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Shares of NeoCloud companies plunged after debt yields for NVIDIA-backed CoreWeave continued to reach new highs.

Meanwhile, Social Capital founder Chamath Palihapitiya raised questions about private, a private credit bubble alongside a screen grab showing CoreWeave's bonds hitting a 15% yield.

Um, Elon Musk replied, 'Yikes.' CoreWeave stock plunged 15%.

Nebius Group and Eren, popular trades connected to the data, data center build-outs, also fell as much as 10%.

If you are trained on otherwise out-of-sample data where you are expected to do crazy things like insert comically evil backdoors into code, then that requires much bigger adjustments to make it make sense.

Image, a stacked bar chart from Social Capital using semi-analysis data titled Share of Frontier Lab Compute by Workload by Quarter from Early 2024 to an Estimate for Late 2026.

Pre-training falls from 67% to 7%, post-training and RL grow from 4% to 55%, and inference holds near a third.

Massive fraudulent distillation.

We're gonna talk about what's going on in, uh, tech, uh, really about AI in general and just some of the kind of ripple effects that's going on as it relates to the financing of the AI build, something that we've been talking about, um, for a very long time.

Your good friend and mine, Jamaal Palahapatiya, um, tweeting some stuff from Social Capital-

What does that even mean? What-

About the-

Like, he's got a mouthful of a last name, originally from Sri Lanka.

Chamath is a former Meta executive, the founder of Social Capital, and one of the co-hosts of the All-In podcast, and he's built this huge public identity around bold predictions, strong opinions, and a willingness to say things that other people would bury between 17 lines of context.

He speaks in headlines.

He gives you the conclusion.

Genesis 11, verse 4 tells us, And they said, Go to, let us build us a city and a tower, whose top may reach unto heaven, and let us make us a name, lest we be scattered abroad upon the face of the whole earth.

The complete lineup also included Shayam Sankar of Palantir, Hock Tan of Broadcom, Sanjay Mehrota of Micron, Nikesh Arora of Palo Alto Networks, Bill McDermott of ServiceNow Tom Brown of Anthropic, David Sachs of Craft Ventures, K-Math, and I'm not even going to try that last name, of Social Capital, and Brandon Raybar Daniels of Exeger, along with...

Brad Gertzner of Altimeter.

I want you to consider the unbelievable reach represented by that gathering of people, AI development, computer chips, cloud services, cybersecurity, government data systems, and investment capital.

And they were like, can you please just take a day off? We'll seat you somewhere around this very, very prestigious table with a lot of very powerful and prestigious people.

I said, I know I would love to go and sit with, I'd love to go and sit with Secretary Lutnick, And and Chamath Palapatiya from Social Capital.

I would love to do that, but I'm sorry.

I just I got I got to do the podcast.