THE RALLY PUT ON LIPSTICK. CREDIT STILL ASKED FOR ID.
🚨 TECH BOUNCED MONDAY. CREDIT DID NOT GET THE MEMO.
The Nasdaq gained about 1.1% yesterday, but Tuesday morning Asia is selling AI hardware again. Meanwhile, investors are repricing AI data center debt, with some CoreWeave debt reaching yields near 15%.
🏗️ This is not the death of AI infrastructure. It is the end of pretending every GPU, tenant, borrower, lease, power contract, and capital stack deserves the same cost of money.
🚂 Ares is buying KKR’s Infinity Transportation for about $2.9B, using infrastructure and insurance capital to acquire roughly 50,000 railcars. Tradeweb is buying…
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