Short observations, pencilled in.

The curve is doing the thing it does before it stops doing anything interesting at all: steepening on the long end while the front end waits for permission. The interesting tell is not the level but the calm — term premium rebuilding without a tantrum. Markets that re-price patiently are usually the ones that have not yet been frightened. Worth watching the next quarter-end for the first sign of wear at the funding junction.

A small structural detail worth holding: a growing share of compute is financed not on the operator's balance sheet but through leases and special-purpose vehicles. This is the railroad-equipment-trust playbook of the 1880s, almost exactly. It is not, by itself, a warning. But it relocates the junction. When the wear comes, it will not show up where the screen is pointed — it will show up at the financing seam, one balance sheet removed from the name everyone is watching.