AT Pulse · Investing

Huang Exits Nvidia, Kress Interim CEO; 10-Year Tops 5% as Markets Price a December Fed Hike

Fri, 13 Nov 2026 12:00:00 GMT

Jensen Huang resigned as Nvidia's CEO after 33 years. CFO Colette Kress is interim chief, five days before the company's November 17 results. The dispute over Megaspeed, the Singapore customer at the center of the episode, has drawn in Treasury, Commerce and Congress. In rates, strong October payrolls, a hotter CPI print and Governor Waller's openness to a half-point move pushed the 10-year Treasury above 5% and the dollar index to a 19-month high. October existing-home sales fell to their slowest pace since 2010. Elsewhere, Cerebras beat revenue forecasts, the Fed reshaped its 2027 meeting calendar, the SEC reported fewer enforcement actions, and Weil, Gotshal & Manges partners voted to dissolve the firm.

Weil, Gotshal & Manges partners vote to dissolve the 95-year-old Wall Street law firm — Weil, Gotshal & Manges partners approved dissolving the profitable $2 billion firm. Yale's John Morley argues it suffered a partner run: as rival firms' profits outpaced Weil's, rainmakers left, fixed costs and clawback risk mounted, and remaining partners followed.
Microsoft 365 Outage Enters Second Day as Nvidia Names Interim CEO and US Futures Slip Before Producer-Price Data — A Microsoft 365 outage hitting Outlook, Teams and Copilot ran into a second day. Nvidia named CFO Colette Kress interim CEO after Jensen Huang's exit. US futures edged lower before October producer-price data that came in below forecasts.
Bessent says four agencies wanted Nvidia customer Megaspeed on the Entity List for months as Commerce holds off — Treasury Secretary Scott Bessent said Treasury, Defense, State and the U.S. Trade Representative had for months backed adding Megaspeed, a Singapore Nvidia customer tied to Jensen Huang's resignation, to the Entity List, while Commerce, which holds that authority, has not acted.
Dollar Hits 19-Month High as Traders Price a December Fed Rate Hike — The dollar index reached 103.16 on November 12, its strongest since April 2025, after a hotter-than-expected October inflation report and hawkish Fed remarks pushed futures to price roughly 91% odds of a December rate hike, while the yen neared 160.
Nvidia CEO Jensen Huang resigns as Congress moves toward curbs on China chip exports — Jensen Huang stepped down as Nvidia's CEO on November 12 amid reporting about a relationship with a Megaspeed executive US officials suspect of spying for China. A day later, Speaker Mike Johnson signaled growing congressional agreement on restricting chip exports to China.
Jensen Huang resigns as Nvidia CEO after affair with suspected Chinese spy; CFO Colette Kress named interim chief — Nvidia co-founder Jensen Huang resigned as CEO and director on November 12, days after admitting an affair with a Megaspeed executive suspected of spying for Beijing. CFO Colette Kress is interim CEO while investigators examine possible chip diversion to China.
Jensen Huang resigns as Nvidia CEO; CFO Colette Kress named interim chief — Nvidia's board accepted Jensen Huang's resignation after more than three decades, naming CFO Colette Kress interim CEO amid unconfirmed reports tying one affair to a suspected Chinese intelligence asset. The same week, October CPI beat forecasts and labor's output share hit a record low.
US Treasury yields head for biggest weekly rise since April 2025 after hot jobs and inflation data and Waller's talk of a half-point hike — US Treasury yields rose sharply this week after strong October payrolls, hotter-than-expected inflation and Fed Governor Christopher Waller's case for considering a half-point December hike. Two-year yields led a move about half the size of April 2025's tariff selloff.
Klement Calls Meetings a Waste of Money, but the NBER Study He Cites Links Meeting Time to Higher Pay — A Norwegian study of more than 9,000 workers finds meetings take about 14% of firms' wage bills. Yet higher-paying firms meet more, and workers who spend more time in meetings see faster wage growth. That cuts against Joachim Klement's waste argument.
Jensen Huang resigns as Nvidia CEO amid board probe; CFO Colette Kress named interim chief — Nvidia's founder resigned as president, CEO and director on November 12, days after the board opened an independent review of reports he was targeted by a foreign intelligence effort. CFO Colette Kress is interim CEO; Harvey Jones becomes the first board chair.
Cerebras shares jump about 17% after Q3 revenue beat as CEO names Microsoft as new cloud customer — Cerebras reported third-quarter core revenue of $230.9 million, up 70% and above estimates, guided fourth-quarter sales well above consensus, and said Microsoft signed a cloud deal in October, though growth slowed from Q2 and GAAP losses remain large.
US existing-home sales fall 5.5% in October to 3.75 million pace, lowest since 2010 — US existing-home sales fell 5.5% in October to a 3.75 million annual pace, the slowest since August 2010, as 30-year mortgage rates averaged above 7%. Inventory is rising relative to sales, while the direction of prices remains disputed.
Voters Reject Data Centers in 40 of 41 Ballot Measures as AI Hedge Funds Slump and Nvidia Probes Jensen Huang — Midterm voters rejected data centers in 40 of 41 local ballot measures across 10 states. AI-focused hedge funds posted steep losses, and Nvidia's board opened an investigation into CEO Jensen Huang's relationship with a woman U.S. intelligence reportedly views as a Chinese spy.
Fed makes October 2027 FOMC meeting strategy-only and moves final 2027 rate decision to November — The Federal Reserve's revised 2027 calendar turns the October 26–27 meeting into a strategy-only session with no rate vote. It replaces the December meeting with one on November 16–17, leaving seven scheduled rate decisions in 2027 instead of eight.
SEC reports 348 enforcement actions for fiscal 2026, down 24%, and creates an AI analytics office in its Enforcement Division — The SEC brought 348 enforcement actions in fiscal 2026, down 24% from the prior year, with net monetary relief near $860 million. It also created an Enforcement Division office that applies what it calls 'Super Intelligence' to detecting anomalies and sorting tips.

