> This doesn't seem like a story at all given how robust this debt is trading.

FTA: That is exactly why CoreWeave-leased paper prices at 7.00% to 9.875%, against the 5.70% to 7.875% that hyperscaler-leased bonds command, per bond market data compiled by CCIR.

Just so were clear: Core weave paid Micron and NVIDA 80 percent margins to buy equipment at a 9 percent lending rate so it can sell it to providers who are subsidizing tokens at 20x their own API prices (that are likely also subsidized).

Could it all work out? It could. But it does not look like there is the financing to keep building - thats going to impact prices and the moment that happens this debt looks even more risky.