Arabic version: عائد سندات كور ويف يتجاوز 16%

According to Cnbc, CoreWeave’s 2032 bond, carrying a 9.625% coupon, has seen its yield rise above 16%, underscoring growing investor concern over funding for the AI infrastructure expansion. The company’s five-year credit default swaps climbed above 1,289 basis points on Thursday before easing 8% Friday to roughly 1,155, Deutsche Bank said.

Jefferies global head of equity strategy Christopher Wood said the most plausible end to the AI capital-expenditure arms race would be for “the credit card” to be taken away. Deutsche Bank’s Jim Reid said debt and equity markets are moving more in sync and that credit-market warnings have already emerged.

Default-protection costs have also risen for large AI-linked companies. Nvidia’s credit default swap spread increased 76% over the past month, while Broadcom’s rose 49% and Amazon’s gained 44%. Nvidia’s spread stood near 139 basis points, compared with about 298 basis points for Oracle and roughly 1,100 for CoreWeave. The companies’ spreads remain low in absolute terms relative to CoreWeave, and a rise from a low starting point does not indicate equivalent credit risk.

Investors are weighing potential delays or cancellations in data-center development under incoming Democratic governors in Ohio, Texas and Georgia. Goldman Sachs estimated that moratoriums could affect 45% of planned U.S. capacity, with a large share in Texas. Texas governor-elect Gina Hinojosa has said she supports protections for communities before further data-center development proceeds.

AI debt financing has not stopped. Goldman counted five AI bond deals worth $67 billion since Oct. 29, bringing hyperscaler debt issuance this year to $296 billion. The bank forecasts $440 billion in hyperscaler issuance next year and another $300 billion in project-level investment-grade and high-yield issuance. Still, Goldman said hyperscalers collectively reported negative free cash flow in the third quarter as capital spending exceeded operating cash flow.