🚨 AI DIDN’T BREAK. THE CAPITAL STACK DID.
AI demand is still screaming. Credit markets have simply decided that enormous demand does not give borrowers a free pass on leverage.
🔥 PPI jumped 1.3% in September and 6.3% year over year.
📉 CoreWeave bonds are trading at yields around 15% plus, even while the company points to roughly $104B of committed revenue backlog.
đź’» TSMC just reported roughly $46.7B of quarterly revenue and nearly $24B of profit, with management still extremely bullish on AI demand.
🏦 Meanwhile, Liberty Mutual and Elda River are targeting $500M of senior energy and infrastructure credit, exactly the kind of…
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