Gavin Baker

speaker

1,686 appearances 2 recordings 1 series first heard May 2026 last heard 4 Aug

Gavin Baker’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

Recordings per month over the last 12 months — 2 in all, peaking in Aug 2026 with 1.

newest first · ▶ plays the moment

This causes a huge sell-off in semi-cap equipment.

And then we get to what I think is, in a lot of ways, the real concern, which is real yields have gone up, which makes sense.

You know, we're investing a lot to fund this investment.

And for sure, credit is an increasing part of it, even if the majority is still funded out of operating cash flows.

So real yields go up and spreads widen.

Meta priced a bond last week, and it did not price where you would think a meta bond would price.

And this just shows that the credit market— NVIDIA CDS was blowing out.

All of these—CDS for everybody is blowing out.

And, you know, very smart private capital people just like, hey, this is just exactly—

What you'd expect, these are just banks hedging their commitments, but nonetheless, it doesn't look good.

And these are undeniable facts.

CDS is up, spreads have widened, real yields are up.

That would be really, really scary if we needed debt to finance this build-out.

And that's where I think it's this differential between spot and contract pricing for the installed base of compute is so important.

And that's where things get 100 percent of the debt fueled build outs.

They demand immediate repayment.

So if supply and demand get a little bit out of whack, things can unwind very, very quickly.

That's what happened to the Internet.

If one believes, as I do, rightly or wrongly, after this month, I'm super open.

You know, I'm looking like I've been pressure testing all of these.

Showing 101–120 of 1,686 · page 6 of 85