Key facts
- CoreWeave shares down 15% on Wednesday and 6% after market.
- Yields on CoreWeave's 2032 debt surged over 15%.
- US 10-year Treasury yields dropped nearly 8 basis points.
- TSMC expected to report record earnings on Thursday.
- ASML customers placing AI chip tool orders for 2029-2030.
The sharp selloff in AI-related assets continued, impacting markets from Asia to Europe and driving investors into bonds. CoreWeave, a data-center operator with nearly $50 billion in debt, was at the center of the rout, with its shares falling significantly and yields on its debt soaring above 15%. This triggered concerns in the high-yield debt market, prompting a flight to safety in Treasuries and sovereign bonds. Despite the selloff, chipmakers like TSMC are still reporting strong earnings, and ASML is seeing robust demand for future chip manufacturing tools.