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Jensen Huang has been busy.

Nvidia’s GTC in Berlin was the grand finale of a week-and-a-half whistle stop European tour. Huang met with world leaders — including U.K. Prime Minister Andy Burnham, French President Emmanuel Macron and German Chancellor Friedrich Merz — announced new products and even spent time talking to small robot ducks on stage.

The Nvidia chief must be tired. At a media Q&A on Thursday morning, he gave reporters an insight into his mantra. Talking about bringing data centers online faster, Huang said: “Try less sleep, which is what I do.”

And the trip’s not over for Huang. Today, he’s in Kazakhstan, touting the country’s potential as a major AI hub.

Amid all the activity in Germany, I spent two days in Berlin running around meeting with neocloud execs, investors and data center builders and suppliers. 

Here are the main themes that came up.

The final day of the conference came amid a selloff among public neocloud stocks. CoreWeave ended the day down 10% and Nebius dropped 7% by market close. 

It continued a tumultuous period for companies leasing AI compute, with many of their stocks plummeting on concerns over heavy borrowing.

Huang — perhaps unsurprisingly considering Nvidia’s sizeable stakes in many of those companies — was more bullish. 

“If you look at the fundamentals, the demand for the neo clouds is off the charts,” Huang told CNBC.

Despite that, there was concern about the neocloud sector among many of the folk I spoke to at GTC. The “magnitude of businesses with no credit rating” was “freaking the market out,” said one exec at an AI infrastructure company I met with.

Speaking onstage in Berlin, Huang announced a new product that packs seven of Nvidia’s Vera Rubin AI racks into a shipping container and is designed to be transported on normal roads. 

It’s a play to get AI compute online more quickly amid huge demand. Huang told the audience that billions of dollars in revenue can be lost by delays in getting data centers up and running. 

“By moving this into the supply chain, the speed by which we can turn on” will ramp up, he said. 

Major compute consumers are already exploring opportunities for smaller data center deployments. Sources had told me in September that OpenAI and Anthropic have been hunting for smaller AI data center deals.

AI infrastructure is hugely expensive to build. 

Goldman Sachs estimates that AI-related capital spending could total about $7.6 trillion from 2026 through 2031, across compute, data centers and power.

A 1 gigawatt…

CoreWeave‘s credit stress continued to spiral on Thursday amid a broader sell-off in AI-related names.

CoreWeave — a so-called neocloud company — has taken on more than $51 billion of debt and obligations to finance its AI infrastructure build-out. It’s now facing a rebellion from stock and bond investors as concerns mount about AI overspending and debt levels.

Yields on CoreWeave debt have continued to climb, with the yield to maturity on its 9.75% bond due in 2031 reaching 15.78%. Bond yields move inversely to prices. Meanwhile, the spread on its five-year credit default swaps, which are insurance against default, at one point soared above 1,140 basis points. It last stood at nearly 1,038 bps — a 16% week-over-week jump and 164% higher than a year ago.

Credit concerns are spreading into AI equities too. CoreWeave’s stock dropped during trading Thursday before recovering and closing 5.94% higher. The moved followed Wednesday’s 15.5% nosedive.

Other neocloud stocks were under similar pressure. Nebius also sank before climbing higher to close 1.29% and and Iren ultimately ended the day down less than 1%.

Anxiety about AI overspending is also spreading. For instance, shares of Micron Technology and Advanced Micro Devices sold off following a big sell-off in South Korean chip stocks. Micron closed up 1.87%, while AMD fell 1.5%.

While AI debt worries have been rising steadily, investors have suddenly grown skittish about the underlying finances of companies borrowing heavily to buy chips, build data centers, and rent out computing power.

Coreweave’s credit default swaps are one place to see that stress.

Credit default swaps are contracts where buyers pay for protection in case the borrower can’t repay its debt. The spread widening in CoreWeave’s CDS means investors view the debt as riskier.

The market is “basically saying ‘no mas’ to AI debt without operating cash flow support,” the Evercore ISI trading desk said.

A spread level of 1,000 basis points or above is generally a sign of credit distress, said Gavan Nolan, executive director of fixed income pricing at S&P Global Market Intelligence.

No one is questioning whether demand for CoreWeave’s services is real, since the company has contracts with all the big hyperscalers, Nolan said. The question is whether the cash flows will ultimately arrive.

“It’s obviously heavily negative free cash flow at the moment, and it needs that cash flow to arrive really to justify all the capex that it’s spending,” Nolan said.

CEO Mike Intrator dismissed the market moves on Wednesday, according to a memo obtained by CNBC.

“When you are building a new type of technology company there will be periods of time when the market misunderstands and acts irrationally,” he wrote. “We are confident in our backlog which more than supports all of our…