reply the argument is that much of CRWV debt is delayed draw term loans which are secured by specific contracts and GPUs | Hanami
reply the argument is that much of CRWV debt is delayed draw term loans which are secured by specific contracts and GPUs, so pricing follows the end customer's credit profile rather than CRWV unsecured bonds. meanwhile spot GPU hours continue to rise due to shortage of plugged-in DC's.
data centers are the worst performing sector of the bond market this year, so some credit folks I know are warming up here for 2027.