Oil, AI Credit Stress, and Bitcoin: QCP Flags a Dangerous Macro Mix for Risk Assets

QCP said bitcoin is moving with riskier assets while AI-related credit stress and elevated oil prices affect markets before the Federal Reserve’s next policy-setting FOMC meeting. The report cited CoreWeave’s five-year credit default swaps, which price protection against default, at about 1,128 basis points, or 11.28 percentage points, versus Oracle’s 30 basis points, and said CoreWeave fell 10% on October 10. The report also said Brent crude climbed past $110 and hit $114 on Friday, its highest since May 5, following renewed Houthi attacks on Saudi infrastructure.