Nvidia CDS Emerges as One of Most-Traded US Credit Default Swaps

Nvidia's CDS liquidity now rivals that of established investment-grade issuers, a notable shift for a company whose credit story was until recently an afterthought to its equity narrative. The doubling in hedging costs alongside heavy borrowing and AI infrastructure commitments suggests credit markets are beginning to price the balance-sheet intensity behind the AI buildout, not just the revenue story. Whether this hedging demand reflects genuine concern or simply a new, liquid tool for expressing views on AI capex is the open question.