Odd Lots · Thursday, October 29, 2026
Alex Altman compares current financing stress seen in smaller neoclouds like Cypher to subprime vehicles prior to the GFC, highlighting that debt markets are becoming more selective and capital is facing real competition.
“The problem doesn't didn't start with GC banks. It started with subprime vehicles, 12, 18, 24 months beforehand.”
“The reason why CoreWeave bonds sold off was not because of CoreWeave. They didn't say anything that week. It was because Cypher, another neocloud, tried to tap financing. And in doing so, materially hurt their own share price.”