The U.S. Treasury, led by Secretary Scott Bessent, has moved to at least double the size of its purchases of longer-dated government bonds.
Google Gains Option to Buy $12.2B in Marvell Shares
Marvell Technology has expanded its strategic partnership with Google, giving the tech giant warrants to purchase as much as $12.2 billion in Marvell stock.
The semiconductor companies will collaborate on AI accelerators, networking, storage and memory technologies. Marvell shares jumped 13% after the deal was announced.
Treasury Boosts Bond Buybacks, Sending Yields Lower
The Treasury’s decision to increase its long-term bond repurchases delivered a setback to investors positioned for higher long-term yields, with Bessent effectively taking the opposite side of that trade.
The department said it would raise each long-duration Treasury buyback operation to at least $4 billion, representing a twofold increase.
The move triggered a rapid decline in bond yields. The 30-year Treasury yield dropped about eight basis points to 5.20%, while the 10-year yield fell by a similar margin.
The U.S. dollar also weakened, losing 0.5% or more against most major currencies.
Bitcoin gained modestly following the announcement, trading around $64,900, up 1.2% over the previous 24 hours. Nasdaq 100 futures also strengthened, rising about 0.55% after initially hovering around unchanged.
Veteran Bond Trader Says Rising Yields Are Not Abnormal
Ed Bradford, a veteran of the bond market, said the recent rise in long-term government yields may represent a return toward historical norms rather than an unusual market event.
Bradford noted that the yield premium over overnight rates has generally been higher over the past several decades. While the current environment is a major departure from the quantitative-easing and zero-rate era, he argued that today’s levels are relatively normal by longer-term standards.
The spread between the 30-year Treasury and the federal funds rate is currently around 163 basis points, compared with a 40-year average of approximately 178 basis points. On three occasions, the spread has climbed close to 500 basis points.
Nebius Announces $4.5B Convertible Debt Sale
AI cloud company Nebius plans to raise $4.5 billion through convertible senior notes due in 2030 and 2034, with an additional $675 million potentially available.
The company said the proceeds will help finance new data centers, GPU purchases and broader expansion.
Nebius shares fell about 7% in premarket trading Wednesday.
Bitget Says Oil Is Limiting Bitcoin’s Fed-Driven Upside
Bitcoin has failed to respond strongly to the increasingly dovish outlook for Federal Reserve policy because elevated oil prices and geopolitical uncertainty are weighing on risk sentiment, according to Bitget Research chief analyst Ryan Lee.
A softer rate outlook would typically benefit risk assets, but Brent crude remaining near $90 and unresolved tensions between the U.S. and Iran are offsetting that support.
Lee said investors should focus on whether oil remains elevated for an extended period rather than simply watching the $90 threshold. Sustained high crude prices could push inflation expectations higher.
So far, the five-year breakeven rate has remained stable near 2.24%, suggesting inflation concerns have yet to accelerate.
A decline in oil prices alongside softer Treasury yields and a weaker dollar could give Bitcoin room to benefit from easier financial conditions. But persistent oil strength and rising inflation expectations could continue weighing on Bitcoin and ether.
Oil Moves Higher as 30-Year Yield Retreats
WTI and Brent crude advanced more than 0.5% Wednesday, reaching approximately $85 and $92 per barrel.
At the same time, the 30-year U.S. Treasury yield edged lower from its multiyear high of 5.338%.
Long-term government bond yields continued rising in Germany and France, keeping pressure on European fixed-income markets.
Most Major Strategy Investors Increased Holdings
Strategy said 12 of its 15 largest institutional shareholders expanded their positions during the second quarter. Together, those investors increased their holdings by approximately $1.2 billion.
Strategy stock declined more than 5% Tuesday despite Bitcoin gaining ground and is now down about 75% over the past year.
SK Hynix Launches $29B Buyback
SK Hynix announced a 40 trillion won ($29 billion) share repurchase plan and increased its target for shareholder returns to more than 50% of free cash flow, Bloomberg reported, citing a regulatory filing.
The memory-chip manufacturer is looking to restore investor confidence as concerns grow that demand for AI hardware could lose momentum.
SK Hynix shares remained roughly 50% below their record peak after falling another 10% Wednesday, while South Korea’s Kospi benchmark declined 5.8%.
