10-Year at 5.22%, Goldman Upgrades PLTR, AI Infrastructure Names Advance

Thursday's 10-year Treasury yield came in at 5.22% — a 2026 high in the data — while the VIX settled at 15.4. Friday's equity session processed both prints without distress: a cluster of AI infrastructure names gained between 3.3% and 5.2%.

Goldman upgrades $PLTR; shares +5.2%

Goldman Sachs upgraded Palantir to Buy with a $230 price target, arguing that sovereign AI — government and enterprise demand for custom models built on proprietary data — represents a step-function expansion in the company's addressable market that its prior neutral rating had not credited. The firm flagged further outperformance into 2027. $PLTR closed up 5.2% on the session. A separately published analysis put Palantir's annual revenue growth at 56% against CrowdStrike's 22%, the gap that underpins Goldman's valuation argument.

$CEG +4.6% on Google nuclear deal; $ORCL +4.6% on data center buildout pace

Constellation Energy added 4.6%, with analyst commentary continuing to harden around Google's $4.3 billion, 20-year nuclear power agreement. The emerging consensus: $CEG's nuclear fleet is a structural advantage with hyperscalers that capital alone cannot replicate quickly, but the earnings upside is back-loaded to 2029–2032 — the premium valuation today reflects duration, not an imminent step-up in results.

Oracle matched that gain at +4.6%. Bloomberg reported that Oracle trucked compressed natural gas to data centers in Utah and Texas to bridge pipeline delays, with the same stopgap under consideration for Project Jupiter in New Mexico. The logistics detail illustrates how far ahead of utility infrastructure $ORCL's buildout is running. At least one institutional holder disclosed exiting the position after recent appreciation narrowed the margin of safety.

$COIN +4.3%, $AMZN +3.3%, $FCX +3.6%, $VST +3.4%

Coinbase gained 4.3% on two discrete catalysts: a Samsung partnership integrating USDC into Samsung Wallet, and a 7% spike in Circle Internet after Circle backed OKX at a $25 billion valuation, on the thesis that regulatory approval of blockchain-based equities trading would open a large new market for crypto-adjacent platforms. Amazon advanced 3.3%; AWS's chief dismissed AI bubble concerns publicly, attributing the company's capital spending to practical compute workloads. Vistra added 3.4% ahead of a November 6 earnings report that analysts project will show 65% earnings growth; the primary risk variable cited is declining Texas power prices. Freeport-McMoRan gained 3.6% — no clean catalyst surfaced in today's filings or news window.

Filings desk

Since Tuesday's filing — when Digital Realty priced a €1 billion euro-denominated bond — $DLR has returned to the debt market a second time. Friday's 8-K discloses a dollar-denominated issuance: 5.125% guaranteed notes due 2036, with parent-level guarantees. Back-to-back capital markets transactions within three days deepen leverage and extend duration; the 5.125% coupon is nominally higher than Tuesday's euro deal on a stated-rate basis.

What we set aside

Four tickers — ABT, PM, WELL, and WMB — cleared the 61-ticker sweep with no filings or substantive news in the window. One additional filing was held for staleness; the underlying event exceeded the 36-hour freshness threshold.

The desk is watching the 10-year yield for follow-through above 5.22% and Oracle's next infrastructure disclosure ahead of any formal Project Jupiter capacity update.