On Thursday, Microsoft sold $25 billion of bonds, its first dollar bond sale s… · @freestyle_error · TwKit

@freestyle_error

On Thursday, Microsoft sold $25 billion of bonds, its first dollar bond sale since 2017. Orders topped $100 billion, about 4.6 times the deal. After the close that same day, Amazon handed in its third-quarter bill. Capex was $77.3 billion against an expected $57.5 billion. Trailing free cash flow swung from a $14.8 billion inflow a year ago to a $42.4 billion outflow. On Friday, Amazon shares fell. Both are spending on AI. The bond market rolled out a red carpet for Microsoft. The stock market handed Amazon the bill. The gap is not who needs the money more. Bondholders get interest in writing. Shareholders wait for a return with no date. My view: with Treasuries near 5%, that second kind of patience is getting more expensive.

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