Matt Miller

So the company had announced earlier this year they're separating it into a stand-alone entity, but we're waiting for the glasses to come out later this year.

All right, tough to go up against Meta with that business as well.

Thank you so much, Leanna Baker, on that.

Let's get to the NeoCloud story now because CoreWeave has raised another $8 billion.

$8.5 billion to expand its cloud capacity as the debt binge fueling the AI boom continues.

Shares of Corweave climbing on the news.

The loan is backed by a combination of semiconductors and a customer contract to use those chips.

Bloomberg reported last month that the deal was with Meta.

Let's get more details with our markets reporter, Bailey Lipschultz.

So, Bailey, what do we know about this stock and its incredible borrowing performance?

Yeah, Matt, this is probably the most debated stock on Wall Street, maybe behind Tesla.

And when you look at kind of that debt binge, they have been clearly tapping every avenue or venue that they can.

And they really, according to the company, this is the largest chip backed product in terms of borrowing.

So when you put this into an SPV, you're using, again, to your point, about $8.5 billion of borrowing power.

That is going to go into funding and building out the operations, as you mentioned, backed by that Meta contract.

So this is a company that, if you talk to the bulls, they're being very novel with different ways to fund these build-outs and fund these operations.

If you talk to some of the skeptics, this is just another move to borrow money and use the name of Meta to help back that up.

So I look at, you know, again, the market cap here, it's a $40 billion company, but they have $23 billion in debt on the DDIS page, and I assume that's not including something like this because, as you said, it's an SPV.

Yeah, the structures are interesting, and when you talk to investors, if you're talking to private debt buyers, they love this because, okay, you're actually backing an individual product that is investment-grade, according to Moody's, that is backed by a contract with Meta.

If you talk to equity investors on the public side, to your point,