CoreWeave bond yield tops 16% as AI credit stress rises

CoreWeave's 2032 bond with a 9.625% coupon now yields above 16%, and its five-year credit default swaps spiked above 1,289 basis points Thursday before easing to around 1,155, per Deutsche Bank. Credit default swaps have also risen for Nvidia (up 76% in the last month), Broadcom (up 49%) and Amazon (up 44%), though their spreads remain low in absolute terms. Goldman Sachs estimates moratoriums under incoming Democratic governors in Ohio, Texas and Georgia could affect 45% of planned U.S. data center capacity.