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CoreWeave is now priced for a 60% chance of DEFAULT. ✅ Down ~12% Friday. Down ~25% on the week. ✅ 5-year default insurance: a record 1,194 bps Thursday. ✅ The 2031 bonds: ~82 cents on the dollar, yielding ~15%. 😇 share price down, CDS's go up. CDS's go up, bonds go down. ➡️ Then the CDS chart goes vertical & people pile into THAT. 😇 What does everybody do when a stock's going to the freaking moon? They buy more of it. 😇 This is a doom loop. It's like the opposite of GameStop. 😇 But they have $18 billion of bills to pay over the next 12 months. ✅ Jensen Thursday: "Their cost of capital is actually decreasing." 😇 I don't know where you're getting that one from, Jensen. ✅ $NVDA owns ~10%. Deutsche Bank still says Buy, $150 target. ➡️ IMO Nvidia lends them the ~$7 billion to float. Equity holders get diluted. 😇 I actually would take the opposite side of this. ➡️ No position, for the record. & the real black swan isn't a neocloud. 😇 I think it's the labor market. 😇 It ain't going to last with how good agentic AI is getting. $CRWV