Credit markets are coming for(正扑向；正对……发难) CoreWeave. The price of a five-year bond issued by the “neocloud(新型云服务商)”, which rents out data-centre capacity for artificial-intelligence models, has fallen by 16% since July. The bond’s yield(收益率) is now 15%—a level associated with companies in financial distress(陷入财务困境)—up from 10% in July. The price of credit-default swaps offering insurance against a CoreWeave default implies that the probability of the firm being unable to service its debts in the next five years has risen above 60% (see chart 1).(为 CoreWeave 违约提供保险的信用违约互换价格显示，市场认为该公司未来五年内无力偿债的概率已超过 60%。)
信贷市场正对 CoreWeave 发难。这家“新型云服务商”出租用于人工智能模型的数据中心算力，其发行的五年期债券价格自 7 月以来已下跌 16%。债券收益率如今升至 15%——这一水平通常与陷入财务困境的公司联系在一起——而 7 月时仅为 10%。为 CoreWeave 违约提供保险的信用违约互换价格显示，市场认为该公司未来五年内无力偿债的概率已超过 60%（见图表 1）。
Investors increasingly worry that the companies at the heart of(处于……的核心) the AI boom will be unable to generate the cashflows(现金流) necessary to service(偿还（债务）) their vast debts. These concerns have spilled over(蔓延；溢出) from credit markets to cause a wobble(震荡；动摇) in the stock market, too: having fallen sharply, the tech-heavy NASDAQ index is now back to where it was in mid-May. Investors are pricing in(计入价格；消化) a debt stock that is getting bigger, more opaque(不透明的)—and increasingly risky.
投资者日益担心，处于 AI 热潮核心的公司将无法产生足够的现金流来偿还巨额债务。这些担忧已从信贷市场蔓延至股市，引发震荡：以科技股为主的纳斯达克指数在经历大幅下跌后，现已回落至 5 月中旬的水平。投资者正在消化一个规模更大、更不透明、风险也日益上升的债务存量。
It is not just CoreWeave causing furrowed brows(令人皱眉；引发担忧). Yields on the bonds of rival neoclouds, including Nebius and TeraWulf, are also rising. On October 19th the public listing(上市) of Elice, a South Korean competitor, turned sour(变糟；急转直下) as its share price plunged(暴跌) by a third in a day. Three others have delayed or cancelled their own listings in the past month. These businesses live on debt(靠债务生存). Of the ten listed neoclouds, only two are profitable. The combined borrowings of this group, at $100bn, are nine times its annual revenues.(该群体合计借款达 1000 亿美元，是其年收入的九倍。) Of that debt, $57bn-worth has been issued this year.
引发担忧的不止 CoreWeave。Nebius、TeraWulf 等竞争对手新型云服务商的债券收益率也在上升。10 月 19 日，韩国竞争对手 Elice 的上市表现急转直下，股价一天内暴跌三分之一。过去一个月里，另有三个同行推迟或取消了上市计划。这些企业靠债务生存。十家上市新型云服务商中，只有两家盈利。该群体合计借款达 1000 亿美元，是其年收入的九倍。其中 570 亿美元是今年发行的。
