Morgan Stanley initiated credit rating coverage on NVIDIA on August 24, assigning a "Neutral" rating and advising investors to remain on the sidelines in both the cash bond and credit default swap (CDS) markets. The bank's analysts noted that NVIDIA's credit fundamentals remain solid, but insufficient transparency surrounding its contingent liabilities and the scale of tail risks make it too early to get involved at this juncture. The report projects that, after including various contingent obligations, NVIDIA's total credit exposure could reach approximately $200 billion by the end of 2028, with about $170 billion stemming from off-balance sheet adjustments and contingent obligations.