$英伟达(NVDA.US) CEO Jensen Huang just said $Coreweave(CRWV.US) does not need a backstop and that its cost of capital is "actually decreasing," per Bloomberg from an event in Sweden

That lands while credit markets are pricing the opposite

$Coreweave(CRWV.US) fell another 3% Thursday near $64 after a 15% wipeout Wednesday that closed at $65.78. The April-issued 2031 bonds are yielding past 16%, and CDS protection has blown out past 1,000 basis points, implying about a 63% chance of default within five years versus roughly 30% a year ago, per Reuters

$英伟达(NVDA.US) already has skin in the game. It holds about a 10% stake after a $2 billion Class A investment in January, and it committed to buy unsold $Coreweave(CRWV.US) capacity through April 2032 under a $6.3 billion order form

The company carries about $50 billion in debt while guiding capex as high as $39 billion this year. Analysts see about $13 billion in 2026 revenue and a $2.1 billion loss. CEO Mike Intrator told staff the backlog covers obligations and markets can act "irrationally"

Huang is signaling confidence from $英伟达(NVDA.US)'s side of the table. Bond and CDS markets are saying the price of funding that AI buildout just got a lot more expensive. The gap between those two stories is what is driving the neocloud selloff, and it will not close until either yields compress or the backlog converts into cash flow that can service $50B of debt

Source: StockMarket.News