Robert Schiffman

Yeah, well, listen, to me, this is yet another wildly bullish statement from the bondholder community, is that we were willing to waive in bonds because we believe in the AI growth.

Now, CoreWeave has a lot more to finance over time, but they're being very creative.

Today, they're doing a convertible deal.

They're also doing a bond deal.

Last week, they did a term loan backed by Meta's cash flows at investment-grade ratings.

So there's lots of different options that they have over time.

But what we're seeing deal after deal after deal, when bondholders get offered bonds at wider levels, they're going to wave them in and we're seeing them perform.

Yeah, well, that's what we do at BI.

We give opinions and we give them right away.

I think if you look, it's very simple.

Go on to the terminal, check FA, look at consensus free cash flow for these names.

They're massively negative.

And when they're massively negative, you need to borrow money.

I think Meta could be lined up to do an Amazon...

Google-like $50 billion deal across dollars and euros within the next couple months, maybe even tomorrow if the borrowing window stays open.

So exactly what's going on is you're seeing a tremendous amount of front-loading of CapEx.

So spending is happening now, and cash flows are going to follow later.

So in the meantime, you fill it in with bonds, and again, there is a market for that.

I think what the bond market is telling us is that AI bubble talks are so 2025.

That the concerns that at least from the creditor's perspective is not anything near what it is from an equity standpoint.