On October 23, QCP stated that credit risks related to AI infrastructure are accelerating in repricing. CoreWeave's bond yield has risen to about 15% this year, and its stock price fell by 10% on October 22, as the market begins to reassess high financing costs and debt sustainability. This pressure has spread from CoreWeave to the broader neocloud infrastructure sector, dragging down the performance of tech stocks and crypto assets, while pushing funds towards long-term US Treasuries. In Europe, the yield on France's 10-year government bonds has surpassed 5%, exceeding 5.1% on October 22, with the spread against German bonds widening to about 170 basis points, reflecting an increase in fiscal and credit risk premiums in the Eurozone. Meanwhile, geopolitical tensions in the Middle East have pushed Brent and WTI crude oil prices to five-month highs, further increasing inflation and monetary policy uncertainty. QCP noted that the market pricing for a rate hike by the Federal Reserve in October is close to zero, but confidence in a rate cut in December has also declined. Bitcoin continues to weaken alongside stocks and other risk assets, showing no independent trend, and currently reflects more of a macro risk appetite.