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All 17 signals
Six layers, in the order things usually break. Each signal is calm, watch or flashing, and gets re-judged every morning from news and filings.
Checked Oct 26, 2026
| Signal | Layer | Status | Trend | Reading | As of |
|---|---|---|---|---|---|
| GPU rental prices | Collateral loses value | calm | steady | H100 about $2.88/hr, up 44% since December | Oct 24 |
| Hyperscaler lease pullbacks | Collateral loses value | watch | steady | No outright cancellations found; delay penalties now above $5M a day | Oct 24 |
| Neocloud stocks | Weakest borrowers crack | flashing | easing | CoreWeave $53.41, down 39% in a month; IREN down 45% | Oct 26 |
| Neocloud bonds | Weakest borrowers crack | flashing | steady | CoreWeave 2031 notes yield a record 15.76% | Oct 22 |
| Customer concentration | Weakest borrowers crack | watch | steady | Microsoft about 45% of CoreWeave revenue, down from 72% | Oct 24 |
| Delayed projects | Weakest borrowers crack | flashing | steady | Roughly 30–50% of 2026 US capacity delayed or canceled | Oct 19 |
| PIK interest share | Loans quietly go soft | watch | steady | Mixed: Blue Owl's PIK share up to 7.9%, Hercules down to 8.3% | Jun 30 |
| Amend-and-extend deals | Loans quietly go soft | watch | steady | Shadow default rate estimated above 10% | Oct 15 |
| Marks vs market prices | Loans quietly go soft | watch | worsening | BDCs mark loans at 97.6% of cost; the market prices them far lower | Sep 30 |
| Redemption gates | Funds feel pressure | flashing | steady | Gates at several managers at once | Oct 20 |
| Public BDC discounts | Funds feel pressure | flashing | easing | Sector about 29% below stated NAV | Oct 9 |
| Credit default swaps | Funds feel pressure | flashing | steady | CoreWeave 5-yr CDS about 1,145bp; Oracle at a record | Oct 21 |
| Pulled deals | Plumbing tightens | flashing | easing | Data center financing reported frozen after the CoreWeave rout | Oct 23 |
| Bank lines to funds | Plumbing tightens | calm | easing | Banks raising back-leverage costs and marking down collateral | Oct 15 |
| Downgrades and insurer exposure | Plumbing tightens | watch | steady | Rules tightening on $1.2T of insurer private credit; no downgrade wave yet | Oct 15 |
| Senior departures | People behave strangely | calm | steady | No CFO or senior exits; KKR and Apollo 8-Ks were board adds | Oct 26 |
| Late filings, auditor changes, restatements | People behave strangely | calm | steady | None found | Oct 26 |