Anthropic made 16.8 billion, but the semiconductor market took a dip first. The real scary thing isn’t the market drop, it’s bond yields. The issue for AI companies now isn’t whether they can make money, it’s that borrowing is getting more expensive, and the money they make isn’t enough to cover the interest. CDS soared to 881 basis points, bond yields are nearing 15%, and the market is pricing a five-year default probability of over 50%. Musk said: Pretty scary