Hedge funds cut their favourite bets week, and the result was a market that rose underneath a falling index. From Meta’s cash to France’s bonds to gold, the week’s stories share one cause: crowded money leaving crowded rooms, days before a Fed that isn’t done.
Category: Weekly
Cambridge Sigma Weekly — 18 Oct 2026: The AI build-out is borrowed money, and this week the lenders named their price
CoreWeave’s bonds traded distressed, the chip trade got its margin call and oil pushed through a hundred dollars while the Fed refused to blink. The question has moved from what AI earns to who pays for it, and the levered builders answered first.