Bonds of AI infrastructure provider CoreWeave have traded at distressed levels for three consecutive days, with its 9.625% notes due 2032 closing with a yield of approximately 14%, and its 2031 notes yielding over 16%. Its five-year CDS closed at 1117 basis points, implying an approximately 63% probability of default within five years. According to Wallstreetcn, citing a Morgan Stanley report, CoreWeave as a tenant underpins the repayment capacity of over $14 billion in data center bonds in the high-yield market. Its capital cost crisis directly impacts the debt repayment ability of issuers such as Applied Digital, Core Scientific, and Galaxy Digital.