S&P 500 rises 0.4% at US open; Alphabet up 1.1%, Oracle down 3.9%

The divergence between Alphabet and Oracle is the telling detail: tapping debt markets is being read differently from a large equity-and-debt raise tied to AI spending, suggesting investors are starting to discriminate between how AI ambitions are financed rather than rewarding the spending itself. The optical communications moves point the same way, with Marvell's acquisition weighing on Lumentum and Marvell while Corning and Coherent gain — a reshuffling within the supply chain rather than a sector-wide signal. Whether that selectivity persists as more AI-related raises are announced is the open question.