EVERY TIME I’M CONVINCED WE’RE IN A DEFLATING BUBBLE, I SEE A HEADLINE LIKE THIS ONE: CoreWeave beats on revenue and lifts guidance, easing AI slowdown concerns.

But then you go past the headline to details like these, and it looks like a bubble again: “CoreWeave has lost over 40% of its value in the past month, as investors rotate out of companies most closely tied to AI infrastructure. Rising interest rates have pushed lenders out of the market, raising concerns about ongoing access to capital. Some CoreWeave bond yields recently topped 16%.”