Worth noting single-name CDS liquidity has collapsed since 2008 — volumes are a fraction of what they were, so a 261bps print can reflect thin trading and a handful of large directional bets as much as genuine default probability. Also worth separating signal: this is priced off Oracle's debt-funded buildout for the OpenAI/Stargate capacity commitments, not a liquidity or balance-sheet stress event like 2008 banks faced.