CoreWeave Crash, AI Trade Cracks, Anthropic IPO Red Flags, Bill Gates Doomer

CoreWeave's debt stress reflects rising rates and customer concentration, not collapsing AI demand, say the hosts.

• CoreWeave CDS spikes: Credit default swaps hit 953 basis points implying ~55% five-year default odds, driving CoreWeave bonds from 9.6% coupon to a 15% implied yield.
• Rube Goldberg financing under strain: Chamath says CoreWeave needs to raise another $35B in debt (on top of existing $35B) amid rising risk-free rates, leaving it ~$5B from a breakeven covenant.

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