Nvidia's stock price remains relatively stable, but the credit market has shown signs of increased caution. Its five-year credit default swap (CDS) rose to about 82 basis points, a new high since the contract was launched in November 2025, indicating that some credit investors are increasingly concerned about the company's financial pressure.

CDS rises to its highest level since contract launch.

Credit risk assessment (CDS) is generally considered a market indicator for measuring corporate credit risk. A rise in this indicator means increased costs of insuring against related debt defaults and reflects growing investor concerns about issuers' ability to repay their debts.

In Nvidia's case, this change is related to the attention drawn to its related funding commitments for AI infrastructure. The report mentions that one of the key concerns in the credit market is that the company's balance sheet may face greater pressure.

Stock prices and credit signals diverge

Despite the rise in CDS (Consumer Data Shares), Nvidia's stock price did not weaken accordingly, indicating a temporary divergence in the judgments of stock investors and credit investors. The former are still betting on continued AI demand, while the latter are more focused on the financial stability resulting from high-intensity investment.

Microsoft Meta and Amazon's financial reports become key points of observation.

This divergence has also shifted market focus to the follow-up statements from major cloud service providers. The upcoming earnings reports from Microsoft, Meta, and Amazon are seen as a crucial window into whether AI infrastructure spending will continue to expand.

If these companies continue to signal positive capital expenditures, market sentiment towards Nvidia and the AI sector may be supported. Conversely, if cloud vendors become more cautious about their investment pace, Nvidia's valuation and credit pressures may be reassessed.