CoreWeave CDS Spreads Surge Past 11%

CoreWeave's CDS spreads widened past 11%, a distress level that signals investors are buying protection as the company's debt costs climb above 15% on its 2031 and 2032 notes. The shock rippled through the sector, with CoreWeave, Nebius and IREN each losing more than 30% of their October value, and Elice Group and NextDC seeing 30% and 39.5% drops on debut and earnings cuts. SK Hynix pulled its U.S. Solidigm unit's IPO because of market volatility, saying the review was discontinued amid share-price trends. Meta's stock fell 7% after reporting negative free cash flow of over $2 billion and raising its full-year capex to $135 billion. "Demand for the neoclouds is off the charts," Nvidia CEO Jensen Huang told a Berlin conference, promising the capital gap will close.