The same bonds, with new prices
This is the October 2 follow-up to The yields that didn’t kill the AI trade, published September 25. The original remains unchanged and available through all studies.
The bond basket is the same: four Meta notes, two Alphabet notes and two Amazon notes. Last week compared the coupons on successive issues. This update adds October 2 last reported trade prices and yields for those exact securities, matched by CUSIP. It does not replace them with convertible bonds from other companies.
Bonds: October 2 market snapshot
Prices are quoted per $100 of face value. Each FINRA security page reports October 2, 2026 as its last trade date. The yield column reproduces FINRA’s reported yield, rounded to three decimals. A last trade is not an official closing mark; trades can differ in time, size and execution terms.
| Issuer | CUSIP | Coupon | Maturity | Oct. 2 price | Reported yield |
|---|---|---|---|---|---|
| Meta | 30303M8X3 | 5.500% | 2045-11-15 | 83.27 | 7.114% |
| Meta | 30303MAJ1 | 6.200% | 2046-05-15 | 90.27 | 7.128% |
| Meta | 30303M8Y1 | 5.750% | 2065-11-15 | 78.33 | 7.464% |
| Meta | 30303MAL6 | 6.450% | 2066-05-15 | 87.41 | 7.440% |
| Alphabet | 02079KBP1 | 5.650% | 2056-02-15 | 87.57 | 6.614% |
| Alphabet | 02079KCU9 | 6.375% | 2056-08-15 | 96.19 | 6.670% |
| Amazon | 023135DH6 | 5.800% | 2056-03-13 | 87.88 | 6.753% |
| Amazon | 023135EG7 | 6.100% | 2056-07-09 | 91.63 | 6.755% |
The coupons have not changed. Meta’s 5.500% note still promises the same fixed coupon even though its latest reported price is 83.27. A buyer at that price pays less than face value, which helps explain why its reported yield is above its coupon. Coupon, traded price and yield answer different questions.
All eight notes traded below par in these observations. That alone does not establish distress. Market yields, remaining maturity, coupon and credit spreads all affect price. The two Meta 2065/2066 notes have much longer remaining maturities than the 2045/2046 pair, so the notes should not be treated as interchangeable exposures.
The maturities above also correct a tenor label in the earlier comparison: Meta’s 2045/2046 pair has roughly twenty years from issue to maturity, not thirty. This update uses exact dates throughout.
No weekly bond return is claimed. The September 25 article did not establish a matching secondary-market price baseline for all eight notes. These are refreshed market observations for the original basket; comparing their current prices with last week’s coupons would not measure performance. A total return would also require consistent price conventions and accrued-interest treatment.
New issues: the basket stays unchanged
A review of Meta, Alphabet and Amazon SEC submission indexes for September 25 through October 2 found no new bond-offering filings in that window. No new series has therefore been added to this table. This is a scoped filing review of these three issuers, not a claim that no AI-related company raised financing anywhere during the week.
Stocks: the week in the original watch group
The stock side tracks eight AI-related names plus QQQ as a benchmark. This is a broader group than the three bond issuers above; a company without a bond in that table has not been assigned an estimated bond return.
| Company | Sep. 25 close | Oct. 2 close | Weekly price return |
|---|---|---|---|
| Oracle (ORCL) | $137.10 | $142.30 | +3.79% |
| CoreWeave (CRWV) | $87.59 | $89.62 | +2.32% |
| Nebius (NBIS) | $237.33 | $242.81 | +2.31% |
| Amazon (AMZN) | $249.67 | $251.52 | +0.74% |
| Microsoft (MSFT) | $516.17 | $517.53 | +0.26% |
| Alphabet (GOOGL) | $343.92 | $343.50 | -0.12% |
| Meta (META) | $751.66 | $728.08 | -3.14% |
| IREN (IREN) | $44.125 | $41.76 | -5.36% |
| Nasdaq-100 ETF (QQQ) | $744.50 | $749.58 | +0.68% |
Returns run from the September 25 close to the October 2 close, exclude dividends, and are calculated before rounding. IREN’s starting close is displayed to three decimals to retain the source precision. Yahoo Finance historical prices
Five stocks rose and three fell. Oracle led at +3.79%; IREN lagged at −5.36%. Four names outperformed QQQ’s +0.68%, while four underperformed. That dispersion shows different stock outcomes; it does not show which issuer’s debt became safer or establish that rates caused the moves.
The rate backdrop
The latest Federal Reserve 10-year observation available during preparation was 5.24% on October 1, versus 5.17% on September 25, a rise of 7 basis points. It reached 5.29% on September 30. The original study’s September 24 baseline was 5.18%. Federal Reserve H.15 via FRED
The Treasury comparison ends October 1; the bond trade dates and stock closes are October 2. These endpoints are labeled separately. The Treasury yield is not a corporate bond’s yield, and this update does not calculate credit-spread changes from mismatched observations.
What to watch next
For the existing notes, follow the same CUSIPs: new traded prices and yields can be compared without silently changing the securities. For new borrowing, track the issue’s maturity, coupon, initial yield and amount separately. For shareholders, track operating cash generation and the financing needed for planned investment.
The original distinction holds: an existing fixed coupon does not reset when Treasury yields change. Bond prices and refinancing costs can still move. A rising stock does not remove those obligations.
Updated October 2, 2026. Educational commentary, not investment advice. Both the bond snapshot and stock-return graphic accompany this study. Read September 25 · Back to all studies.