继续发债继续跌，“英伟达亲儿子”CoreWeave陷入“债务恶性循环”

Core Viewpoint - CoreWeave plans to issue $2 billion in convertible bonds, raising concerns about its debt burden as total debt reaches $14 billion [1][4] Debt and Financial Concerns - The new bond issuance comes amid increasing worries about CoreWeave's ability to service its debt, with existing bonds maturing in 2030 and 2031 facing significant sell-off pressure [3][4] - CoreWeave's five-year CDS spread has surged from 368.395 basis points to 642.965 basis points, indicating a decline in market confidence [1][3] - The company is facing high interest rates of 9% and 9.25% on existing debt, contributing to fears of a "borrow-to-pay" cycle [4] Stock Performance and Market Reaction - Following the announcement, CoreWeave's stock fell by 2.3% to $86.24, with a monthly decline of 17% [1][3] - The stock price briefly dipped to around $80, reflecting investor concerns about the company's financial health [1] Business Model and Future Outlook - Originally a cryptocurrency mining company, CoreWeave has shifted its focus to AI workloads, which may provide growth potential if demand continues to exceed supply [5] - The issuance of convertible bonds could dilute existing shareholders if converted to equity, or increase fixed repayment obligations if not [5]