I see people on international platforms talking about Black Monday, but no one in China is discussing the issue of the first AI-listed company facing a financing blow-up. This week, oil prices are rising, AI financing is breaking down, U.S. Treasury yields are climbing, and rate hike expectations might increase again—this is the real stock-and-bond double whammy. The real reason behind the AI sector's crash is actually Coreweave. This project had its financing collapse last week. Its growth model is now facing a stress test from the capital markets. Let’s take a look at the financial report: Q2 revenue: $2.575 billion, up about 112% year-over-year; net loss: $626 million; net interest expense: $640 million. As of the end of June 2026, debt stands at approximately $35.6 billion, with an additional $16.3 billion in operating lease liabilities. Full-year capital expenditure guidance is as high as $35–39 billion. Backlogged orders for Q2 revenue have already reached $104 billion, but orders don’t equal cash, and they definitely don’t equal profit. This is the core contradiction of CRWV: Demand is strong, growth is fast, but expansion burns through cash like crazy, and the reliance on financing is way too high. The market’s real concern isn’t about customers, but about: 1. **Financing risk**: Bond yields are soaring, which means future refinancing costs and difficulties could increase. Existing fixed-rate debt won’t immediately face higher interest rates, but continuous expansion requires securing new funds. 2. **Return on investment risk**: GPUs, data centers, electricity, and network infrastructure all require upfront investment. If revenue realization lags behind capital expenditures, cash flow will remain under pressure. 3. **Customer and technology risks**: High customer concentration and rapid chip iterations could impact bargaining power and equipment recovery cycles. Even with sufficient orders, there’s no guarantee that final profits will meet expectations. To put it more precisely, CRWV represents a stress test for the high-capital expenditure, high-leverage model in AI computing infrastructure. The biggest risk for CRWV isn’t the disappearance of AI demand, but the fact that the company must continue pouring massive amounts of money to turn future demand into today’s growth. If the financing chain remains smooth, it still has room to grow; if funding costs stay high for a long time, its valuation might face a reset. This is essentially the first case of AI financing breaking down—and it’s a publicly listed company. Everyone is asking the same question: Has AI reached its peak?