CSOP 2x NVIDIA ETF (07788) dropped more than 5% on Tuesday, trading down 5.69% to HK$172.25 with a turnover of HK$421,300.

On Monday, NVIDIA shares fell over 3% intraday, while its 5-year credit default swap (CDS) widened to 77.215 basis points, rising about 5.3 basis points in a single day 鈥?the largest daily jump in two weeks.

According to an official announcement, NVIDIA has signed agreements with Apollo Global Management, Blackstone, BlackRock, Brookfield, Goldman Sachs, and KKR to establish a "compute financing platform." These firms aim to deploy over $500 billion in external capital over the coming years. NVIDIA will act as a lead partner in the initiative, not as a capital provider.

Some investors are concerned that NVIDIA is inflating overall demand and valuations by locking in multi-billion-dollar deals with various participants in the AI ecosystem. Since these participants themselves are heavily dependent on the AI sector maintaining a strong growth cycle, this structure risks creating a "circular financing" dynamic.