Hello Capitalists!
Get the edge on what you need to know today:
Capitalist Insider: CoreWeave CEO kills stock sales after midterm data-center pushback
Nvidia’s China spy nightmare explodes with National Security implications
Analyst cuts Nvidia to “Neutral” on spy scandal uncertainties
Bessent relocated to military base after Iranian threats hit advanced stage
CFTC probes Kalshi for improper self-certification of event contracts
CoreWeave CEO: Dem midterm sweep won’t slow our AI data-center build
Anthropic’s Claude “Whiteboards” and “Meetings just hit Monday, Asana and Zoom
Nvidia’s China spy nightmare explodes with National Security implications
Nvidia’s board opened an investigation into whether CEO Jensen Huang was the target of a foreign intelligence effort after reports tied him to Alice Huang, a Megaspeed executive U.S. officials believed had been recruited by China’s Ministry of State Security. A May short-seller report had already called the relationship uncomfortably close.
Nvidia’s board launched an independent investigation into whether CEO Jensen Huang was the target of a foreign intelligence effort after reports linked him to Alice Huang, a Megaspeed executive U.S. officials believed had been recruited by China’s Ministry of State Security.
Culper Research (founded by Christian Lamarco in 2019 and named after George Washington’s Revolutionary War spy ring) published its May 2026 report “NVIDIA (NVDA): The China Problem,” flagging an “uncomfortably close” relationship and alleging Megaspeed was financed by Alibaba through shell companies.
A current Megaspeed employee said Huang visits the company’s linked data centers every few months and is always accompanied by Alibaba representatives, describing the relationship as “very close”; a former Nvidia employee said many staff had wondered if there was a special relationship.
A secret State Department memo based on electronic surveillance alleged Alice Huang was recruited by China’s Ministry of State Security and worked to gain Huang’s favor partly through purchases of billions of dollars of Nvidia chips for AI data centers in the Middle East and Southeast Asia.
Culper cited photos of the two together in June 2024 and May 2025, claimed Megaspeed was the largest buyer of Nvidia chips in Southeast Asia and faced U.S. and Singapore investigations over possible diversion, and said Chinese firms were accessing advanced AI chips through Southeast Asian buyers amid export controls.
Nvidia’s board said independent counsel and directors would handle the inquiry, retained confidence in Huang’s leadership, and stated it has no reason to believe national security or company secrets were compromised while prioritizing U.S. national and economic security.
Your money matters.
We are not going anywhere.
The climb ahead is steep and the market can be cruel. But Americans built fortunes from raw ambition! The railroad barons who opened a continent, the oil wildcatters who drilled through dry holes until the gusher hit, the traders who turned American free enterprise into the world’s capital of capital.
They went through worse and they bet everything on the American idea that markets and drive create wealth. We will not watch that edge get dulled.
We press for prosperity every session, even through the drawdowns, the way the builders of this country did.
All of us here at The Capitalist appreciate your support, your loyalty and time you take to read us everyday, so we make this promise to you.
Your money matters. We will staff the desks that bring you the news and information that matters so you can do what you do best, build your American Dream.
We are not going anywhere.
Capitalist Insider: CoreWeave CEO kills stock sales after midterm data-center pushback
Hello Capitalist Insiders!
Analyst cuts Nvidia to “Neutral” on spy scandal uncertainties
Baird analyst Tristan Gerra downgraded Nvidia to Neutral in a note titled “Icarus’ Rise and Fall; Company Will be Fine,” citing unresolved uncertainties around government action, investigations, revenue impact, and CEO tenure after Huang admitted an affair.
Gerra’s conditions: He is cutting the rating until uncertainties from an upcoming congressional hearing are lifted, U.S. government investigations conclude, revenue impact from near-term channel adjustments and potential charges is quantified, and questions around CEO tenure clear.
Write-down risk: Gerra highlighted a new ban on H200 exports to China and said low-level shipping into Asia-based warehouses with inventories awaiting China demand could translate into a $5 billion write-down.
Export controls: He noted export control limitations addressing Southeast Asia data center loopholes, plus potential DOJ action against Megaspeed and resulting preemptive or enforced steps by other regional operators with China demand exposure.
Stock move: Shares are down about 12% since the situation became public. Nvidia closed at 168.89 on Nov. 10, down 5.47%.
Bessent relocated to military base after Iranian threats hit advanced stage
U.S. Treasury Secretary Scott Bessent was reportedly moved from his Washington home to a military base after U.S. officials concluded Iranian plotting against current and former American officials had reached a more advanced stage. He leads Operation Economic Outcast, launched in August to isolate Iran economically.
Indictments filed: The Justice Department said late Tuesday that three Iranian nationals have been indicted on terrorism-related charges involving nearly 20 attacks and attempted attacks across Europe and the United States, including a September attack targeting RAF Fairford in the U.K. where U.S. personnel were stationed.
Officials’ comments: Attorney General Todd Blanche said anyone who plans a terrorist plot on a military base housing American servicemembers will be prosecuted by the United States government. Secretary of State Marco Rubio reportedly said military action against Iran may not be necessary if sanctions and the naval blockade are proving effective.
