s, with the two trading at 23.0x and 23.7x forward earnings, respectively. Microsoft has been trading at a lower multiple than IBM since Jan. 29. Before this recent shift, the last time this had occurred was July 25, 2013, according to Dow Jones Market Data.\\n \\n \\n \\nThe inversion, first flagged by the X account of Fiscal.ai, points to a change in how investors are viewing Microsoft and the other tech companies that are shelling out billions to build AI infrastructure.\\n \\n \\n \\nMicrosoft, along with fellow hyperscalers $Alphabet-C (GOOG.US)$, $Meta Platforms (META.US)$ and $Amazon (AMZN.US)$, are expected to spend a combined $650 billion on capital expenditures in 2026 - a 60% increase from the amount they doled out in...","blurb":"As the market digests Big Tech's ambitious artificial-intelligence spending plans for 2026, the relative cheapness of Microsoft's stock underscores a new dichotomy in technology investing. $Microsoft (MSFT.US)$ is now cheaper than $IBM Corp (IBM.US)
s, with the two trading at 23.0x and 23.7x...","pendingCommentsCount":0,"approvedCommentsCount":0},{"id":59221170,"state":"published","settings":{"hideBlogDate":null},"title":"STMicro shares boom on multiyear, multibillion-dollar deal with Amazon Web Services","icon":{"type":"Blog.BackgroundImage","id":"f_4544d1b7-bca4-433d-8a97-a7832dda8b42","defaultValue":false,"url":"!","textColor":"overlay","sizing":"cover","userClassName":null,"videoHtml":"","storageKey":"23053922\/850966_309610","storage":"s","format":"png","h":746,"w":1505,"s":1613374,"useImage":true,"focus":null},"headerImage":{"type":"Blog.BackgroundImage","id":"f_4544d1b7-bca4-433d-8a97-a7832dda8b42","defaultValue":false,"url":"!","textColor":"overlay","sizing":"cover","userClassName":null,"videoHtml":"","storageKey":"23053922\/850966_309610","storage":"s","format":"png","h":746,"w":1505,"s":1613374,"useImage":true,"focus":null},"firstContentImage":null,"publishedAt":"2026-02-09T06:23:58.684-08:00","updatedAt":"2026-02-09T06:23:58.712-08:00","createdAt":"2026-02-09T06:23:07.637-08:00","publicUrl":"https:\/\/www.keynessecurities.com\/blog\/stmicro-shares-boom-on-multiyear-multibillion-dollar-deal-with-amazon-web","relativeUrl":"\/blog\/stmicro-shares-boom-on-multiyear-multibillion-dollar-deal-with-amazon-web","pinned":false,"allTagsList":["news"],"postedToWechat":false,"longBlurb":"\\nSTMicroelectronics, the French-Italian semiconductor manufacturer, on Monday announced a multiyear, multibillion-dollar contract with Amazon Web Services to supply advanced chips used in AWS compute and its data-center infrastructure.\\n \\n \\n \\nAs part of the partnership, AWS was issued warrants allowing it to buy up to 24.8 million of STMicro\u2019s shares in various stages over the next seven years. If the warrants are exercised, those 24.8 million shares would translate into a 2.7% stake in STMicro, with the initial price set at $28.38, around a 4% discount to Friday\u2019s closing price.\\n \\n \\n \\nShares in STMicro surged as much as 8% on European exchanges, while its U.S.-listed stock was up around 6.5% in premarket trading. Having declined by 9% so far in 2026, Amazon shares were flat before the official market open.