Credit market prices Nvidia default risk above Meta's for first time

Five-year credit default swap pricing on Nvidia widened to about 127 basis points as of October 26, 2026, roughly triple its level at the end of 2025 and now above Meta's comparable figure. The move is tied to Nvidia's growing role as a financier and guarantor of AI data center buildouts, including commitments to buy capacity that neocloud partners such as CoreWeave cannot resell and guarantees on their data center leases. Nvidia's 4.95% notes due 2036 were reported to yield about 96 basis points over the 10-year Treasury, up from roughly 73 in late September. The same report notes the level remains far from distressed territory and that neither Nvidia nor CoreWeave has missed a payment.

1. Nvidia five-year CDS stood at 127 basis points on October 26, 2026, versus 39 at the end of 2025 (per S&P Global Market Intelligence data cited by Benzinga).
2. Nvidia's CDS rose above Meta's (119 basis points) for the first time since at least November 2025.
3. Nvidia's 4.95% notes due 2036 yielded about 96 basis points over the 10-year Treasury, up from about 73 in late September.
4. Nvidia has agreed to buy computing capacity from neocloud partners and guarantees part of their data center leases.
5. Nvidia said it would invest $3 billion in Meta's roughly $37.5 billion equity offering on the same week.
6. Benzinga reported the piece on October 27, 2026 at 10:45 AM ET.