Doubt, Priced in Cents

Inspector Hale: bonds behind the biggest AI data centres are well below par. Wren: how far below? The Bubble: Hyperion at ninety-two cents, Excalibur under eighty-eight; billions borrowed on tomorrow's AI revenue, and lenders now doubt it comes. Nightjar: doubt is priced in cents. Wren: Nvidia's chief says he's still optimistic; the bonds aren't.

Bonds that financed some of the biggest AI data centres now trade well below face value: debt behind the Hyperion project that Meta will occupy has fallen to 92 cents on the dollar, Project Excalibur's below 88 cents, and CoreWeave's below 80 cents with yields near 15%, because investors doubt that AI revenue will cover the borrowing; Nvidia's chief says he is still optimistic.

Starring

Inspector HaleWrenThe BubbleNightjar