Nvidia's role as AI financier faces first big market test

Shares of neoclouds CoreWeave, Nebius and IREN are down at least 30% this month, and CoreWeave's CDS spread has topped 11%. Nvidia carries $36 billion in off-balance-sheet AI cloud backstops plus up to $105 billion for OpenAI's Ohio data center, while its own stock is off 7.6% in October.

• CoreWeave, Nebius and IREN shares fell at least 30% this month
• CoreWeave credit default swap spread surpassed 11%
• Nvidia holds $36B in neocloud backstops and up to $105B for OpenAI's Ohio site
• Nvidia stock is down 7.6% in October, its worst month since November 2025