Amazon is buying into its own supplier, a good sign for Taiwan's AI server chain but a reminder of how much the whole market now rides on one theme.

• Amazon is putting about NT$1.6 billion into Gold Circuit through a private share placement, its first time owning the company.
• The deal turns Amazon from just a customer into a shareholder, locking in a key supplier of circuit boards for custom AI server chips.
• Gold Circuit also approved NT$7.9 billion for new land, a new plant and new machines, paid for by issuing convertible bonds.
• Taiwan's main index fell hard the same day as foreign investors pulled out tens of billions, even as night futures bounced on strong US business activity data and tougher talk from Iran.
• US government bond yields pushed above 5%, a twenty-year high, while oil-linked Taiwanese plastics and refining stocks rallied.

Outlook: Expect more cloud giants to tie themselves directly to Taiwanese suppliers, though high bond yields and foreign selling keep the broader market shaky.