Microsoft’s $25B Memory Cost Disclosure Signals Structural HBM Repricing Across the Hyperscaler Stack
Microsoft’s $25B Memory Cost Disclosure Signals Structural HBM Repricing Across the Hyperscaler Stack Excerpt: Microsoft’s Q3 FY2026 10-Q attributes $25 billion of its $190 billion 2026 capex plan to DRAM and HBM price inflation, the first hyperscaler to...
FSB Formalizes Private Credit Risk: $220 to $500 Billion in Bank Exposure Now Under Supervisory Review
FSB Formalizes Private Credit Risk: $220 to $500 Billion in Bank Exposure Now Under Supervisory Review The Financial Stability Board’s May 6 report formally quantified direct bank exposure to private credit funds at $220 to $500 billion and called for...
Fed FSR: Hedge Fund Leverage at All-Time High, Life Insurer Risk Elevated
The Federal Reserve’s May 2026 Financial Stability Report confirms hedge fund gross notional leverage near record levels, concentrated in the largest funds, while life insurer leverage holds in the top quartile of its historical range, both against a backdrop of...
The SEC Just Abandoned Rule 14a-8: Boards Now Bear Full Liability for Shareholder Proposal Exclusions
In November 2025, the Securities and Exchange Commission made a decision that fundamentally reshapes how corporate boards govern shareholder proposals. The Division of Corporation Finance suspended its historic review of shareholder proposal exclusion decisions,...