Jensen Huang Is Out at Nvidia 🚪

Welcome back to the Day Trading newsletter 📈

Stocks slipped Thursday as the 10-year Treasury yield climbed to about 5.1% and Fed officials kept talking up rate hikes.

But the real shock came from Nvidia, where Jensen Huang resigned as CEO after 33 years at the company he co-founded.

Let’s get into it 👇️ 

📈 AMD and Broadcom jumped Thursday as Nvidia's leadership crisis sent investors looking for alternatives. AMD surged 5.86% and Broadcom gained 5.54% as traders weighed whether Nvidia's turmoil could open the door to market-share gains. Intel and Micron moved lower.


🏦 Stocks slipped Thursday as Treasury yields climbed and Fed officials kept rate hikes on the table. The S&P 500 fell 0.35% to 7,592.40. San Francisco Fed President Mary Daly said her bias is that further tightening will be needed, and the 10-year Treasury yield rose to about 5.1% after President Trump signaled no quick end to the Iran war.


🌐 Cisco's quarterly revenue jumped 24% to a record $18.5 billion on AI networking demand. The company raised its AI infrastructure revenue expectation for the year to $9 billion, up from $7.5 billion, and lifted its full-year revenue forecast to $74.8 billion to $75.8 billion.


🔧 Applied Materials posted record quarterly revenue of $10.41 billion, up 53% from a year ago. The chip-equipment maker guided to about $11.1 billion in revenue next quarter, a sign AI chipmakers are still spending heavily on new factories despite the recent sell-off.


🚀 SpaceX and Tesla's merger talks are progressing, with a deal possibly announced as soon as December. Bloomberg reported the talks could also slip into early 2027. Neither company commented. A combination would create the biggest corporate merger on record, uniting two of Elon Musk's flagship companies.


💳️ Global Payments closed down 12% Thursday after private equity firms reportedly walked away from a takeover. Clayton, Dubilier & Rice and GTCR ended talks to buy the payments company, according to Reuters. Talks could resume later, or another buyer could emerge.

₿ Bitcoin fell below $72,000 Thursday, its lowest level since mid-August. The drop came as MSCI confirmed it will remove Strategy from its USA, World and ACWI indexes, effective after the close on Nov. 30. Strategy, the biggest corporate holder of bitcoin, saw its shares slide.


🧠 Cerebras shares jumped double digits after hours Thursday on record quarterly revenue. The Nvidia rival's core revenue rose 70% to $230.9 million, and it guided fourth-quarter core revenue to $310 million to $330 million, well above the $271.2 million Wall Street expected.

On Thursday, Jensen Huang resigned as CEO and left Nvidia's board, ending a 33-year run at the chipmaker he co-founded in 1993.

Nvidia didn't give a reason, but the exit came days after Huang admitted to an affair with Alice Huang, a former executive at Singapore-based chip buyer Megaspeed who is alleged to have ties to Chinese intelligence, followed by reports of more affairs, including one with a senior Nvidia executive.

CFO Colette Kress, who joined Nvidia in 2013, is now interim CEO and will keep her CFO duties while the board searches for a permanent replacement. Longtime director Harvey Jones was named Nvidia's first-ever board chair.

Investors' first reaction was brutal.

Nvidia fell as much as 14% Thursday morning, to $148.80, before recovering to close down 4.34% at $166.19.

Rivals rallied, with AMD up nearly 6%, as traders bet some chip business could shift their way.

Huang wasn't just a CEO. He was the face of the AI boom, the pitchman for Nvidia's chips to every big tech company, and its top voice in Washington on China export rules.

Kress has a strong reputation on Wall Street, having overseen annual revenue growth from $4.13 billion in fiscal 2014 to $215.9 billion in fiscal 2026 as CFO, but replacing a founder at a company this size is rarely smooth.

The first big test comes fast.

Nvidia reports quarterly earnings Tuesday, Nov. 17, with a call at 5 p.m. ET, and Kress will be on stage as both interim CEO and CFO.

Listen for whether big customers are sticking with Nvidia and for any update on the CEO search.

Also watch the political fallout: President Trump said the FBI is looking into Huang's relationship, a sign the national security questions aren't going away.

 RATE TODAY’S EDITION

⚠️ Disclaimer: Not financial advice. Do your research before making any trades.