11AM Hour: Impactive Capital's Lauren Taylor Wolfe, Former TikTok CEO Kevin Mayer & GM Tumbles After Earnings 10/20/26

AI capex returns remain unproven while neocloud financing costs rise and private-credit defaults run higher than headline figures suggest.

• AI bubble warning persists: Impactive Capital's Lauren Taylor Wolfe says hyperscalers face $3T in 2026-2028 AI capex (per Goldman) needing $5-10T in revenue to justify returns; neoclouds' borrowing costs are rising (CoreWeave debt up 15%) while token pricing deflates.
• Ellis IPO plunges: South Korean AI data-center/neocloud IPO priced at top of range raising $150M but plunged on debut despite 500x retail oversubscription, dragging Kosdaq down ~40% from June highs on China competition and pricing-power fears.

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