Lead idea
CoreWeave's debt as a concentrated credit risk
The case made was that CoreWeave represents a massive, concentrated credit risk within speculative AI infrastructure, with its bonds pricing in high default probabilities. Argued on Monetary Matters with Jack Farley’s “Is The AI Trade Over? | Jack & Max on Panic in AI Credit, SpaceX Earnings, and Semis”, aired 20 October 2026. The evidence cited was its large borrowing in the convertible and high-yield bond markets, with recent bond price declines reflecting investor panic over its financing needs and subordination structures.