Analyst Liz points out that for SpaceX, the cost of the "fear" triggered by AI anxiety, calculated using Wall Street's quantitative methods, is approximately 200 basis points. Four months ago, SpaceX issued its first corporate bonds. At that time, the market was still immersed in optimistic expectations for the future, and the company's highest-cost bond financing had an interest rate of 6.65%. According to a source familiar with the matter, the highest-cost tranche of SpaceX's recently finalized $40 billion private credit financing will have an interest rate as high as 8.75%. Since reports of related pricing negotiations last week, this rate has climbed further. Breaking down this spread, at least 25 basis points can be attributed to the Fed's September rate hike and market expectations of another Fed rate hike before the end of the year. The remaining part stems purely from market anxiety. This 200 basis points means hundreds of millions of dollars in additional borrowing costs, which cannot be attributed to the Fed, nor entirely to the belated risk awareness of lending institutions. The real reason is that the market's doubts about the return on investment in artificial intelligence are deepening, and at the same time, there is growing skepticism about borrowers' ability to repay debts.
