The bond market just started calling the AI trade's bluff

Podcast: The Noble Update Podcast · George Noble

Opublikowano: 2026-10-22

Last week CoreWeave's bonds traded at yields around 15%, and the cost of insuring its debt implied roughly a 60% chance of default within 5 years. Oracle's default insurance hit a record high at the same time. That's what it looks like when narratives and dreams run into a lack of cash flow and a mountain of debt. When easy money dries up, the most indebted company with the weakest fundamentals gets shot first, which is why CoreWeave is at the front of the line. It's our biggest short, we added to it 2 weeks...