On October 15, 2026, CoreWeave's 2032 notes traded at distressed levels with yields above 15% and credit default swaps blowing out. The bonds fell to $0.80 on the dollar and the stock dropped 15% while the NASDAQ fell 1.6%. Reporting since has established that Q3 interest expense is projected at almost four times operating income, OpenAI is one third of revenue, and the company carries about $70 billion in liabilities across 51 data centers. Insurers have bought close to $800 million of one project-specific loan, with American General Life, Fidelity and Guarantee Life, and Security Life of Denver holding over $740 million in Blackstone-managed portfolios. CoreWeave has about $22 billion in liquidity, roughly enough through year end; Nvidia's Huang said…