Not the Weakest

This week, data-centre bonds met what Allianz's investment chief calls their Darwin moment. Aki: why now? Old Tane: OpenAI delayed its listing, Anthropic's growth slowed; CoreWeave's bonds, seventy-five cents on the dollar. Lord Ozen: every bond survives! Aki: not the weakest.

The slide in AI data-centre bonds has a trigger and a name: it followed OpenAI's decision to delay its stock market debut until next year and a slowdown in Anthropic's quarterly sales growth; Allianz's investment chief calls it the bonds' 'Darwin moment', in which the weakest credits struggle to survive, and CoreWeave's bonds have sunk as low as 75 cents on the dollar with yields above 15%.

Starring

🎙️The TellerAkiOld TaneLord Ozen