Group 1 - The financing boom for artificial intelligence infrastructure is facing challenges, highlighted by a large bond issuance related to AI company CoreWeave that did not attract strong market interest due to high risk exposure [1] - Applied Digital's $2.35 billion junk bond issuance received only about $2 billion in orders, contrasting sharply with recent successful transactions in the same sector [1][2] - The main reason for the lukewarm market response is the lack of credit backing from major players like Alphabet, which was present in previous successful deals involving TeraWulf and Cipher Mining [1][2] Group 2 - Applied Digital's bonds are expected to yield around 8.5%, significantly higher than the yields of recent comparable transactions, which were 7.75% for TeraWulf and 7.125% for Cipher Mining [1] - TeraWulf's $3.2 billion bond attracted over $10 billion in orders, while Cipher Mining's $1.4 billion bond drew more than $7 billion, largely due to implicit support from Alphabet [2] - Standard & Poor's noted that Applied Digital is "highly dependent on CoreWeave," which is expected to contribute about two-thirds of its contract revenue, raising investor concerns [2]
AI“加杠杆”开始有难度了？CoreWeave相关数据中心发债遭市场冷遇
Hua Er Jie Jian Wen·2025-11-13 00:44