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Huang Quits Nvidia; Anthropic Sets $70–$78 IPO Range; CoreWeave +24.7%, Nebius −16%

Thu, 12 Nov 2026 12:00:00 GMT

Nvidia's leadership crisis led the day. Jensen Huang resigned as CEO after a board probe into his affair with an executive at chip reseller Megaspeed. CFO Colette Kress is now interim chief, and the shares were down roughly 12–13% early on Nov. 12. The change comes a week before Anthropic is due to price its IPO at $70–$78 a share, a deal in which Nvidia has agreed to buy about $10 billion of stock. Elsewhere in AI infrastructure, CoreWeave jumped 24.7% on Nov. 11, Nebius fell 16% after raising its capex plans, and SoftBank wrote off $3.7 billion of turbine orders. October losses at multi-strategy hedge funds, a 10-year yield near 2007 highs, Brookfield's results, and interviews on index-fund economics and irregular income complete the edition.

Millennium, Balyasny and Other Multi-Strategy Hedge Funds Lose Money Together in October as AI Trades Unwind — Most large multi-manager hedge funds lost money in October, including Millennium, Balyasny and ExodusPoint, as AI stocks, bonds and other crowded trades fell together. A PivotalPath study finds the largest firms hold overlapping positions with roughly sixfold leverage.
Nvidia Board Meets on Whether to Oust CEO Jensen Huang Amid Affair and Intelligence Probe — Nvidia's board met late on November 11 to consider removing Jensen Huang, three days after opening a probe into his affair with a Megaspeed executive whom US officials reportedly tie to Chinese intelligence. No decision has been reported, and shares fell sharply after hours.
Anthropic sets $70–$78 IPO range, targeting about $1.4 trillion valuation days after Nasdaq rout — Anthropic has set a $70–$78 range for 825 million shares, implying up to about $1.4 trillion, days after the Nasdaq 100's worst session since 2020. Data-center politics, compute costs and weaker sentiment toward AI stocks are the main risks.
CoreWeave Stock Jumps 24.7% After Q3 Revenue Beat and New Customer-Backed Funding Plan Ease AI Debt Worries — CoreWeave stock rose 24.7% on Nov. 11 after third-quarter revenue grew 168% to $3.66 billion, guidance was raised and the company outlined about $9 billion in expected customer prepayments and contract-backed loans, easing a debt scare that had pushed its bond yields above 16%.
Anthropic launches IPO roadshow seeking up to $90.4 billion as SoftBank takes $3.7 billion charge on cancelled AI turbine orders — Anthropic began marketing an IPO of up to $90.4 billion at $70 to $78 a share, implying a valuation of roughly $1.3 trillion to $1.4 trillion. SoftBank took a $3.7 billion charge on cancelled gas-turbine orders meant for AI data centers.
Martin Schmalz argues on Rational Reminder #435 that cheaper index funds can lower investors' overall welfare — Oxford professor Martin Schmalz, on Rational Reminder episode #435, argues that very cheap index funds push money from bonds into stocks, lifting prices and cutting future returns, and revisits his contested research linking shared fund ownership of airlines to higher fares.
