Nvidia Huang affair: shares sink more than 9% after hours, and the founder owns just 3.6%

RADAR PRO ELITE™ FINBEAR — November 12, 2026

Wall Street bounced on Wednesday on the back of CoreWeave’s results. CoreWeave jumped 24.7%, semiconductors 5.66%, the Nasdaq-100 2.28% and the S&P 500 1.31%. Then, after the close, came the news that turned the evening around. According to the Wall Street Journal, Nvidia’s board is preparing to replace Jensen Huang following allegations of a second extramarital affair. Nvidia fell more than 9% in after-hours trading, Nasdaq futures slid, and Treasuries rallied as the bond market reopened after Veterans Day. The Pretore’s signature on the S&P 500 is a step away from invalidation.

📑 Table of Contents

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📌 Key Indicators Dashboard

Closing levels for Wednesday, November 11, 2026. Prices, RSI and moving averages come from StockCharts and Yahoo Finance, with gold and silver taken from the futures series; the VIX, WTI and Brent are checked against the StockCharts chart. Treasury yields are official U.S. Treasury data for November 10, since the bond market was closed on the 11th for Veterans Day. For EUR/USD, the close comes from the StockCharts chart and the change is measured against the November 10 close (1.1169). Futures and morning quotes: Yahoo Finance, as of 9:55-9:56 a.m. CET.

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🧭 Compass of the Day

FINBEAR Compass™ · $SPX · Nov 11, 2026

  VERDICT           CONTRADICTED       — recent momentum contradicts the regime
  OPERATING REGIME  Strong bear
  LINEARITY         Non-linear trends
  COHERENCE         full
  RELIABILITY       SUSPENDED
  POSITION          -- below trend     — below the underlying trend
  UNDERLYING TREND  Persistent bull    — solid

For the S&P 500, the gains of the last few sessions contradict a strong-bear operating regime. Tuesday's decline had confirmed that regime; on Wednesday the verdict went back to "contradicted." Coherence is full, but reliability remains suspended because the medium-term measure isn't yet solid. The short-term regime runs against an underlying uptrend that remains solid and persistent, so this is a short-term correction inside an uptrend, with price still below the underlying trend line.

The Compass sees the same picture on the Nasdaq-100 and the Composite: a short-term strong bear contradicted by momentum, full coherence, suspended reliability, and price below an underlying trend that remains solidly bullish. In semiconductors, momentum contradicts a strong-bear regime, the reading's reliability is medium, and price sits far below an underlying trend that is still rising, so here too it's a short-term correction inside an uptrend. The financial sector goes its own way. Momentum confirms a strong bull regime, but coherence is nil and reliability suspended: the signals are mixed, and the Compass says wait. Price is stretched above its reference average, and the underlying uptrend is fragile.

This time the Pretore and the Compass draw closer. The Pretore keeps its long index signatures. The Compass, which measures the regime over a longer horizon, sees recent momentum proving the short-term bear wrong. Both reflect the rebound; by design, neither yet reflects the evening's news on Nvidia.

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📐 Yield Curve

U.S. Treasury Curve · Nov 10, 2026

  SHAPE       flat
  MOVEMENT    bear flattening
  MACRO       normal

For the economy: The picture is still Tuesday's, because the government bond market was closed on Wednesday for Veterans Day. A curve that was already flat is flattening further from the short end: the market is pricing in a Fed forced to raise rates, not higher inflation ten years out. At this morning's reopening the 30-year yield fell to 5.34% and the 10-year held at 4.99%, while short-dated notes kept losing ground (Bloomberg). Demand for safety is going to the long end, and the bets on the Fed stay at the short end.

For banks: In theory, a curve that flattens from the short end squeezes net interest margins. On Wednesday the big banks rose and the regionals didn't, as the next panel shows.

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🏦 Banks: Large vs Regional

XLF · KBWB · KRE — financial sector

• XLF (sector) — at $58.63 (+0.58%), RSI 62.6, above its 50- and 200-day averages ($55.95 and $53.90). The Pretore's signature on the sector stays in active long, but the invalidation level rises to $58.615, just 0.03% below the close; price is 1.75% above the Consensus.
• KBWB (large banks) — at $90.15 (+0.55%), RSI 54.2, above its 50- and 200-day averages; resistance sits around $90.44, 0.32% higher, with support around $88.74.
• KRE (regionals) — at $72.95 (−0.19%), RSI 54.3, above its 50- and 200-day averages; resistance sits around $73.93 and support around $72.52, 0.58% lower.

On Tuesday the big banks slipped a little and the regionals more. On Wednesday the big banks rose while the regionals fell again. The market's gain was a chip and technology rally: banks followed it at a distance, and the regionals watched it go by. The sector holds above its averages, but the XLF signature has no room left.

KBWB and KRE under watch — a reading, not a signal.

