“I've been looking for an explosion when you're looking for, to quote my mate, Casey, a dead body. It's a slow boil. You find corpses here and there. Things die. Things don't happen. Contracts don't get signed. Debt doesn't get raised.”

…they buy things, whatever, but they're not holding quite as much. Why? It's probably because they don't think they're going to get paid long term. And to quote the CEO of the company from Margin Core, they're selling to willing buyers. But the thing is, it's not so much Core Weave and the AI bubble writ large. One of the mistakes I've made in my analyses is the early ones, I would say, is that I've been looking for an explosion when you're looking for, to quote my mate, Casey, a dead body. It's a slow boil. You find corpses here and there. Things die. Things don't happen. Contracts don't get signed. Debt doesn't get raised. So it's less that Core Weave suddenly explodes and more Coreweave misses payments and Core Weave cannot raise more debt. There was an analyst Isaac Pound that said that Core Weave needs to raise another 100 billion or so in debt by 2030. So across the next three years, at what? Like you're talking 10, 11, 12, 13% rates. At some point, even if you think AI is the most important thing ever, there…