Altcoins with the Highest Number of Active Users in the Past Week Have Been Announced

After Jensen Huang's speech, CoreWeave's stock price, which had fallen by as much as 9.5% in early trading, turned positive. The company's five-year CDS rose above 1,190 basis points during Thursday’s session, a historical high reflecting the cost of debt default protection, while yields on some of its corporate bonds have climbed above 15% to 16%. The five-year CDS spreads for Oracle, Amazon, Google’s parent company, and Meta are all at historically high levels. Deutsche Bank analysts believe that as the AI capital expenditure cycle is increasingly supported by debt rather than free cash flow, investors must place greater emphasis on signals from the credit market. Overall, while AI-related financing costs are not yet excessively high, worrying signs have begun to emerge.

This Friday, major primary dealers of government bonds will receive the U.S. Treasury's routine survey before the refinancing announcement is released. Citigroup expects the survey may hint at a reduction in long-term bond issuance, or even the cancellation of 20-year U.S. Treasury bonds. Morgan Stanley emphasizes: "The next two refinancing announcements will be crucial, especially the one in November, which comes right after the midterm elections."

Investors concerned about rising inflation are shifting their focus to the potential impact of high borrowing costs on economic growth. Some commentators have linked the recent decline in U.S. Treasury yields to surging financing costs for AI-related companies, suggesting that pressure in the technology stocks and AI infrastructure sectors is driving funds toward safe-haven assets such as government bonds.