Prof G Markets · CoreWeave Is Imploding - And Taking AI Stocks Down With It
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Described the debt-refinancing spiral for highly indebted neoclouds as a function of rising 10-year Treasury yields and widening spreads
Bond yield 15%; debt $52 billion; interest $640 million last quarter
“Total Fund Management… combine our asset allocation function with our treasury function. Asset allocation is what you want to buy. Treasury is how do you pay for it.”
“I think a lot of people view the QE ... as primarily working through the balance sheet ... but ... yields would rise ... investors sell bonds because they're not as excited”
“The 10-year tip now yields 2.92%, Katie… that’s starting to be enough of a yield where I kind of want to own that.”
“What would it take for the bond market to have a negative return over the next 10 years? It would take 14%-15% 10-year yields in the next five to seven years.”
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