Elon Musk Says Debt Markets Have "Almost Entirely Shut Off" for AI-Only Neoclouds, Expects "Guppy-Level Death...

Elon Musk says debt markets have "almost entirely shut off" for AI-only neoclouds and expects "guppy-level death and consolidation" across the 200+ operators.
The author thinks the bigger distinction is that financing isn't disappearing but becoming more selective, which could favor stronger operators like $NBIS, $CIFR, and $IREN as lenders prioritize contracted revenue, customer prepayments, and asset-backed financing.