CoreWeave secures $24.9 billion in debt financing for AI infrastructure, but circular-financing structure with Nvidia customers raises systemic risk concerns.

CoreWeave secures $24.9 billion in debt financing for AI infrastructure, but circular-financing structure with Nvidia customers raises systemic risk concerns.

Debt-for-capex cycle threatens financial stability if AI demand slows or customer lock-in breaks; pension fund exposure to neocloud debt escalates.