Edition 2Wednesday 21 October · 05:00 CopenhagenGet it free ↓
The Morning Warning List
A taster of Wednesday 21 October
The top of the list is free. The rest is in your inbox.
Denmark
- 1
Humac · Denmark
Sells Apple products in Denmark, with advice, set-up and repairs, through its own shops.
Eight years of losses in a row. Now the man who sold it in 2024 has bought it back.
Read the first minute of the story →
The world
- 1
CoreWeave · United States44 CCC
Rents out huge data centres full of Nvidia AI chips to the companies building AI.
Customers want everything it can build, but much of its growth is paid for with borrowed money, and its bonds now trade at prices that signal serious risk.
Read the first minute of the story →
8 more companies, every source, and the next First Warning.
Get the full list, freeGiants don't fall in a day.
They fall on an ordinary Tuesday.
The warning sat in a footnote nobody read.
We read it. Every Monday and Thursday at 05:00, you read it first.
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— Max Noble
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Sterling, in five minutes
A whole fall, from cheap tickets to the last flight.
Three lessons any board can use.
▶The BANKRUPT episode
Novo Nordisk, three minutes
Denmark's best-known company, seen through one lens.
What the world around a business can give, and take away.
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What arrives
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10
Companies in danger
Five in Denmark, five in the world. What each does, what just happened, what to watch. Every number linked to its source.
5
Minutes, one story
The case behind the headline, told as a story. It ends on the one law it teaches.
1st
First Warning
When a fall turns up in a court register or a filing before the news has it, you hear about it the same morning.
The latest edition
This is what landed on Wednesday 21 October.
Max Noble
Morning Warning List · CoreWeave and 9 more
BANKRUPT · Morning Warning List · Edition 2
AI's biggest borrower touched a 17-month low as a bank analyst warned its borrowing costs may not come down, and a German landlord bought itself time.
CoreWeave · 44 CCC · United States
Rents out huge data centres full of Nvidia AI chips to the companies building AI.
Customers want everything it can build, but much of its growth is paid for with borrowed money, and its bonds now trade at prices that signal serious risk.
Poundland · 29 C · United Kingdom
Runs about 600 discount shops in the UK and Ireland, where they are called Dealz.
Customers are coming back to the shops, but in my view buyers and lenders now decide its future.
Humac · Denmark
Sells Apple products in Denmark, with advice, set-up and repairs, through its own shops.
Eight years of losses in a row. Now the man who sold it in 2024 has bought it back.
…and 7 more, each with its sources and its 5-minute story.
Why study the fallen
Every business book studies the winners. But the losers often did the same things: the bold bets, the big hires, the long hours.
Winners show you what's possible. The fallen show you what's fatal.
The fatal list is surprisingly short. Too much debt. Too little cash. One customer. One plan that stopped working.
Most companies don't die of surprise. They die of the obvious, ignored.
Think of a car with its warning light on for two years. The crash surprises only the driver.
Study the fallen. They paid for the lesson, so you don't have to.— Max Noble
Max Noble spent more than ten years inside Nokia, including the years it fell. He holds an MSc in Applied Economics and Finance and is a lecturer in Strategy and Innovation. He hosts BANKRUPT. His book, The 42 Laws of BANKRUPT, is out 31 October 2027.
The promises
What you'll never get from us.
Monday, 05:00. Be there before the news.
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We've sent you one email. Click the link inside to confirm.
The next edition is yours on Monday or Thursday at 05:00.
- Your free report: Sterling, in five minutes →
- Your BANKRUPT episode: Novo Nordisk, three minutes →
- The signed first edition: you're first in line →
Then the next step: how exposed is your own company? Take the 2-minute danger test →
Free. Two minutes. One click to leave.