Fox Bought Roku
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CoreWeave Bonds Hit New Lows as Texas Data Centers in Crosshairs
news.bloomberglaw.com4 points0 comments
CoreWeave’s debt came under sharp pressure after Democratic candidates who support slowing data-center construction won several gubernatorial races, including in Texas. The AI cloud-computing company’s unsecured bonds due in 2031 fell as low as 79.5 cents on the dollar on Wednesday, making them one of the weakest performers among high-yield borrowers. Its 2030 and 2032 debt also declined, with yields above 15% and prices near levels commonly associated with distressed bonds.
The selloff reflects investors’ concern that political shifts could make it harder or slower to build the data centers needed to support AI computing. Texas is a particular focus because CoreWeave is exposed to policy decisions affecting facilities there, and the election results put the prospect of tighter limits on construction in the spotlight. The reported market reaction shows how uncertainty around local approval and development policies can affect financing costs for companies dependent on rapid infrastructure expansion. The available text does not provide further detail on specific Texas proposals or the company’s individual projects.
Summary generated by AI from the linked article. hn.today is not affiliated with Hacker News or Y Combinator.
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