The markets are just in the Twilight Zone at the moment. The CDS on some of these bonds are now priced assuming the bonds will fail (or at least more likely than not). Per headlines on Friday, Anthropic would likely be rated as “junk” status from a bond risk standpoint were it to go public.

From a financial standpoint this is all looking like early 2008. The risk assessment bits of the market seem to have concluded this is all totally f*ked. But money keeps getting pumped into things that the market has decided will fail because the only thing that stops it from imploding is pumping more money in.

Like 2008 once key players get their armor on, expect things to suddenly unleash in a way that gets real ugly real quick. This is essentially what the article is saying. This all only hasn’t collapsed because money lenders haven’t pulled the plug yet. When that happens, and with every day this looks like a question of when not if, it will be a $hitstorm the likes of which we’ve not seen in a while.