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This report covers significant market volatility in the tech sector, specifically a 10% drop in the SOX index, alongside major corporate developments including French telecom consolidation and Google's aggressive expansion into AI infrastructure.

Key Takeaways

• 1.French telecom operators Orange, Bouygues, and iliad signed a MOU to acquire SFR for €20.35bn, marking a major industry consolidation attempt.
• 2.Tech markets experienced a sharp sell-off, with the SOX index down 10% on the week amid concerns over AI sustainability, AVGO earnings, and Anthropic's AI development warnings.
• 3.Google is aggressively expanding its AI infrastructure, including an $85bn capital raise and a massive GPU compute deal with SpaceX.

Table of Contents

• TODAY'S WRAP
• FRENCH CONSOLIDATION
• ASML
• SOFTWARE
• AWAY FROM GS
• TECH
• TELCOS
• MEDIA & INTERNET
• GAMBLING
• MACRO AND TRADING