Long Xin Semiconductors Surges 466% on Debut as Nvidia's CDS Rises 14 Bps; KOSPI Plunges Over 10%

According to BlockBeats, on July 28, Long Xin Semiconductors surged 466% on its A-share debut, becoming China's largest market-cap listed company and triggering concerns about accelerated domestic storage self-sufficiency. The sentiment simultaneously weighed on global semiconductor equities as Nvidia's 5-year credit default swap (CDS) rose approximately 14 basis points to around 82 basis points—the largest intraday move since active trading began—amid renewed worries over the company's $750 billion AI infrastructure commitments and potential balance sheet pressures from guarantees and customer financing arrangements. South Korea's KOSPI index plummeted over 10% intraday, triggering two circuit breakers, while Nvidia fell roughly 5% and the Philadelphia Semiconductor Index dropped 2.23%.

Market pressure also stems from reports that China has begun mass-producing domestically developed immersion-type DUV lithography equipment, with plans for approximately 5 units in 2026 and around 20 units in 2027 according to The Information. Additionally, Moon Modena's Kimi K3 open-source model—a 28-trillion-parameter language model supporting extended context and multimodal capabilities—was released on July 27, reigniting investor concerns about whether massive GPU deployments and elevated capital expenditures remain justified if AI capability gains no longer depend primarily on larger compute clusters.