation.
👉 Shareholder yield stars show higher profitability, growth.
On FFM <GO>.
👉 The factor, which counts dividends, buybacks & debt repayment, beat dividend yield over 1Y & 8Y.
👉 This week was marked by factor rotation.
👉 Shareholder yield stars show higher profitability, growth.
On FFM <GO>.
August 22, 2025 at 9:53 AM
👉With S&P 500 buybacks topping $1 tln in 2025, shareholder yield is in focus.
👉 The factor, which counts dividends, buybacks & debt repayment, beat dividend yield over 1Y & 8Y.
👉 This week was marked by factor rotation.
👉 Shareholder yield stars show higher profitability, growth.
On FFM <GO>.
👉 The factor, which counts dividends, buybacks & debt repayment, beat dividend yield over 1Y & 8Y.
👉 This week was marked by factor rotation.
👉 Shareholder yield stars show higher profitability, growth.
On FFM <GO>.
👉Luxury bellwether LVMH is rallying from a P/B ratio at 2017 low, amid a revaluation in European stocks.
👉Bloomberg Intelligence says high-end brands are best positioned to raise prices in the face of tariffs.
👉LVMH opened a "boat" in Shanghai as Chinese tourism rebounds slowly.
Now on FFM <GO>.
👉Bloomberg Intelligence says high-end brands are best positioned to raise prices in the face of tariffs.
👉LVMH opened a "boat" in Shanghai as Chinese tourism rebounds slowly.
Now on FFM <GO>.
August 22, 2025 at 9:27 AM
👉Luxury bellwether LVMH is rallying from a P/B ratio at 2017 low, amid a revaluation in European stocks.
👉Bloomberg Intelligence says high-end brands are best positioned to raise prices in the face of tariffs.
👉LVMH opened a "boat" in Shanghai as Chinese tourism rebounds slowly.
Now on FFM <GO>.
👉Bloomberg Intelligence says high-end brands are best positioned to raise prices in the face of tariffs.
👉LVMH opened a "boat" in Shanghai as Chinese tourism rebounds slowly.
Now on FFM <GO>.
One of the most pathetic trends in pop and shame on all the artists who lazily coopted the advertising of luxury brands. If anyone starts getting identity politics on me they can go and jump in a lake.
August 15, 2025 at 11:15 AM
One of the most pathetic trends in pop and shame on all the artists who lazily coopted the advertising of luxury brands. If anyone starts getting identity politics on me they can go and jump in a lake.
👉 US stock rally built on narrow base.
👉 12 tech giants account for 40% of S&P 500 weight.
👉 Nvidia, Microsoft, Meta drove half of gauge’s 2025 gain.
👉 Russell 2000, equal-weight S&P 500 ETFs saw 1M outflows.
👉 Ark Innovation, Nasdaq 100 ETFS saw 1M inflows.
Clients can read on FFM <GO>.
👉 12 tech giants account for 40% of S&P 500 weight.
👉 Nvidia, Microsoft, Meta drove half of gauge’s 2025 gain.
👉 Russell 2000, equal-weight S&P 500 ETFs saw 1M outflows.
👉 Ark Innovation, Nasdaq 100 ETFS saw 1M inflows.
Clients can read on FFM <GO>.
August 14, 2025 at 4:41 PM
👉 US stock rally built on narrow base.
👉 12 tech giants account for 40% of S&P 500 weight.
👉 Nvidia, Microsoft, Meta drove half of gauge’s 2025 gain.
👉 Russell 2000, equal-weight S&P 500 ETFs saw 1M outflows.
👉 Ark Innovation, Nasdaq 100 ETFS saw 1M inflows.
Clients can read on FFM <GO>.
👉 12 tech giants account for 40% of S&P 500 weight.
👉 Nvidia, Microsoft, Meta drove half of gauge’s 2025 gain.
👉 Russell 2000, equal-weight S&P 500 ETFs saw 1M outflows.
👉 Ark Innovation, Nasdaq 100 ETFS saw 1M inflows.
Clients can read on FFM <GO>.