NVIDIA Corp. shares closed Tuesday at $215.38, down 1.17 percent, extending a monthly decline of nearly 6 percent. The stock fell an additional 0.70 percent in extended trading to $213.87.
Jim Cramer flagged the pattern on Oct. 28, observing that "anything negative in tech immediately crushes Nvidia." He reiterated the view on "Mad Money," characterizing Nvidia and a select group of peers as operating like "nation states" with outsized market influence.
Nvidia's AI footprint extends well beyond chips. The company's latest quarterly filing disclosed land, power and shell guarantees on data center leases for select AI cloud partners, triggered upon default. That guarantee structure now faces real stress.
In January, Nvidia purchased $2 billion of CoreWeave Inc. stock and agreed to buy any CoreWeave capacity unsold through April 2032. CoreWeave, an AI cloud provider, has seen shares slump this month as data center expansion increasingly relies on debt financing during rising borrowing costs.
Nvidia also committed $3 billion to Meta Platforms Inc.'s $37.5 billion equity offering announced Tuesday.
The market is pricing credit risk. Nvidia's five-year credit default swap—the annual cost to insure its debt against default—hit 127 basis points Tuesday, a 226 percent jump from 39 basis points at year-end 2025. On Oct. 21, Nvidia's swap rate eclipsed Meta's.
The stock trades 11.5 percent below its 52-week high of $243.37 but remains up 14.05 percent year-to-date and 7.14 percent over the past year.
