Bits, Broadcasts & Bandwidth: Weekly Investment Grade TMT Review

In today's TMT weekly, we first discuss recent GPU financing headlines before turning to Marvell's Investor Day, OpenAI's reported funding round, Google's deal with Constellation, and more. Theme of the Week — Graphics Processing Underwriters: Reports this week suggest the next wave of AI infrastructure financing is beginning to take shape, with Oracle, SpaceX and Broadcom/OpenAI pursuing sizable GPU-backed transactions. According to the WSJ and the FT, SpaceX is seeking ~$40bn of financing for NVIDIA chips, including ~$30bn of IG debt and ~$10bn of bank loans, while Oracle is reportedly in discussions with Apollo and Goldman Sachs to finance a large GPU purchase. Separately, Broadcom is reportedly arranging $50bn+ of financing for custom chips being developed for OpenAI. We view this as a more constructive development for Oracle, where the alternative financing is likely intended to diversify funding sources and alleviate pressure on unsecured debt issuance. More broadly, these develo