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The companion research report to Felix Prehn’s video, prepared by Goat Academy Research. Enter your email address and the report opens immediately.

A 21-page research report on the company the AI boom runs through and what the last comparable episode looked like. CoreWeave borrows, buys Nvidia chips and rents them out by the hour; CNBC puts its debt at about $50 billion, Deutsche Bank calculates roughly $10 billion a year of operating cash against $45 billion of planned spending, and its three co-founders have sold about $3.3 billion of their own shares since the March 2025 listing. The report explains why that matters beyond one stock: the 9.625% 2032 bonds trading at about 76 cents on the dollar, a record cost to insure the debt with implied default odds near 60%, and the funds, banks and pension schemes that lent the money also owning the rest of the market. It then walks through 2000, when the plumbing was Cisco at about 200 times earnings, the Nasdaq fell 78% over 31 months and took 15 years to make a new record, and Amazon fell 94% on its way to becoming one of the biggest companies on earth. It sets out what is different today, including the Nasdaq 100 at about 21 times forward earnings and big tech funding much of its AI spending from profits, reads out what a senior Goldman Sachs trader told institutional clients about forced selling and repricing risk, lists four signals Felix Prehn is watching, and closes with one sorting exercise: separate the companies that own scarce computing power and pay for it from their own profits from the ones that need lenders to keep saying yes every year. It is an explanation of a mechanism, not a prediction of the next market move.

Goat Academy is an online financial education institution founded by economist and former investment banker Felix Prehn.