Published Aug 20, 2026, 6:40 PM ET · Updated 3 months ago · 1 source
Nvidia is a 'gray swan' representing hidden systemic risk in the current market cycle
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Original Report
The true risk in the credit cycle is not in private credit but in 'gray swans' like Nvidia, which could be the X factor connecting systemic issues, as off-balance sheet activities are obscuring the extent of the AI bubble's potential bust, reminiscent of 2008.