A sharp rise in the yields on U.S. CoreWeave corporate bonds accelerated selling in AI-related stocks. The Nikkei Average fell sharply in Tokyo, while the Nasdaq also remained on a downward trend.
CoreWeave, a U.S. company involved in AI cloud services, saw the secondary-market yield on bonds with a 9.625% coupon temporarily rise into the 15% range, intensifying selling pressure, particularly in AI semiconductor stocks. As a result, the Nasdaq Composite fell sharply in the U.S. stock market on the 14th, and the Nikkei Average also fell significantly the following day.
In Tokyo trading on the 15th, the Nikkei Average temporarily fell more than ¥2,600, while the Nasdaq, which has a high weighting of technology stocks, declined approximately 1.9%. Multiple reports carried the decline in the Nikkei Average.
Nvidia, Cisco Systems and other major technology companies, as well as major funds, are reportedly investing in CoreWeave. There are indications that the world's hyperscalers are expanding their fundraising through corporate bonds. The Japanese market became more risk-averse, and government bonds also saw buying interest.