Investors lent $1.25 billion to the company that runs AI computers for Microsoft and OpenAI. Four months later, they're down about $230 million on it. And the company's stock just dropped 15% because the people who lend money to AI companies are getting nervous. The company is CoreWeave. Back in June it sold those bonds promising to pay 9.625% a year until 2032. Then investors started worrying about whether it can actually pay all that back. If you own one of those IOUs today and want out, nobody's paying you full price anymore. You'd get about 81 cents on the dollar. That's why the chart shows the yield at 15%, since whoever buys at 81 cents collects the same interest payments for a lot less money. CoreWeave has four of these bond deals out there, around $6.75 billion total, and every one of them is now yielding over 12%. S&P rates the company B+, which is junk. What gets me is how cheap this money was at the start of the year. In January, the Bank for International Settlements looked at private loans to AI companies and found lenders were charging 6.2 percentage points over the base rate. For every other kind of private credit borrower, it was 6.1. Lenders were treating the most expensive buildout in a generation as basically no riskier than lending to a chain of dental offices. Chamath's team found why that's catching up with everyone now. CoreWeave borrowed for five years against customer contracts that average about three. So the loan sticks around after the contracts paying for it run out, and at that point the lender is betting on what CoreWeave can rent a GPU for in 2029 or 2030, on chips that will be a couple of Nvidia generations old by then. The mood flipped fast, too. In May 2025, CoreWeave's first big bond deal, $2 billion at 9.25%, drew five times more orders than it could fill, and the stock jumped 19% the day it priced. Investors read all that borrowing as proof the AI demand was real. Seventeen months later, the same pile of debt is what's dragging the stock down. And the bonds are only the part you can see. CoreWeave also borrowed billions in private loans, including a $7.5 billion deal led by Blackstone and Magnetar. Private loans don't get a fresh price every afternoon the way bonds do. They get valued every so often, mostly by the same funds that made them. So this chart is about the only live reading anyone has on what AI debt is really worth, and right now it's telling you lenders badly underpriced the risk back in January.