You can't really rip off bond-holders when you are not positive EBIT and EBITDA...

The problem is OAI/Anthropic - but if OAI and Anthropic fail the whole thing comes apart. Goog, Meta etc will be fine as they had tremendous cash flow generating operations prior to datacenter offerings w.r.t LLMs.

And if default risk rises, yes the value of those bonds will get crushed. But Id argue the value of equity will be more so - since they are not A) positive EBIT B) EBITDA

Those two numbers are variables that compose measures of default risk.

Calm your panties down. Kroll != S&P.

This is not panic selling. This is someone who has done their own analysis and determined the situation does not look sustainable and it's time to get out.