The AI-related call on American capital markets continues, with Nvidia borrowing $25 billion in the bond market.

Why it matters: Nvidia's bond sale is part of an AI-related wave now sweeping through both bond and stock markets, as the world's largest and most cash-rich companies find that even they need investors to finance the AI buildout.

Driving the news: Nvidia originally set out to sell $20 billion in corporate bonds yesterday.

• It was Nvidia's first debt sale since 2021 and attracted roughly $85 billion in orders, Bloomberg reported, citing a person familiar with the matter.

Context: Emily reported last week that Wall Street has already showered twice as much capital this year on the AI hyperscalers — the giant companies building the AI data centers — as in all of 2025.

• Elsewhere, growth in share issuance — most recently via SpaceX's IPO — after decades in which the stock market essentially shrunk could change the balance of supply of, and demand for, shares of stock.
• That could be a big deal for prices.

What they're saying: "Consensus estimates suggest the hyperscalers will spend $770 billion on capex in 2026, equivalent to 100% of cash flows from operations. In order to fund continued capex growth, the companies have increasingly turned to debt and equity issuance and pulled back on buybacks," Goldman Sachs analysts wrote in a note Friday.

Yes, but: As a chipmaker, Nvidia isn't in the same capex league as others in its AI cohort — the large hyperscalers spending hundreds of billions of dollars on data centers.

• Nvidia is projected to spend just $7.95 billion this fiscal year.
• And with $62.6 billion in cash and cash equivalents as of the end of last year — more than Apple's cash pile — $20 billion in new debt is nothing to worry about.

The bottom line: Still, Nvidia's expected capital expenditure is 150% higher than it was two years ago.

• Yesterday's bond sale shows that even those with some of the deepest pockets in corporate America are thinking about how best to finance their part in the economy's giant bet on AI.
• And they've decided to take the money now.

Eleven different leveraged SpaceX ETFs launched yesterday, riding a wave of investor fever for Elon Musk's rocket biz.

Why it matters: The IPO on Friday was just the beginning — over the next days and weeks, Wall Street is launching all kinds of ways to invest in the company and speculate on the direction of its stock price.

Zoom in: On Sunday night, Asian investors — mostly asleep on IPO launch day — started buying, pushing up the stock price in after-hours trading.

• Then yesterday, the leveraged ETFs launched.
• Today, SpaceX options are set to begin trading. Those give investors the ability to make leveraged bets on which way the stock moves.
• And then, as we've reported, there will be the inclusion in stock indexes in the coming days and weeks.

The big picture: This includes a lot of fanfare and product launches for an IPO — it's not typical.

• "This is a paradigm shift in what it means for a company to IPO and how you can now express a directional opinion around that newly listed company," says Mike Treacy, head market analyst at Apex.
• SpaceX staying private for so long definitely led to some pent-up demand, says Simeon Hyman, global investment strategist at ProShares, which launched the Ultra SpaceX ETF yesterday.

Reality check: More ways to make money also means that there are more ways to lose money. All these products amplify risks in the market.

By the numbers: The stock closed at $192.46 yesterday and is now up nearly 43% from its initial offer price of $135.

The U.S. oil stockpile is at its lowest level since July 1983, when the country was still just building up its energy supply.

Why it matters: The stockpile, called the U.S. Strategic Petroleum Reserve, played a critical role in keeping a lid on oil and gasoline prices in the Iran war, but it's running low.

Zoom in: Supply ran down through four big oil drawdowns: in March (0.4 million barrels), April (20.3), May (39.4) and so far this month (15.1), according to federal data released yesterday.

By the numbers: The U.S. now has 340.3 million barrels in the stockpile — surpassing the low levels reached during the Biden administration.

• The previous administration drew criticism when it drew down the reserves to help keep oil prices lower after the Russian invasion of Ukraine.

Friction point: Congress mandates a minimum SPR level of 252.4 million barrels, but the president has authority to go below that point in instances of emergency.

• The SPR needs to keep about 150 million barrels in place to maintain operational flexibility.

Between the lines: President Trump criticized former President Biden for draining the petroleum reserve — he has now run it down further.