Debt vs margin race: operating leverage inflection vs crushing interest costs

CRWV's margin expansion thesis (5-10% contribution margin improvement, 25% price hike, A100 extension to 2029) is intact, but $35.6B debt and $640M quarterly interest weigh heavily. Rising yields threaten the race to profitability. Nvidia earnings are the next key catalyst. Hyperscaler capex at 102% of cloud revenue underscores the industry's bet on AI demand.