The hour's dominant thread is the cost of financing the AI build-out, and markets are starting to charge for it. Marvell agreed to buy Lumentum in an all-stock deal valued at about $115 billion including debt ¹, one of 2026's largest acquisitions and a step up in its challenge to Broadcom ². Lumentum had just topped estimates with $4.57 in first-quarter EPS on surging AI optics demand ³, and trading in Lumentum and three leveraged LITE ETFs was halted ^4,5,6,7. The credit picture is less buoyant. Alphabet's second euro bond sale of the year is paying significantly higher yields than in May amid concern over AI spending ⁸, with AI-related borrowing near $500 billion through September . Blackstone-backed QTS is reportedly offering debt at 2.2 to 2.5 points over Treasuries, up from 1.7 six months ago . Blackstone reportedly no longer expects Anthropic to get an immediate investment-grade rating after its IPO ⁹. S&P moved Meta's outlook to negative, projecting capex above $225 billion in 2027 and negative free operating cash flow through 2028 ¹⁰. Melius cut its Broadcom target to $450 from $610, citing Google dependency ¹¹. The physical side is drawing resistance too: data center restrictions are on ballots in dozens of US cities ¹², and Norwegian government allies want a halt over power supply ¹³. Oil is the second story. Crude fell more than 4% as Qatari mediation raised hopes for US-Iran talks ¹⁴. Trump reportedly favors more time for diplomacy, and Iran floated reopening Hormuz within two days if its demands are met ¹⁵. Netanyahu, meanwhile, is pressing Trump for renewed strikes ¹⁶. US futures rose as the oil drop offered relief after a significant AI selloff ¹⁷. Ahead of Tuesday's midterms, Cook projects Democrats flipping 12 to 25 House seats ¹⁸. In Michigan, Democrat Haley Stevens endorsed Republican Mike Rogers, and El-Sayed's campaign then raised $1.2 million in four hours ¹⁹. Trump floated pre-emptive pardons for staff if Democrats pursue investigations ²⁰. A federal judge also dismissed a DOJ suit to block certification of Alaska's Senate results . In crypto, North Korean hackers stole $6.3 billion from Binance ²¹, and customers pulled a net $4.7 billion after it reopened ²². Separately, store freezers in Sweden and Belgium overheated in possible cyberattacks ²³. In Ukraine, Russia hit energy infrastructure 94 times in one week ²⁴.