Premium"Over 80% Of Neoclouds Will Fold": Gartner Predicts A Bloodbath As CoreWeave Credit Prices In Default
The stock market spent Wednesday catching up with the credit market. Then Gartner gave both of them a number.
Earlier today, we explained why CoreWeave was imploding: its 2032 unsecured bonds had crossed into distressed territory, equity holders were finally reading the same tape bondholders had been reading for weeks, and its default risk was suddenly going into low earth orbit. But there was a second reason the entire neocloud complex got taken out to the woodshed on Wednesday, and it came from an unlikely place: an IT research shop better known for "Magic Quadrants" than for moving markets.