"Risk Is Migrating": Chip CDS Blows Out Wider Than Hyperscalers For The First Time, As AI Default Swap Volumes Hit Record

For most of 2026, the AI credit debate came down to one question: how much will the hyperscalers borrow? Last week, the CDS market started asking a different one.

Who ends up holding the chips?

Equities Blinked, Credit Didn't (Yet)