The U.S. Treasury, under Secretary Scott Bessent, is preparing to at least double the size of its purchases of longer-term government bonds, a move that immediately pressured Treasury yields lower.

Google Secures $12.2B Marvell Share Purchase Rights

Marvell Technology has expanded its semiconductor partnership with Google, giving the technology giant warrants that could allow it to purchase up to $12.2 billion worth of Marvell shares.

The two companies will collaborate on AI accelerators, memory, storage and networking chips. Marvell stock climbed 13% after the announcement.

Treasury Doubles Buyback Size as Yields Drop

The Treasury’s larger bond repurchase program delivered a fresh challenge to investors betting that long-term Treasury yields would continue rising, effectively placing Bessent on the opposite side of that trade.

The department said each operation involving longer-dated bonds would now total at least $4 billion, twice the previous amount.

The announcement sparked an immediate rally in government bonds. The 30-year Treasury yield dropped around eight basis points to 5.20%, while the 10-year yield declined by a similar amount.

The dollar weakened as well, falling at least 0.5% against most major currencies.

Bitcoin rose modestly after the Treasury announcement, reaching approximately $64,900 and gaining 1.2% over 24 hours. Nasdaq 100 futures also turned positive, rising about 0.55%.

Bond Veteran Says Long-Term Yields Are Near Historical Norms

Veteran bond-market observer Ed Bradford pushed back against concerns surrounding the recent rise in long-term government yields, saying current levels are not particularly unusual when viewed over a longer period.

Bradford noted that the spread between long-term Treasury yields and overnight rates has historically been wider than it is today. Although the market has moved sharply away from the quantitative-easing and zero-interest-rate period, he described current conditions as relatively normal.

The spread between the 30-year Treasury yield and the federal funds rate is around 163 basis points, compared with a 40-year average of 178 basis points. The gap has approached 500 basis points three times over that period.

Nebius Plans $4.5B Convertible Bond Offering

AI cloud infrastructure company Nebius is seeking to raise $4.5 billion through convertible senior notes maturing in 2030 and 2034. The company could also issue an additional $675 million.

The proceeds will be used to build out data centers, acquire GPUs and support the company’s broader expansion.

Nebius shares dropped 7% in premarket trading.

Bitget: Oil Prices Are Offseting Bitcoin’s Fed Tailwind

Bitcoin’s subdued response to increasingly dovish Federal Reserve expectations is being driven by oil and geopolitical concerns, according to Bitget Research chief analyst Ryan Lee.

Lower-rate expectations would typically support risk assets, but Brent crude remaining near $90 and ongoing U.S.-Iran tensions are limiting the benefit for crypto markets.

Lee said the duration of elevated oil prices matters more than whether crude briefly moves above $90. If high prices persist, they could begin lifting inflation expectations.

The five-year breakeven inflation rate has so far remained stable around 2.24%.

If oil prices retreat while Treasury yields and the dollar continue to decline, Bitcoin could gain more from the supportive Fed backdrop. But sustained oil strength and higher inflation expectations could leave Bitcoin and ether vulnerable despite expectations for easier monetary policy.

Oil Advances While 30-Year Treasury Yield Eases

WTI and Brent crude prices rose more than 0.5% Wednesday to around $85 and $92 a barrel, respectively.

The 30-year U.S. Treasury yield edged down from its multidecade high of 5.338%.

Long-term bond yields continued to rise in Germany and France, however, keeping pressure on European debt markets.

12 of Strategy’s 15 Largest Institutional Holders Add Shares

Twelve of Strategy’s 15 biggest institutional shareholders increased their positions during the second quarter, according to the company. Their combined holdings grew by roughly $1.2 billion.

Strategy shares fell more than 5% Tuesday despite Bitcoin rising. The stock is down around 75% over the past 12 months.

SK Hynix Announces $29B Buyback

SK Hynix unveiled a 40 trillion won ($29 billion) share repurchase program and raised its shareholder-return target to more than 50% of free cash flow, Bloomberg reported, citing a regulatory filing.

The memory-chip maker is seeking to shore up investor confidence as concerns grow that the AI hardware boom may be losing some momentum.

Shares of Nvidia supplier SK Hynix fell another 10% Wednesday and remain about 50% below their record high. South Korea’s Kospi index dropped 5.8%.