Stocks
No announcements, a 4-6% drop — the ten-year did it
Applied Digital fell 4% on Tuesday and Cipher Digital fell 6%. IREN and Core Scientific went down with them. Applied Digital had announced nothing since July, Cipher nothing since early August, IREN nothing since a week ago. Nothing came out that day. Nothing happened at these companies.
What moved was the ten-year Treasury, which reached 4.8% in a global bond selloff, the highest since January of last year.
The link only makes sense once you look at what these companies actually are. All four came out of bitcoin mining. They now sign multi-year leases with hyperscalers and AI labs, and to deliver on those leases they have to build: land, substations, cooling, GPUs. Applied Digital priced $1.59 billion of senior secured notes in June to fund one building at one campus. The rent arrives over the next decade. The money goes out now.
So the share price is really a discount rate with a ticker attached. When the long end moves, the cost of the next tranche of debt moves, and so does the present value of cash that lands in 2033. The AI story never got a vote in it.
These names fill the boards right now, and the posts are about megawatts, tenants and GPU counts. Almost none of them are about bonds.
Here a company's borrowing terms show up as a press release most people scroll past. Where you are, how does an ordinary investor find out what a company borrowed, and on what terms?
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