47 US AI data center projects canceled as CoreWeave's debt costs hit 15%
SumitGup · x · 2026-10-20
A Korean-language thread synthesizing same-day NYT, FT and Bloomberg reports on an AI data-center credit crunch:
- Cancellations: 47 large US AI data center projects have been called off.
- CoreWeave under strain: The GPU-cloud lender, which borrowed heavily against Nvidia chips to lease capacity to big tech, has debt estimated at 70–95 trillion KRW with bond yields spiking to 15–16% annually — pricing it as a near-default risk. Its structure is fragile: 15+ year leases on buildings and debt-funded chip purchases, but only short-term contracts with customers.
- Ripple effects: Oracle's bonds keep sliding, and SoftBank — pouring tens of trillions of KRW into OpenAI — is reportedly using 10%-interest loans with worsening default-risk metrics. Wall Street's belief in endless data-center buildout is starting to crack.
Related event: US AI Infrastructure Boom Cools as 47 Major Data Center Projects Canceled(3 posts)→
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