ZELENSKIY convened a special meeting of the National Security and Defense Council to discuss Ukraine's winter preparedness.

2-year bond futures (TS) most-active contract down 0.03%, 5-year (TF) down 0.05%, 10-year (T) down 0.04%, 30-year (TL) up 0.05%.

BofA says Google, Microsoft, Amazon and Meta are sharply increasing AI capital spending: combined capex is forecast to exceed $860bn in 2026 (roughly +80% YoY) and reach about $1.2tn in 2027 (+~38% YoY). The expansion is backed by more than $2.3tn of customer long-term contracts and order backlog (up ~16% q/q), boosting demand visibility. AI and cloud sales are still growing near 80–100%+ with improving margins, but higher capex will squeeze free cash flow: capex is projected at roughly 100–115% of operating cash flow, pushing industry FCF margin to about -1% in 2026 and -5% to -6% in 2027–28 before recovery as AI returns materialize. The five hyperscalers have raised about $270bn year-to-date, mainly long-term debt and equity to bolster liquidity and optimize balance sheets, not indicative of acute funding stress. Primary supply-chain beneficiaries listed are compute chips, storage, semiconductor equipment, power semiconductors and optical communications.