The $CRWV Selloff May Stem From a Hedge Fund Blowing Up Twice Rather Than Weak AI Demand

The recent CoreWeave ($CRWV) selloff may have nothing to do with artificial intelligence demand and could instead be driven by a single hedge fund blowing up for a second time:
- CoreWeave bond yields surged from 9% to 15% even as Graphics Processing Unit (GPU) rental prices rose sharply, suggesting underlying demand is not the issue.
- The Situational Awareness Fund blew up in March, with Citadel purchasing its entire public book while the fund's Anthropic position kept it afloat.
- According to a theory from Brett, the same manager pledged Anthropic shares as collateral in September, loaded up on options, and is now facing another liquidation.