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]

Group 1 - SoftBank Group issued $2.2 billion in junk bonds and €1.7 billion (equivalent to $2 billion) in bonds, raising a total of over $17.3 billion in investor subscriptions [1]

Core Viewpoint - JPMorgan forecasts that the size of "fallen angels" (investment-grade bonds that have been downgraded to junk status) will reach $65 billion by 2025 [1] Group 1 - The term "fallen angels" refers to investment-grade bonds that transition to junk status [1] - The projected scale of $65 billion indicates a significant potential shift in the bond market landscape by 2025 [1]

摩根大通：预计垃圾债和私人贷款债券将面临更多痛苦。 ...