Market Cracks Under AI Debt Burden | The Weekly Wrap

Eisman sees AI-related debt stress (CoreWeave, OpenAI) as the real economic risk, not banks, whose credit quality stays benign.

• CoreWeave debt alarm: CoreWeave carries $35B+ debt plus $10B capital leases; refinancing coupons jumped from 9% toward 15%, sending shares down 15% and Nebius down 10%.
• OpenAI revenue confusion: FT reported OpenAI's annualized revenue at $50B, down from a prior claimed $70B figure, with Eisman questioning what 'annualized' even means.

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