Nebius shares fall 16% as it raises capex plans and pushes 2026 revenue to the low end of guidance — Nebius beat third-quarter revenue estimates with $980.8 million, but roughly $325 million came from a one-time item. Data-center delays pushed 2026 revenue toward the low end of guidance, while planned capex rose to about $27 billion for 2026 and $40–45 billion for 2027.
Nvidia CEO Jensen Huang Resigns a Week Before the Anthropic IPO That Nvidia Pledged $10 Billion to Back — Jensen Huang resigned as Nvidia CEO on November 12, one week before Anthropic's planned Nasdaq debut. Nvidia has agreed to buy about $10 billion of a $26 billion private placement at the IPO price; no reviewed source reports any change to that commitment.
Brookfield Q3 profit rises to $1.31 billion as asset arm raises $25 billion and Wealth Solutions earnings climb 22% — Brookfield Corporation's third-quarter net income rose to $1.31 billion from $219 million a year earlier. Distributable earnings climbed 16% to $0.73 per share, helped by $25 billion of quarterly fundraising and 22% earnings growth at Wealth Solutions.
Anthropic sets $70–$78 IPO price range as seven suppliers commit $26 billion to share class outside lock-ups — Anthropic plans to sell 825 million Nasdaq shares at $70–$78 each, valuing it at up to about $1.4 trillion. Seven chip and cloud suppliers will separately buy $26 billion of Class N stock that standard underwriter lock-ups do not cover.
Jensen Huang resigns as Nvidia CEO amid spying probe; CFO Colette Kress named interim chief — Jensen Huang resigned as Nvidia's CEO and director on November 11, days after reports linked him to a woman US officials reportedly view as a Chinese intelligence asset. CFO Colette Kress is interim CEO while Wachtell Lipton investigates for the board.
Jensen Huang Resigns as Nvidia CEO After Megaspeed Affair; Scrutiny Turns to Chip Export Gaps in Southeast Asia — Jensen Huang has quit as Nvidia CEO after admitting an affair with a Megaspeed executive. A Bloomberg reporter argues the deeper issue is structural: a gap of about 50,000 chips remains unexplained, and Chinese firms can still legally rent restricted GPUs abroad.
Stocks hold up as 10-year Treasury yield nears 19-year high, with locked-in fixed-rate corporate debt slowing the impact — U.S. stocks have stayed resilient while the 10-year Treasury yield sits near its highest since 2007. TKer's Sam Ro attributes this to long-dated, fixed-rate corporate debt. Federal Reserve research supports this, but the protection weakens as debt matures and is refinanced at current rates.
Jensen Huang resigns as Nvidia CEO after affair with an executive at chip reseller Megaspeed — Jensen Huang resigned as Nvidia CEO on November 12 after admitting an affair with a Megaspeed executive U.S. intelligence suspects of spying for Beijing, plus a reported relationship with an Nvidia vice president. CFO Colette Kress is interim CEO; no successor is named.
AJ Ayers Tells Bloomberg's At the Money How Creatives With Irregular Income Should Manage Money — In a Bloomberg At the Money interview, CFP AJ Ayers argues standard financial advice assumes a steady paycheck, and her new book Creative Money offers alternatives: pay yourself a fixed salary, reserve heavily for taxes, and handle windfalls in a set order.

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