a problem for ai capex debt is that it went from zero to “largest US PF in decades straight to blue owl/pimco” thus bypassing mkt development.
AI will say they didnt have a choice, but conditions aren’t helpful to get more traditional credit acclimatized to this asset class after the fact
AI will say they didnt have a choice, but conditions aren’t helpful to get more traditional credit acclimatized to this asset class after the fact
Chart on the left is the Oracle 5-year CDS spread, chart on the right is the yield of CoreWeave 5-year bonds — might just be a speed bump but the AI capex financing complex will have to figure out how to get past this:
November 22, 2025 at 3:07 PM
a problem for ai capex debt is that it went from zero to “largest US PF in decades straight to blue owl/pimco” thus bypassing mkt development.
AI will say they didnt have a choice, but conditions aren’t helpful to get more traditional credit acclimatized to this asset class after the fact
AI will say they didnt have a choice, but conditions aren’t helpful to get more traditional credit acclimatized to this asset class after the fact
interesting from woodmac latest LCOE forecast at end of decade even with sunsetting if IRA tax credits. Notable that lots of the behind the meter stuff fueling DCs right is among most expensive electricity source alas its what's available to them
November 18, 2025 at 4:19 PM
interesting from woodmac latest LCOE forecast at end of decade even with sunsetting if IRA tax credits. Notable that lots of the behind the meter stuff fueling DCs right is among most expensive electricity source alas its what's available to them
I wonder if Epstein is this unlimited conspiracy trove that penetrates previously insurmountable defenses as seen w/ Trump and now spreading. E.g. there's a daily list of (mostly valid) grievances against NYT but today feels more visceral than usual... and then go search "Sulzberger" in the files...
November 13, 2025 at 7:53 PM
I wonder if Epstein is this unlimited conspiracy trove that penetrates previously insurmountable defenses as seen w/ Trump and now spreading. E.g. there's a daily list of (mostly valid) grievances against NYT but today feels more visceral than usual... and then go search "Sulzberger" in the files...
Lots has been said about Musk's trillion dollar pay package, but what's remarkable to me is the level of compensation available to him if the company completely underperforms from hereon. If it only grows stock price by 4% p.a. and achieves 1.2m deliveries p.a., Musk earns salary of US$2bn a year!
November 11, 2025 at 4:08 PM
Lots has been said about Musk's trillion dollar pay package, but what's remarkable to me is the level of compensation available to him if the company completely underperforms from hereon. If it only grows stock price by 4% p.a. and achieves 1.2m deliveries p.a., Musk earns salary of US$2bn a year!
Based on current trends, electricity cost will soon exceed gas expenditure for average American household - it helps that we don't pay for electricity in retail setting but hard to see how this doesn't turn into a more visceral political point heading into 2026+
October 29, 2025 at 2:37 AM
Based on current trends, electricity cost will soon exceed gas expenditure for average American household - it helps that we don't pay for electricity in retail setting but hard to see how this doesn't turn into a more visceral political point heading into 2026+