"Worrying Themes At The Edges": Deutsche Maps Every Bond In America And Finds Where AI Credit Is Cracking

Is the AI trade now a credit problem, or just a CoreWeave problem? With the Kospi crashing, neoclouds liquidated and CoreWeave's bonds sinking into distress (Oct 14), Deutsche Bank's Research Institute did the obvious thing nobody else had bothered to do: it plotted yield against maturity for every single bond in the USD investment-grade and high-yield indices, and colored in the AI names.

The verdict, from DB's "Artificial or real funding costs?" Chart of the Day:

Three Tiers Of AI Credit