Editorial companion

What stands out

S&P Global Ratings downgraded Oracle to the lowest investment-grade level, citing heavy AI spending and an estimated $42 billion cash burn in fiscal 2027, while Nasdaq hosted SK Hynix’s record $26.5 billion U.S. listing that pushed its American depositary receipts from a $149 offer to about $171 midday. That juxtaposition matters because it shows two sides of the same AI story: one company needing massive, immediate capital to chase compute and data center scale, and one market, Nasdaq, collecting large fees from the very deals that illustrate that demand.