CRWV financing, credit risk, and insider supply remain the core overhang

Approximately $35.6 billion of debt, negative free cash flow, roughly $640 million of quarterly interest expense, heavy GPU-replacement capex, and refinancing needs continue to challenge adjusted-EBITDA narratives. Coverage of a roughly $2.6 billion AI-infrastructure loan adds cash-trap and potential early-repayment risk if uptime or SLA conditions deteriorate, while reported insider selling reinforces supply and sentiment pressure. The latest ARK article repeats this thesis without new evidence of a breach or liquidity event.