AI’s Credit Problem Is Here: Meta, CoreWeave & SpaceX CDS Spike
Notas del episodio
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Dan Nathan and Guy Adami “bookmark” a pivotal week heading into major tech earnings, a Fed meeting, and the midterms, noting the S&P’s resilience near highs despite sharp damage in former leaders like semis and select tech. They argue money isn’t leaving equities but rotating into defensives such as staples, utilities, healthcare, defense, software, and especially cybersecurity (Palo Alto, CrowdStrike, Zscaler), while discussing how 10-year yields around 5% and shifting bond-market dynamics affect rate-sensitive stocks and tech financing. They focus on AI-driven CapEx, negative free cash flow at Meta, dilution via a new share class, and rising CDS levels (including CoreWeave and Meta) as potential warning signs. They also cover weakening AI sentiment via chip-equipment weakness, questions around Anthropic/OpenAI IPO readiness amid decelerating growth, crude oil strength tied to geopolitics, and puzzling gold weakness despite the macro backdrop.
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