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America’s $10 Trillion AI Bet
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Three major developments on Tuesday have important implications for interest rates, financial markets, and the enormous investment boom in artificial intelligence.
First, US inflation exceeded expectations. Consumer prices increased 0.4% in October, strengthening expectations that the Federal Reserve will raise interest rates again in December.
Treasury bond yields surged, with the ten-year yield briefly exceeding 5%.
Second, CoreWeave reported extraordinary revenue growth of 168%, but its quarterly net loss widened to $709 million. The company's debt reached approximately $46.9 billion, while net interest expense increased to $846 million in just three months.
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