Jensen Huang stepped down as Nvidia's president, CEO and director with immediate effect after 33 years. CFO Colette Kress is interim CEO and keeps her finance role (Indicator from Planet). Most reports date the resignation to November 12, though one account of the 8-K has the board accepting it on November 11. Harvey C. Jones becomes the board's first chair. The filing gives no reason, and the search will consider internal and external candidates (Money Stuff). Press reports tie the exit to Huang's November 8 admission of an affair with Alice Huang, a Megaspeed executive whom U.S. officials reportedly suspect of spying for China (Abnormal Returns).
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On November 12 the stock fell as much as 13–14% intraday and closed down about 4.3%. It then traded 1.7% higher premarket on November 13. CNBC puts the loss in market value at about $2 trillion since the October peak. No source reports changes to Nvidia's products or roadmap, and fiscal Q3 results remain scheduled for November 17. KeyBanc analysts see a material rise in execution risk until a permanent CEO is named. Anthropic's amended IPO filing lists $10 billion purchase commitments each from Nvidia and Alphabet, part of $26 billion from seven companies.
Megaspeed and export controls
On November 13, Treasury Secretary Scott Bessent said Treasury, Defense, State and the U.S. Trade Representative had backed adding Megaspeed to the Entity List for months, while Commerce, which holds that authority, has not acted. Commerce denies a reported November 5 confrontation, and Megaspeed says inspections found no violations (CNBC · Economy). Megaspeed bought roughly $4.8 billion of Nvidia chips over two years. The Information's estimate that at least $7.5 billion in shipments reached China has not been independently confirmed. Speaker Mike Johnson signaled growing consensus on curbs, and Republicans reportedly aim to attach bills on remote access and chip tracking to the defense authorization bill (Guardian · Stock).
Rates, the dollar and the Fed calendar
The 10-year Treasury closed at 5.10% on November 12, up 24 basis points from 4.86% on November 6. That is the steepest weekly rise since April 2025, though about half that week's 56 bp jump. The 2-year rose 32 bp and the 30-year 17 bp, a flattening consistent with markets repricing Fed policy (Financial Times ·). October payrolls rose 165,000 against roughly 59,000 expected. CPI rose 0.4% against a 0.3% forecast, with core up 0.3%. Futures price December hike odds between 91% and 100%, depending on source and timing. The dollar index reached 103.16 on November 12, its highest since April 2025, the yen neared 160 and the euro fell to $1.10585 (WSJ · Markets). October PPI rose 0.3% against 0.4% expected, and futures edged lower before the release (Bloomberg Markets).
Looking ahead, the Fed's revised calendar makes October 26–27, 2027 a strategy-only meeting and replaces December with November 16–17. That leaves seven rate decisions in 2027 (Federal Reserve ·).
Housing, labor and work
Existing-home sales fell 5.5% in October to a 3.75 million annual pace, the slowest since August 2010. Thirty-year mortgage rates averaged 7.33%, and months of supply rose to 5.1 (Calculated Risk). Labor's share of business output fell to 53.0% in Q3, the lowest since 1947. An NBER paper using Norwegian data puts meetings at about 14% of the wage bill and links them to faster wage growth (Klement on Investing).
AI capacity and outages
Cerebras shares jumped about 17% after Q3 core revenue of $230.9 million, up 70%. It guided Q4 to $310–330 million, above the $271 million consensus. Its GAAP net loss was $161.2 million, and Microsoft has not commented on the cloud deal the CEO described (CNBC · Earnings). Voters rejected data centers in 40 of 41 local measures, and the AI-focused fund VARA fell 33% in October (A Wealth of Common).
Law and enforcement
The SEC brought 348 actions in fiscal 2026, down 24%, with net relief near $860 million (SEC · Press releases). On November 10, 97% of Weil partners voted to dissolve the firm (Odd Lots).