In an assessment dated October 20, 2026, JPMorgan concluded that potential distress or default at the Nvidia-supported GPU cloud provider poses limited risk to global banks. Major US banks and MUFG could each face 1 to 3 billion dollars in exposure tied to CoreWeave’s debts, while most European and Asian banks hold exposures under 500 million dollars. Lender exposures are secured through special-purpose vehicles, which wall off the risk from banks’ broader balance sheets. CoreWeave has amassed nearly 50 billion dollars in debt to fund its AI infrastructure, but holds a contracted backlog exceeding 100 billion dollars and has Nvidia’s backstop for unsold capacity through 2032. The credit market is pricing in a grim scenario, with bond yields at around 16 percent and an implied 60 percent probability of default according to CDS contracts.
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