CoreWeave's 2032 bond yield surged above 16% on its 9.625% coupon, while its five-year credit default swaps (CDS) spiked to 1,289 basis points before easing to 1,155 bps, signaling acute credit stress for the neocloud provider. Broader AI infrastructure financing costs are rising: Nvidia CDS increased 76% to roughly 139 bps, Broadcom rose 49%, and Amazon gained 44% to still-low absolute levels, compared to Oracle at 298 bps. Markets are pricing in political risk after Democratic victories in Ohio, Texas, and Georgia — states hosting 45% of planned U.S. data center capacity per Goldman Sachs. Texas governor-elect Gina Hinojosa supports a moratorium pending legislative community protections. Despite this, AI debt issuance remains robust: Goldman Sachs tracked five deals totaling $67 billion since October 29, bringing 2026 hyperscaler issuance to $296 billion, with a $440 billion forecast for 2027 plus $300 billion in project-level debt. Bank of America projects AI credit issuance peaking at $685 billion in 2027 (up 31%) before falling 23% to $531 billion in 2028. Hyperscalers posted collective negative free cash flow in Q3 as capex exceeded operating cash flow, and delayed monetization plus growing purchase commitments threaten further debt capacity. The Trump administration's National Economic Council Director Kevin Hassett maintains growth forecasts will hold.