Credit-Analysis

CoreWeave: Caught Between Paper and Silicon CoreWeave’s Race Against Physical Reality I. EXECUTIVE SUMMARY The AI infrastructure buildout is the largest capital expenditure cycle in human history. Hundreds of billions of dollars are flowing through a supply chain that converts financial commitments — contracts, leases, debt — into physical infrastructure: GPUs racked in data centers, running workloads, generating revenue. The conversion works as long as every link in the chain keeps pace. If any link slows down, the financial obligations don’t pause. They compound. ...

Carvana: The Return of Subprime Auto in Prime Clothing Why the 10,000% Rally from $4 to $415 is Built on Deteriorating Credit and a Fragile Securitization Model I. EXECUTIVE SUMMARY Carvana’s 10,000% rally from $4 to $415 is being celebrated as one of the greatest comeback stories in market history. We believe it is built on a foundation of deteriorating credit quality that the market has not yet recognized, hidden behind a “prime” ABS designation that was never an accurate description of the underlying collateral — and is becoming less so by the quarter. ...