CoreWeave's CEO told employees yesterday that their orders can cover the debt. The bond market disagrees. The yield on their April-issued bonds shot up to over 16% today. This kind of yield is usually reserved for companies nearing default. The April issuance had a coupon rate of just 9.75%. In June, they issued another batch at 9.625%, but those are now only worth 79.5 cents on the dollar. In Q2 alone, they paid $640 million in interest, compared to $267 million in the same period last year. Revenue more than doubled to $2.58 billion, but they still posted a $626 million loss. They have $4.4 billion in debt due in the next few months and $6.2 billion next year. TSMC just released an earnings report that beat expectations, and their guidance is up. The numbers on the chip side are solid. But the cost of borrowing to build data centers keeps climbing. Their stock dropped over 8% today, down more than 20% in two days. I haven’t put a single penny into this. Until their bond yields drop back to single digits, I’m treating this chain like it doesn’t exist.