**바클레이즈: 코어위브로 AI 사이클 전체를 걱정하는 건 과도**

• 2023년 SVB 사태에 비유

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~ "In 2023, markets extrapolated regional bank issues to the US economy," he wrote in a note to investors, referring to the troubles that ultimately took down Silicon Valley Bank in the spring of that year. "It was a mistake. Similarly, investors shouldn't extrapolate recent challenges for CoreWeave debt to a view on the entire AI capex cycle."

~ "**So in the most extreme bear scenario — CoreWeave stops spending entirely — we lose about 4-5% of total AI capex. If its spend merely halves, which might be a more realistic downside, the impact is 2%. On a trillion-dollar-plus 2027 estimate, that's $20bn. Not nothing. But not the cycle**."

[https://www.businessinsider.com/coreweave-bonds-ai-investing-stocks-bonds-crwv-barclays-2026-10](https://www.businessinsider.com/coreweave-bonds-ai-investing-stocks-bonds-crwv-barclays-2026-10)