Robert Smith
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bondhack.ft.com
Robert Smith
@bondhack.ft.com
17K followers 1.6K following 1.4K posts
Corporate Finance Editor at the Financial Times.

Have a tip? Email: [email protected] / [email protected] | Signal: robert_smith_ft.55
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bondhack.ft.com
👏🏻
January 11, 2026 at 11:51 AM
Reposted by Robert Smith
mayfaircynic.bsky.social
A pub, a vape-shop, a William Hill, and a barbers all in one where you can also get your phone repaired.
Multi-use attractive retail is the future.
January 8, 2026 at 2:47 PM
bondhack.ft.com
a man with a nose ring and a black shirt is making a funny face with his eyes closed .
ALT: a man with a nose ring and a black shirt is making a funny face with his eyes closed .
media.tenor.com
January 6, 2026 at 10:21 PM
bondhack.ft.com
Meet FT Alphaville, sir, the FT’s more shitposty sibling. You may also enjoy this other recent post www.ft.com/content/6d1e...
Person of Interest 2025: the longlist
A 12th annual celebration of cancellation
www.ft.com
January 6, 2026 at 7:17 PM
bondhack.ft.com
It’s all going well so far tbf
January 5, 2026 at 6:39 PM
bondhack.ft.com
Yeah I get it. I think it was a little much to accuse me of a "disenguous answer" though. I can only speak to my own approach as I'm not in charge of the FT's social media policy.
January 5, 2026 at 4:30 PM
bondhack.ft.com
Fear not Jim, they’re aware of the situation! bsky.app/profile/lizz...
lizziedearden.bsky.social Lizzie Dearden @lizziedearden.bsky.social · 6d
Ofcom, which enforces the UK's Online Safety Act, says it is aware of "serious concerns" about Grok undressing people including children on X

“We have made urgent contact with X and xAI to understand what steps they have taken to comply with their legal duties to protect users in the UK," it says
January 5, 2026 at 3:50 PM
bondhack.ft.com
(and tagging @paultassi.bsky.social, who I hadn't realised was also on here)
January 5, 2026 at 1:26 PM
bondhack.ft.com
I stopped posting there quite a while back. bsky.app/profile/bond...
bondhack.ft.com Robert Smith @bondhack.ft.com · 6d
I stopped posting on there mid-2024 (save for a post flagging a scam impersonator and another post reminding people I no longer post there when I was receiving a lot of messages on there about a big story). Lots of other FT journalists are either solely or primarily on Bluesky too.
January 5, 2026 at 12:23 PM
bondhack.ft.com
I stopped posting on there mid-2024 (save for a post flagging a scam impersonator and another post reminding people I no longer post there when I was receiving a lot of messages on there about a big story). Lots of other FT journalists are either solely or primarily on Bluesky too.
January 5, 2026 at 11:33 AM
Reposted by Robert Smith
edzitron.com
Turning to the public markets, we see more evidence of enshittification. CoreWeave is utterly rotten and debt-ridden - OpenAI has negotiated *net 360 payment terms*, and NVIDIA in its earnings admitted it's had to backstop an entity that's very likely CoreWeave.

www.wheresyoured.at/the-enshitti...
As of its latest Q3 2025 earnings filing, CoreWeave is sitting on $1.1 billion in deferred revenue (income for services not yet rendered), up from $951 million in Q2 2025 and $436 million in Q1 2025. This means deposits have been made, but the contract has yet to be serviced. Now, I’m a curious little critter, so I went and found the 921-page $2.6 billion DDTL 3.0 loan agreement between CoreWeave and banks including Morgan Stanley, MUFG Bank and Goldman Sachs, and in doing so learned the following: OpenAI appears to have net 360 payment terms from CoreWeave — meaning it can pay literally a year from invoice. Per CoreWeave’s Q3 earnings (page 19), “...on occasion, the Company has granted payment terms up to net 360 days.” Per CoreWeave’s loan agreement (page 12), under “contract realization ratio,” “the sum of Projected Contracted Cash Flows applicable for the corresponding three-month period as determined on a net 360 basis.” CoreWeave is required to maintain something called a “contract realization ratio” of .85x — meaning that CoreWeave has to make at least 85 cents of every expected dollar or it is in default on their loan. This is important to note because it means that if, say, OpenAI decides not to pay up in a year, CoreWeave will be in real trouble. I apologize, that suggests that CoreWeave isn’t already in trouble. Buried inside NVIDIA’s latest earnings (page 17) there was a little clue: In the third quarter of fiscal year 2026, we entered into an agreement to guarantee a partner's facility lease obligations in the event of their default. The agreement allows our partner to secure a limited-availability facility lease backed by our credit profile, in exchange for issuing us warrants. The maximum gross exposure is $860 million, which is reduced as the partner makes payments to the lessor over five years. The partner has placed $470 million in escrow and executed an agreement to sell the data center cloud capacity, mitigating our default risk.
December 29, 2025 at 5:32 PM
bondhack.ft.com
Never tire of watching this.

youtu.be/dqSR8zQnFpA?...
Norm Macdonald — Rob Schneider Joke
YouTube video by I’m not Norm’s son
youtu.be
January 1, 2026 at 11:27 PM
bondhack.ft.com
Glad you saw this, it was an amazing piece of work.
December 29, 2025 at 11:09 PM