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Capitalist Insider: PLA-linked Chinese university bought banned Nvidia H200 chips anyway
CEO Huang resigns over Chinese spy affair as Nvidia crashes
Jensen Huang stepped down as Nvidia president, CEO and board member effective immediately Thursday after affairs involving a suspected Chinese spy and a subordinate, sending shares down about 10% and stalling the AI trade after Wednesday’s rebound.
Kress named interim: Colette Kress, CFO since 2013, serves as interim CEO while retaining the finance role until a permanent successor is chosen from internal or external candidates.
Jones first chair: Longtime director Harvey C. Jones, a former Synopsys CEO, becomes Nvidia’s first-ever board chair as the board begins its search.
Stock market hit: Shares fell roughly 10% in premarket trading to levels not seen since July 2025, erasing hundreds of billions in market value and dragging AI names.
CoreWeave contrast: CoreWeave’s strong results had revived the AI trade Wednesday before the Huang news reversed futures and pressured the broader tech rebound.
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Capitalist Insider: PLA-linked Chinese university bought banned Nvidia H200 chips anyway
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Nvidia crisis kills CoreWeave AI rebound in hours
Nasdaq futures slid Thursday as Nvidia’s leadership crisis pressured the AI trade, reversing Wednesday’s CoreWeave-fueled rebound that had lifted tech shares after a historic selloff.
Wednesday rebound: CoreWeave’s strong earnings update eased some AI debt concerns, sending the Nasdaq up about 1.6% and helping AI stocks stage a comeback.
Thursday drag: Nvidia’s plunge pulled major index futures lower, with the Nasdaq futures down sharply as the scandal stalled the rebound.
Broader pressure: Asian markets also felt the weight of the Nvidia news, while oil and yields added secondary pressure to the open.
Volatility stretch: The Nasdaq had already seen some of its widest daily moves in more than a year heading into the latest swing.
Lawmakers and China scrutinize Nvidia spy affair
The affair linking Jensen Huang to a woman U.S. intelligence suspects is a Chinese Ministry of State Security asset has intensified calls for tighter chip controls and congressional scrutiny ahead of any Trump-Xi talks.
Alice Huang details: The woman tied to Megaspeed visited Taiwan eight times in 2024 and 2025; her husband Kang Wei introduced her to Huang and appeared to accept the relationship.
Second affair: The New York Times reported a separate relationship with Kimberly Powell, Nvidia’s healthcare vice president who reported directly to Huang.
Lawmaker action: Sens. Elizabeth Warren and Chris Coons asked the administration to preserve records on Nvidia’s China chip exports and related security risks.
Beijing response: China accused Washington of using the drama to justify a chip blockade as the scandal unfolded.
Musk offers Huang a job as Kress takes Nvidia helm
Colette Kress steps in as Nvidia’s interim CEO while the board searches for a permanent leader, and Elon Musk said hiring the departing founder would be “an honor.”
Kress background: Kress joined Nvidia in 2013 after nearly 25 years in finance roles at Cisco, Microsoft and other tech firms and will keep the CFO title.
Jones appointment: Harvey C. Jones, who joined the board in 1993, becomes the company’s first-ever chair.
Musk comment: Musk replied on X that it would be an honor to hire Huang amid reports the board was preparing to oust him.
Succession search: The board is considering both internal and external candidates for the permanent CEO role with earnings still set for Nov. 17.
Trump says no Iran deal needed as oil stays mixed
Oil prices were mixed Thursday after President Trump said the U.S. does not need a deal with Iran, citing frozen assets and control of the Strait of Hormuz.
Trump remarks: Trump stated those days have long since passed, noting hundreds of billions in frozen Iranian money and U.S. control of the strait.
Price moves: Brent traded about 0.5% higher near $93.29 while WTI was little changed near $86.05.
Hormuz leverage: The comments reinforced U.S. leverage over shipping routes amid ongoing regional tensions.
November drop: WTI remains down roughly 16% for the month despite the latest headlines.
Nebius tumbles on weak outlook after earnings beat
Nebius shares fell after the AI cloud firm beat quarterly estimates but cut its revenue outlook and warned of delays tied to third-party capacity and higher spending.
Earnings beat: The company topped revenue and loss expectations in the third quarter.
Guidance cut: Management lowered full-year revenue guidance, citing capacity delays.
Capex rise: Higher capital spending and financing questions weighed on the shares.
Neocloud contrast: The selloff came as CoreWeave had earlier eased some AI infrastructure concerns.
Nvidia faces brutal governance test after Huang exit
Nvidia’s board faces calls to treat the company as a large public enterprise rather than a founder-led private firm as it searches for a permanent CEO with no formal succession plan in place.
Board duty: The board has a responsibility to other shareholders to operate more like a professionally run public company.
No succession plan: Huang’s sudden exit left the firm without a named permanent successor, elevating key-person risk.
Search underway: Directors are initiating a process that will consider both internal and external candidates.
Key-person shock: Analysts and market participants described the departure as a major governance and concentration risk event.
Megaspeed network under scrutiny in Nvidia spy probe
Megaspeed sits at the center of a U.S. probe into the diversion of billions of restricted Nvidia chips to China, with its executive linked to the affair involving Jensen Huang.
Probe focus: The Singapore-based firm is under investigation for possibly funneling advanced AI chips past export controls.
Singapore sales: Nvidia stopped reporting Singapore revenue last year as scrutiny of Megaspeed rose.
Executive ties: Alice Huang’s role at the firm has drawn additional attention amid the national-security allegations.
Broader network: Reports describe entities in Singapore and Malaysia used to move hardware toward Chinese customers.
Humm this guy had two Feng Feng. Now that uncle Bernie has been found to have stashed millions in Chinese banks how many such delights did he have ????