Is The AI Trade Over? | Jack & Max on Panic in AI Credit, SpaceX Earnings, and Semis

Despite a brutal AI credit sell-off, hosts argue positioning is near historic lows, not peak euphoria, so the trade likely isn't over yet.

• SpaceX's super intelligence bet: Elon Musk guided to 10-13 GW of compute by end-2027 (vs. 2.5-3 GW now) and up to $500B-$1T annualized SI revenue, with Anthropic alone ~50% of that revenue at an implied $5.30/GPU-hour — far above what CoreWeave's distressed bonds imply.
• Credit market stress concentrated: CoreWeave's unsecured 2032 bonds price in ~60% cumulative default risk; yields have jumped toward mid-teens, while private-credit SPVs sit senior to those public bonds.

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