Greythorn Research

$CRWV is lining up a $4B loan at ~7.5%, per Semafor. Its unsecured bonds have yielded nearly 16%.

Same borrower, roughly half the rate. The difference is whose credit stands behind it: the loan is backed by CoreWeave's contracts with $META.

$NVDA closed down 11.0% from Nov 6 through Nov 12. The chip index rose 11.9% over the same four sessions, and $AMD rose 30.3%.

That 23-point gap is the market pricing NVIDIA's leadership risk on its own, apart from the AI trade.

$NVDA is putting about $10B into Anthropic's IPO.

Per the S-1/A filed Nov 10, seven partners will buy $26.0B of non-voting Class N stock at the IPO price. $15.0B of it comes from chip and memory suppliers: NVIDIA, $AMD, $AVGO, $MU and TSMC.

CoreWeave reports third-quarter results after the US close today, with the conference call at 5pm ET.

It is the first large neocloud print after last week's selloff.

investors.coreweave.com/news/news-deta…

Is NVIDIA now financing its own demand?

$NVDA's own filings show up to $108.5B of guarantees, incl. a cap of $105B on lease payments for OpenAI's 4.25 GW Ohio site.

We read NVIDIA's last three filings as a lender would. 🧵