📉 Investors are increasing downside protection in Big Tech. The value of debt being insured via credit default swaps (CDS) on major tech firms has climbed to ~$10B, with net notional up ~400% from $2.2B just 13 months ago. CDS exposure by company: • Oracle ($ORCL): ~$6.0B • Amazon ($AMZN): ~$1.7B • Alphabet ($GOOGL): ~$895M • Meta ($META): ~$687M • Microsoft ($MSFT): ~$521M • Nvidia ($NVDA): ~$220M A year ago, CDS markets for several of these names were minimal or non-existent. Demand for hedging in mega-cap tech is rising. 📊

📉 Investors are increasing downside protection in Big Tech.

The value of debt being insured via credit default swaps (CDS) on major tech firms has climbed to ~$10B, with net notional up ~400% from $2.2B just 13 months ago.

CDS exposure by company:
• Oracle ($ORCL): ~$6.0B
• Amazon ($AMZN): ~$1.7B
• Alphabet ($GOOGL): ~$895M
• Meta ($META): ~$687M
• Microsoft ($MSFT): ~$521M
• Nvidia ($NVDA): ~$220M

A year ago, CDS markets for several of these names were minimal or non-existent.

Demand for hedging in mega-cap tech is rising. 📊