Storage shares rebounded on Tuesday. SOXL up over 8%; Astera Labs up 6%; Navitas, SanDisk up over 5%; Wolfspeed, Seagate Tech, Western Digital, Micron up over 4%; Intel, AMD up around 3%.

Advanced Micro Devices has to share its results in a good-news-bad-news environment when it reports earnings Tuesday afternoon.

On the one hand, the transformation of the company under CEO Lisa Su is reaching a crescendo, with sales growth accelerating and operating profit margin expanding.

On the other hand, capital markets that have been funding many of AMD’s customers have begun to look a little shaky this fall. On Friday, The Wall Street Journal reported that lenders have become more selective and demanding. The smaller cloud companies “have effectively been shut out of the bond market in recent weeks,” The Journal reported, citing sources.

Larger customers like Microsoft, Meta Platforms and Oracle seem to be racing to get capital now while the getting is good. One of the two big AI start-ups, Anthropic, intends to have its initial public offering soon.