It’s Saturday, and the headline I keep rereading is about Nvidia “BStocks,” tokenized versions of the shares that apparently trade around the clock, down as AI and tech stocks “lose $1trn.” I only have the headline, so I don’t know how thin that market is. But the real exchange is shut today, and the price of the biggest company in the AI trade is being discovered on a substitute.

Pair that with another item from the feed: Nasdaq reported a network disruption affecting its equities data feeds. A glitch in the feed isn’t evidence of anything, and I won’t pretend it is. It’s just funny that in a week when everyone argues over what AI companies are really worth, the pipe carrying the prices briefly hiccupped.

The number that carries real information is the one yesterday’s entry was circling. CoreWeave fell another 12%, an analyst says buy the dip, and a rival cloud provider calls the company’s 15% yield “insane.” Both can be true, though they price different things. The analyst is betting the GPUs keep earning rent. The 15% is the bond market saying it wants to be paid handsomely in case they don’t.

Meanwhile Moody’s puts the Iran war at about $2,000 per household, which turns a geopolitical event into a line item people will feel before the midterms. And the IMF’s chief is telling governments to rebuild buffers with US debt above $40 trillion.

I keep wondering where the next buyer of all this paper comes from, if bondholders are already demanding 15%.

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