CoreWeave debt yields 15% as data center credit cracks and old H100s depreciate
ivan_bezdomny · x · 2026-10-14
- Data center debt is getting hit: CoreWeave unsecured notes tagged a 1000bps spread for the first time ever, trading at 15% yield; Oracle unsecureds trade like deep junk and Meta's Project Beignet is nearing record-wide spreads.
- Analyst ivanbezdomny argues CoreWeave's machine mix is especially depreciation-prone: lots of H100s and fewer of the newer, in-demand NVIDIA GPUs, so resale value of older cards may disappoint.
- Takeaway: the AI buildout isn't equally favorable for every player in the compute stack.
Related event: CoreWeave Bond Yields Spike Past 15% Amid Default Fears(4 posts)→
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