Trump remarks: On Monday Trump posted that Qatar, Saudi Arabia, UAE, Bahrain, Kuwait and others would prefer the status quo, a continuation of the Greatest Naval Blockade in History, and that positive momentum was visible toward an end to the conflict. On Tuesday he said he wanted to ensure U.S. allies were not hurt and that there was a long-term solution.
Oil prices: Brent crude was about $92 a barrel and West Texas Intermediate about $86 in Wednesday’s Asia trading session.
CFTC probes Kalshi for improper self-certification of event contracts
The Commodity Futures Trading Commission is investigating whether prediction-market platform Kalshi improperly self-certified event contracts by failing to properly inform the agency of proposed contracts. Kalshi called it a minor filing issue and said it is working with the agency.
Kalshi response: Head of communications Elisabeth Diana said the notice is about a procedural error involving the submission of a handful of contracts, many of which weren’t live, and that the company is already addressing the issue. The CFTC flagged weather-related contracts.
Self-certification rules: Platforms may self-certify event contracts without prior federal approval if they comply with the Commodity Exchange Act, allowing faster introduction of new contracts. Politico first reported the probe, noting charges could come soon based on a private CFTC notification.
Prior actions: In August the CFTC ordered Kalshi to take down sports-related mention markets while it examined the contract type. The agency is also probing competitor Polymarket over whether it violated a 2022 settlement barring U.S. traders from its international platform.
Congressional heat: Rep. Ro Khanna called on X for a ban on sports prediction markets, which account for the overwhelming majority of volume on leading platforms. Heightened scrutiny is expected once the Democratic Congress is sworn in in January.
CoreWeave CEO: Dem midterm sweep won’t slow our AI data-center build
CoreWeave CEO Mike Intrator said the new political reality after Democrats swept midterms and voters backed data-center restrictions will not slow the company’s AI infrastructure expansion. He expects no impact and plans to keep scaling as good neighbors.
Intrator quotes: He said the company does not anticipate any impact from the seismic regulatory shift, believes what occurred is a statement around how you build, and wants to build responsibly. He added CoreWeave is very comfortable with its pipeline and sees an opportunity to continue scaling within the new political reality.
Election results: Democrats won control of both houses of Congress and governors’ races in key AI states including Texas, Ohio and Georgia. Voters sided in favor of greater restrictions on data centers in 40 of 41 ballot measures across 10 states on Nov. 3.
Buildout targets: CoreWeave reported 168% year-over-year revenue growth, beating estimates, and lifted its 2026 forecast. It anticipates 1.85 gigawatts in active power by the end of 2026 and is targeting $37 billion to $39 billion in full-year capital expenditures for 2026.
Market reaction: The company said the regulatory environment is a statement on responsible building rather than a barrier to growth.
Goolsbee: October CPI is “borderline disturbing”
Chicago Fed President Austan Goolsbee called the latest consumer price report “borderline disturbing” and “distressing,” saying the central bank has a real inflation issue on its hands that has been developing and will have to be dealt with.
CPI print: The consumer price index rose 0.4% on a seasonally adjusted basis in October, higher than economists predicted and the third straight month of outsized price increases. Goolsbee said he had not seen tariff-related price drivers fade as hoped and remained concerned about continuously high services inflation.
Other officials: Fed Governor Christopher Waller said a hot inflation report could push him toward advocating a half-point increase in December if core CPI was around 0.3. Dallas Fed President Lorie Logan said she sees a need for two additional quarter-point increases and that it may be possible to move more rapidly this winter.
Goolsbee caution: He said lofty prices are on everyone’s mind—businesses, nonprofits and ordinary consumers—and that the possibility of inflation expectations rising is a major concern that could make cooling prices much more painful. He declined to specify a December move, saying he is not a fan of tying the committee’s hands.
Market pricing: Fed funds futures now unanimously expect a rate hike at the December meeting. Odds of a half-point hike stand at 15%, with a 60% chance rates reach 4.25%-4.5% by the January meeting.
Anthropic’s Claude Whiteboards and Meetings just hit Monday, Asana, Zoom
Anthropic released new Claude features ahead of its IPO, including Claude Whiteboards and Claude Sheets in beta and Claude Dashboards (now Claude Data) to general availability. The tools extend functionality within Claude and are available on all paid plans.
Overlap noted: Claude Whiteboards turns team discussions into boards with deliverables, timelines and assignments, overlapping with Monday.com, Asana and Zoom Whiteboard. Claude Meetings, coming soon, overlaps with those companies’ AI notetaker and meeting-summary tools by transcribing calls, updating documents and taking actions.
Limitations cited: Whiteboards act as a snapshot without ongoing tracking, automation or admin controls, allowing Monday.com and Asana to retain advantages in work execution. Zoom’s tools handle transcription and workflows across platforms without a bot in some cases.
Stock reaction: Monday.com, Asana and Zoom all traded lower on Tuesday. Microsoft shares fell 2.2% on fears of rivalry with its Office franchise, though analysts do not expect meaningful near-term impact on Microsoft 365 growth given deep enterprise integration and commitments to security and IP sovereignty.
Availability: The new features are available on all paid Claude plans.
