Good afternoon and welcome to Markets Desk, your midday read on what's moving money and markets.
Warren Buffett's Berkshire Hathaway has been quietly adding to its position in Alphabet, the parent company of Google, signaling a meaningful shift in how the Oracle of Omaha views artificial intelligence infrastructure. Buffett reportedly began building the stake before stepping back from the helm, suggesting conviction at the highest level.
Turning to fixed income, a sharp warning from analysts is making the rounds today — rising bond yields are being called a direct threat to what many see as an overextended equity market. The argument is straightforward: as yields climb, the relative appeal of stocks erodes, and companies carrying heavy debt loads face mounting pressure on earnings and valuations.
And over in currency markets, Japan's historic effort to defend the yen appears to have backfired in at least one notable way. By intervening so aggressively, authorities may have handed carry trade investors a cleaner entry point, effectively turbo-charging the very dynamic they were trying to suppress. The yen carry trade, where investors borrow cheaply in yen to fund higher-yielding assets elsewhere, remains one of the most closely watched pressure points in global macro.
That's the tape. Markets Desk, signing off the floor.
