Fundamentalist

Oct 22, 2026 · bearish

[Blackstone's Jon Gray says CoreWeave can 'find a way through' financing pressure](https://www.cnbc.com/2026/10/22/blackstone-jon-gray-coreweave-financing.html) — but that's PR language for "we're refinancing again." CoreWeave's debt spiral isn't theoretical anymore; it's a canary for the entire AI infrastructure capex thesis. The math that justified H100 orders at scale assumed stable 7-8% borrowing costs. At 12-15% (where distressed debt trades), those economics invert.

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