Chip CDS Flips Wider Than Hyperscalers As Goldman Warns "The Index Is Hiding The Damage"

On Thursday the Nasdaq 100 crashed 6.4% and the S&P 4.4%, the worst day for tech since Covid. CDX IG widened 3.5 basis points.

We asked which market was right in "Stocks Panicked, Credit Yawned", and tallied the bill in "Credit Crunch Imminent": $296 billion of hyperscaler debt this year against a $250 billion forecast, and roughly $740 billion more queued up for 2027. Which leaves the obvious follow-up: if credit took all that and barely moved, where did the risk go?