Debt vs Margin Race

CRWV debt $35.6B, H1 interest $985M. Pricing power (25% hike) and Vera Rubin demand support margins, but interest bill growing faster than operating income. Low-teens margin target by Q4 is key thesis. Q3 interest vs. operating income gap is critical risk. Jim Chanos adds bearish 'financial conduit' label, challenging backlog bull case.