← Depreciating CollateralEren Kahraman · November 2026

Figure 4.2. Developments in October and November 2026

13 Oct, Development: IMF Global Financial Stability Report identifies an AI-related correction as one of three salient risks. 14 Oct, Development: Implied yields on CoreWeave notes maturing in 2030-2032 approach 15-16%. 30 Oct, Development: Nasdaq falls 2.9%; S&P Global revises Meta’s outlook to negative. 31 Oct, Development: WSJ: CoreWeave, Nebius and Nscale effectively shut out of the bond market; OpenAI raises USD 11 billion against a USD 30 billion target. 2 Nov, Development: Anthropic’s amended S-1 discloses about USD 895 billion in commitments. 4 Nov, Development: OECD Pensions Outlook 2026: pension assets reach USD 78 trillion at end-2025. 6 Nov, Development: ING offers about USD 500 million of data centre loans for sale.

13 OctIMF Global Financial StabilityReport identifies an AI-relatedcorrection as one of threesalient risks14 OctImplied yields on CoreWeavenotes maturing in 2030-2032approach 15-16%30 OctNasdaq falls 2.9%; S&P Globalrevises Meta’s outlook to negative31 OctWSJ: CoreWeave, Nebius and Nscaleeffectively shut out of the bondmarket; OpenAI raises USD 11 billionagainst a USD 30 billion target2 NovAnthropic’s amended S-1discloses about USD 895 billionin commitments4 NovOECD Pensions Outlook2026: pension assetsreach USD 78 trillionat end-20256 NovING offers about USD 500 million ofdata centre loans for sale
13 OctIMF Global Financial Stability Reportidentifies an AI-related correction asone of three salient risks14 OctImplied yields on CoreWeave notesmaturing in 2030-2032 approach 15-16%30 OctNasdaq falls 2.9%; S&P Global revisesMeta’s outlook to negative31 OctWSJ: CoreWeave, Nebius and Nscaleeffectively shut out of the bond market;OpenAI raises USD 11 billion against aUSD 30 billion target2 NovAnthropic’s amended S-1 discloses aboutUSD 895 billion in commitments4 NovOECD Pensions Outlook 2026: pensionassets reach USD 78 trillion at end-20256 NovING offers about USD 500 million of datacentre loans for sale

Source: IMF (2026); Crypto Briefing (2026); Reuters, via Investing.com; WSJ (2026a, 2026b); Anthropic (2026); OECD (2026d); CNBC (2026a).

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Figure 4.2. Developments in October and November 2026: data
DateDevelopment
13 OctIMF Global Financial Stability Report identifies an AI-related correction as one of three salient risks
14 OctImplied yields on CoreWeave notes maturing in 2030-2032 approach 15-16%
30 OctNasdaq falls 2.9%; S&P Global revises Meta’s outlook to negative
31 OctWSJ: CoreWeave, Nebius and Nscale effectively shut out of the bond market; OpenAI raises USD 11 billion against a USD 30 billion target
2 NovAnthropic’s amended S-1 discloses about USD 895 billion in commitments
4 NovOECD Pensions Outlook 2026: pension assets reach USD 78 trillion at end-2025
6 NovING offers about USD 500 million of data centre loans for sale
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From Depreciating Collateral: Technology risk in AI infrastructure debt and who holds it, Eren Kahraman, November 2026. Data as of 7 November 2026. Download the paper (PDF)