A key corner of the artificial intelligence trade is taking a beating on Wednesday and traders are betting it could get even worse. Shares of neocloud companies – businesses that offer access to the GPUs powering artificial intelligence as a service – plunged Wednesday after debt yields for Nvidia -backed CoreWeave continued to reach new heights. (An article in The Financial Times that the company is targeting insurance companies for further debt financing apparently didn't help things either.) Meanwhile, in a post on X, Social Capital founder Chamath Palihapitiya raised questions about a private credit bubble alongside a screengrab showing CoreWeave's bonds hitting a 15% yield . Elon Musk replied "yikes." CoreWeave stock plunged 15%.
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