Data center bonds are cracking: paper funding Hyperion and Project Excalibur, where Meta, Nvidia and Oracle are tenants, has fallen well below par in recent weeks, per El-Erian citing FT. Investors ar

What happened: Bonds issued to fund data centres whose tenants include Meta, Nvidia and Oracle, such as Hyperion and Project Excalibur, have fallen well below par in recent weeks. Investors are also selling debt from neocloud companies, including Nvidia-backed CoreWeave. Why it matters: The selling hits the companies that have been most aggressive in financing their AI build-out, signalling investor concern over how that expansion is funded. Note: no concrete figures beyond the named companies and projects appear in the content, so the Key numbers line is omitted.

Bonds issued to fund data centres whose tenants include Meta, Nvidia and Oracle, such as Hyperion and Project Excalibur, have fallen well below par in recent weeks. Investors are also selling debt from neocloud companies, including Nvidia-backed CoreWeave.

The selling hits the companies that have been most aggressive in financing their AI build-out, signalling investor concern over how that expansion is funded. Note: no concrete figures beyond the named companies and projects appear in the content, so the Key numbers line is omitted.