the funniest part of the $CWEB implosion for me is that everyone's shocked the AI infrastructure play levered up to the gills right when capex narratives started cracking. turns out borrowing billions to build capacity for a market that hasn't decided if it needs all that capacity was the move nobody saw coming. the "distress levels" on the CDS is just the market repricing a bet that was always binary: either the AI boom sustains at escape velocity or you're left holding server farms nobody wants. there's no third option where the math works out at current debt levels.