Unsecured bond yields for AI data center company CoreWeave have surged to 15%, raising market concerns about the sustainability of AI infrastructure investment cycles. According to the Financial Times, Ajay Rajadhyaksha, Chairman of Global Research at Barclays, noted that this primarily reflects the lower repayment priority of CoreWeave's unsecured bonds within the company's capital structure, rather than a crack in the AI capital expenditure cycle. He believes that CoreWeave's capital expenditure guidance ($35 billion to $39 billion by 2026) accounts for only about 4% to 5% of the industry total, and the true risk signal would be a significant drop in computing power prices.