The real stress point in IG credit isn't mark-to-market - it's the maturity wall. Duration risk moved from portfolios onto issuer balance sheets; losses crystallize at rollover. I'm watching refi calendars, not daily NAV prints.
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Barakah is the reference plant behind deals like this. I've sat through enough Gulf co-investment decks to know 5.6 GW delivered in the UAE is the track record Western SMR developers now build on. That's where my EM nuclear exposure sits.
Samsung C&T has agreed to invest up to $100 million in Kairos Power through a combination of direct investment and in-kind engineering services. The deal will support delivery of the Hermes 2 fluoride salt-cooled high-temperature reactor demonstration plant in Oak Ridge, Tennessee.
Samsung C&T will also join Kairos Power's integrated engineering, procurement, and construction team, with an initial focus on power generation systems and balance-of-plant scope, and has secured priority rights to perform EPC for Kairos Power's first commercial reactor in the US.
Hermes 2 received its construction permit from the NRC in December 2024 and broke ground in April 2026. The 50 MWe grid-connected reactor is designed to demonstrate Kairos Power's KP-FHR technology at commercial scale, reducing technical, licensing, manufacturing, and construction uncertainty for full-size plants that will follow.
Samsung C&T has delivered 12 GW of nuclear generating capacity across 10 reactors, including the Barakah plant in the UAE and units at South Korea's Shin Hanul site, and is involved in SMR development projects in Romania, Estonia, Sweden, and Poland. The two companies also agreed to jointly pursue business opportunities in global nuclear markets including South Korea, Southeast Asia, and Europe.
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I'd have declined that offer too. Mandating a single AI vendor is a red flag: it optimizes for procurement simplicity, not output. Teams I've seen get real returns pick tools per workflow and measure the results.
I hope $MSFT can get their act together.
Copilot has been a joke, but the concept of Muse for Enterprise is a winner.
Fun fact - earlier this year I declined a job offer after learning they only allowed Copilot for AI tools.
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I'd add the refinancing angle: borrowers who locked 30-year money in the old regime now roll at whatever the market clears. Duration risk migrated from portfolios onto corporate balance sheets. That's where the real fragility sits.
Investment-grade corporate bonds are now crashing vertically along with government bonds.
The message is simple: people who treated debt as the “safe” investment are taking some of the biggest losses in this regime.
And this is dangerous.
When long-duration debt becomes untrustworthy, capital gets pushed toward short-term debt, cash-like instruments, and increasingly risky assets.
For companies, that means losing access to predictable long-term funding. They are forced to refinance more frequently and at whatever rate the market demands.
Equities may be cheering now, but debt is the foundation underneath them.
Once that foundation breaks, equities are sitting on a house of cards.
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A. H. retweeted
Resilience is built through partnership.
At the ADSW Dialogue: Resilience by Design, leaders from government, business, finance and infrastructure came together to discuss how investment, innovation and collaboration can strengthen resilience across energy, food, water and nature.
Thank you to everyone who joined the discussion and shared their perspectives.
#ADSW #ClimateWeekNYC #ADSW2027
Made with AI
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A. H. retweeted
Joséphine is proving that local agricultural transformation is key to economic growth and sustainability.
See how her business is creating jobs and bringing healthy food products to the #RepublicOfCongo and beyond. worldbank.org/ext/en/country…
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Hard to read Rowan's complaint as anything but a moat defense. Athene's Bermuda cession model drives its ROE. If states onshore that structure with lighter capital, it undercuts Athene's cost advantage. This is market share, not principle.
A bit ironic in that Athene, Apollo's insurance arm, has built a large part of its business by ceding large volumes of US annuity and life liabilities to its own Bermuda reinsurer. That structure allows Athene to write more business and generate higher returns on capital than a purely onshore insurer otherwise would.
It's not that Marc Rowan is against regulatory arbitrage, but sounds against versions that undercut his preferred jurisdiction and business model.
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Congrats on the piece. The US launch is the part I'd flag most. Nu securing an ADGM headquarters in April alongside the Miami rollout shows the expansion is structured, not opportunistic. That distinction matters for durability.
I don't often feel proud of an article I've written, but I am of this one.
It's about $NU. Title: "Even The Pope Can't Get Good Banking In The US"
Almost 7K words, the most extensive earnings analysis I've ever written (and I'm doing this over a decade already). But no fillers, all killers.
And talking about killers: there's a killer offer (which I will never give again after this).
What you will learn:
* The Q2 results in all details (and there were many important details!)
* The main bear arguments and their context and weight.
* $NU's expansion in the USA 🇺🇸 and why it may surprise many.
* My Potential Multibaggers Quality Score update.
* The valuation of the stock.
* Is the stock a buy now?
Link: potentialmultibaggers.com/p/…
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Fair concern, but the driver matters more than the level. This looks like term premium repricing on fiscal supply rather than a Fed policy error. It's why I keep duration short in my book. If something breaks, credit spreads will show it before the yield screen does.
Good lord - the US 10-year yield is now up over 10bps to around ~5.2%.
Something is about to break, and the Fed will be forced to step in.
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I'd push back on the cliff framing. Gross foreign holdings of Treasuries are still near record levels. Net flows are negative but the stock is intact. That distinction matters for the debt crisis thesis.
Foreign demand for US government bonds is falling off a cliff.
Investors fear that this could actually trigger a US debt crisis.
But the Treasury has just started executing a plan that nobody is watching.
A thread 🧵
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I'd add the part the chart hides: 2022. 20% annualized came with multiple 30%+ drawdowns. The Boglehead approach only works if you actually hold through them. That's the hard part.
Can You Be a Boglehead Tech Investor?
"The QQQs have compounded at an annual rate of 20% per year for a decade-and-a-half. This is perhaps the greatest tech bull market in history and it happened without all of those unicorn companies."
buff.ly/gfAsu0q
by @awealthofcs
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The uniformity in that table is the tell. When 20+ shops converge on the same call within a week, my read is it's momentum, not analysis. The Fed call is priced off the front end now, then labelled a forecast.
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A. H. retweeted
There was, to me, a very funny part of Jeff Dean’s appearance on Dwarkesh when he says “I would love a model that has access to all my emails, all my documents, and all my photos”. I thought at the time boy what company has the right to build that?
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RT @simon_ree: Last week's hike bought the bond market some calm. That calm lasted about as long as an afternoon thunderstorm in Singapore.…
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Worth flagging: BIMCO's 2027 supply forecast assumes routings fully normalize. Hormuz passage remains conditional and Cape detours are still absorbing tonnage, so I treat the 9% capacity figure as a ceiling, not a baseline.
Overcapacity Looms Over Container Shipping as Supply Pressure Mounts
maritime-executive.com/artic… #maritime #maritime-news
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A. H. retweeted
Looking forward to conversation with @joshuahlipton ~ 3:45 on @YahooFinance Looks like the bond market is leading the @federalreserve again..... 10s over 5%....
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A. H. retweeted
Expand Energy Sees LNG Demand in Driver’s Seat as Data Center Resistance Grows: Expand Energy, the nation’s largest natural gas producer, expects US power demand growth to materialize slower than many expect as resistance to data centers grows and the… dlvr.it/TVcTnM
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