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Story summary
- HSBC assigned CoreWeave a Reduce rating and a $39 price target.
- CoreWeave carries over $51 billion in debt to fund its AI infrastructure build-out.
- Unsecured bond yields rose to 14-15%, pushing CDS spreads to distress levels.
- Shares closed at $61.39, a 56% drop from the 52-week high of $139.93.
- HSBC projects 2027 revenue of $12 million per megawatt and a 15-16% long-term non-GAAP margin.