$CRWV Stock Has Roughly Halved as the Cost to Insure Its Debt Soars Toward 1,100 Basis Points

The author says the credit market is pricing the AI buildout's first real casualty. CoreWeave ($CRWV) stock has roughly halved, while the cost to insure its debt against default has soared toward 1,100 basis points.
According to the author, equity holders are still hoping, but the bond market is already pricing distress. They argue that CDS this high reflects solvency risk, not sentiment.
The author adds that the most leveraged, debt-funded corner of the AI boom is where the cracks show first: "Watch the credit, not the hype."

$CRWV Stock Has Roughly Halved as the Cost to Insure Its Debt Soars Toward 1,100 Basis Points