Dan Niles warns AI market repricing due to funding costs and slowing growth

Dan Niles warns that the AI market is repricing due to rising funding costs and slowing growth at AI-native firms. He notes that funding is getting more expensive in both debt and equity markets, citing CoreWeave's 9.625% coupon notes yielding around 15% and a 36% stock decline since October. Niles also points to slowing growth, noting Anthropic's quarterly revenue growth dropped from 145% in Q2 to 45% in Q3. He flags political risks from potential data center moratoriums that could impact cloud growth guidance.