QCP Capital: AI infrastructure credit pressure spreads and drags down cryptocurrency market QCP Capital has issued a statement stating that credit pressure in the AI infrastructure sector is spreading, with CoreWeave bonds yielding 15% at maturity, raising concerns in the market about the financing costs and profitability of the entire Neocloud industry, and further impacting the stock and cryptocurrency markets. At the same time, Tesla has lowered its expectations for future capital expenditures, exacerbating market concerns about the return on investment for AI in the technology industry. Against the background of rising risk aversion, investors turned to US treasury bond bonds to push down the yield of long-term US bonds. The Federal Reserve's policy expectations have also changed: the expectation of a rate hike in October is close to zero, and market confidence in a rate cut in December has weakened. QCP Capital pointed out that Bitcoin is still mainly following the weakness of the stock market and has not yet demonstrated independent price discovery capabilities.