\\n \\n \\n \\nAfter releasing fourth-quarter earnings last week, Amazon announced ambitious capital-expenditure plans for 2026, guiding investors to $200 billion of spending....","blurb":"STMicroelectronics, the French-Italian semiconductor manufacturer, on Monday announced a multiyear, multibillion-dollar contract with Amazon Web Services to supply advanced chips used in AWS compute and its data-center infrastructure. As part of the partnership, AWS was issued warrants allowing...","pendingCommentsCount":0,"approvedCommentsCount":0},{"id":59163102,"state":"published","settings":{"hideBlogDate":null},"title":"Tech\u2019s AI Push Risks a Bond Market Blowback: Credit Weekly","icon":{"type":"Blog.BackgroundImage","id":"f_c32d58de-53d9-4b36-afed-06f46ee58ad3","defaultValue":false,"url":"!","textColor":"overlay","sizing":"cover","userClassName":null,"videoHtml":"","storageKey":"23053922\/92857_35144","storage":"s","format":"png","h":611,"w":1028,"s":1083876,"useImage":true,"focus":null},"headerImage":{"type":"Blog.BackgroundImage","id":"f_c32d58de-53d9-4b36-afed-06f46ee58ad3","defaultValue":false,"url":"!","textColor":"overlay","sizing":"cover","userClassName":null,"videoHtml":"","storageKey":"23053922\/92857_35144","storage":"s","format":"png","h":611,"w":1028,"s":1083876,"useImage":true,"focus":null},"firstContentImage":null,"publishedAt":"2026-02-08T04:54:32.918-08:00","updatedAt":"2026-02-08T04:54:32.946-08:00","createdAt":"2026-02-08T04:53:37.759-08:00","publicUrl":"https:\/\/www.keynessecurities.com\/blog\/tech-s-ai-push-risks-a-bond-market-blowback-credit-weekly","relativeUrl":"\/blog\/tech-s-ai-push-risks-a-bond-market-blowback-credit-weekly","pinned":false,"allTagsList":["news"],"postedToWechat":false,"longBlurb":"\\nThe biggest tech companies are gearing up to spend even more on artificial intelligence than investors had anticipated, and money managers increasingly fear that whatever happens, credit markets will get hit.\\n \\n \\n \\nMicrosoft Corp., Oracle Corp. and other \u201chyperscalers\u201d are in an arms race to invest in AI and beat competitors in a technology that could change vast parts of the economy. Google parent Alphabet Inc. said it\u2019s poised to spend as much as $185 billion on data centers this year, more than it has invested in the past three years combined. Amazon.com Inc. promised an even bigger outlay: $200 billion.\\n \\n \\n \\nA chunk of those investments will come from the high-grade corporate bond market, potentially resulting in more debt sales this year than investors had expected. But the more tech companies borrow, the greater the potential pressure on bond valuations. The securities are already expensive by historical standards, trading at close to their tightest spreads since...","blurb":"The biggest tech companies are gearing up to spend even more on artificial intelligence than investors had anticipated, and money managers increasingly fear that whatever happens, credit markets will get hit. Microsoft Corp., Oracle Corp. and other \u201chyperscalers\u201d are in an arms race to invest...","pendingCommentsCount":0,"approvedCommentsCount":0}],"wechatMpAccountId":null,"pagination":{"blogPosts":{"currentPage":1,"previousPage":null,"nextPage":2,"perPage":20,"totalPages":7,"totalCount":121}}}}},"ecommerceProductCollection":{"data":{"products":[]}},"ecommerceCategoriesProductCollection":null,"portfolioCategoriesProductCollection":null,"portfolioProductCollection":{"data":{"products":[]}},"blogCategoriesPostCollection":null,"ecommerceProductOrderList":{},"ecommerceCategoryCollection":{"data":{"categories":[]}},"portfolioCategoryCollection":{"data":{"categories":[]}},"blogCategoryCollection":{},"eventTypeCategoryCollection":null};$S.blink={"page":{"logo_url":"https:\/\/custom-images.strikinglycdn.com\/res\/hrscywv4p\/image\/upload\/c_limit,fl_lossy,h_630,w_1200,f_auto,q_auto\/20445144\/81966_282198.jpeg","weitie_url":"http:\/\/humorous-zebra-p76zz0.weitie.co","description":"Keynes Securities provides institutional investors with direct, secure, and transparent access to U.S. equity markets. 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