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🎯 Executive Summary

🎬 The day in one line

On Wednesday CoreWeave rose 24.71%, semiconductors 5.66% and the S&P 500 1.31%. That evening the Wall Street Journal reported that Nvidia’s board was preparing to replace Jensen Huang, and the stock lost more than 9% after hours.

🔌 The chip rebound

• CoreWeave. +24.71%, its biggest one-day gain in more than three months. Tuesday evening’s results and the prepayments it expects from customers eased worries about how it will fund its growth.
• The sector. The SOX rose 5.66%, with every component higher: Micron +11.89%, AMD +7.32%, Intel +7.52%.
• The market. The Nasdaq Composite erased all of its losses since the midterm elections.

🏢 Nvidia’s leadership in doubt

🆕 Following allegations of a second affair, this time with a vice president who reports directly to Huang, Nvidia’s board met on Wednesday evening to decide his future. It is considering an interim chief executive and working with an outside firm on successors. At the time of writing, no decision had been announced. The stock, up 2.87% during the session, fell more than 9% after the close and was down about 7% before the open. Bernstein halved its price target.

🏛️ The Fed and rates

Chicago Fed President Austan Goolsbee called October’s inflation “borderline disturbing,” though he stopped short of backing a half-point hike. The market is pricing in a quarter-point increase in December. Long-dated Treasuries rallied at the reopening, and the 30-year yield fell to 5.34% ahead of today’s auction.

⏳ The bottom line

The November 11 RADAR argued that the rebound was holding up after the inflation data, supported by chip earnings. On Wednesday those earnings beat expectations: CoreWeave +24.71%, SOX +5.66%. The thesis wasn’t invalidated, since the Composite closed at 25,466.19, above 24,997.67, and the Dow at 52,486.49, above 51,579.35. But by evening the rebound had lost its standard-bearer, and the S&P 500’s invalidation level was just 0.16% below the price.

Pretore vs thesis. Signature of the day on $SPX: active long — in line with today’s thesis, a chip rebound that holds up on the strength of earnings; but it lapses on a close below 7,606.88, just 0.16% lower, and this morning’s futures are already down. The Nasdaq-100, Composite, Dow and semiconductor signatures, all in active long, agree as well. The thesis is invalidated if, by Friday, November 13, the S&P 500 closes below 7,606.88 and, in the same session, the Composite closes below 24,997.67.

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📊 News in Detail

🌐1. Nvidia’s board weighs replacing Huang, and the stock sinks after the bell

What happened

✅ On Wednesday evening the New York Times reported allegations that Jensen Huang had a second extramarital affair, this one with Kimberly Powell, Nvidia’s vice president for healthcare, who reports directly to him (Benzinga; CNBC). On Sunday Huang had admitted to his relationship with Alice Huang, a Megaspeed executive whom U.S. intelligence believes to be a Chinese spy (CNBC, via Jingletree).

✅ The Wall Street Journal says the board is preparing to remove him, and Reuters confirms that directors met on Wednesday evening to decide his future (Forbes). ✅ According to Bloomberg, the board is working with an outside firm to identify possible successors and is considering naming an interim chief executive (Bloomberg). 🔸 Semafor reports that Apple’s hardware chief, Johny Srouji, is among the names under consideration (Semafor).

✅ Nvidia had gained 2.87% during the session, to $173.73, snapping a two-day losing streak (The Motley Fool; TradingKey). ✅ It lost more than 9% after the close (CNBC) and was down 7.2% before this morning’s open (CNBC). 🔸 Counting the after-hours drop, Reuters says the company has lost about $600 billion in market value this week (UNN, citing Reuters).

🔸 Bernstein halved its price target from $400 to $200 (CNBC, via Jingletree), and 🔸 Baird downgraded the stock (Proactive, headline). ✅ Huang owns 3.6% of Nvidia and holds no super-voting shares, so a simple majority of the board is enough to remove him (Reuters, via UNN; TechSpot). At the time of writing no decision had been announced. Quarterly results are scheduled for Tuesday, November 17 (TokenPost).

✅ In Asia this morning, SK Hynix, TSMC and Advantest fell (CNBC). In Wednesday’s rebound AMD had climbed 7.32% and Broadcom 3.99% (TradingKey), and ✅ both were up about 3% ahead of this morning’s open (Bloomberg, via UNN).

The November 11 RADAR described how Nvidia’s troubles had gone from a personal scandal to a probe of chips that ended up in China. On Wednesday the story took a third step, from politics to the top of the company.

What sources say

“Jensen is not replaceable” — Dan Ives, Yorkville Ives & Co., on November 10, before the report of a second affair (Reuters)

“much tougher for the board to leave him in position” — Stacy Rasgon, Bernstein (CNBC)

FINBEAR Take: one man’s worth, priced in real time

On Wednesday the market put a price on Jensen Huang. During the session, with the scandal public since Sunday, Nvidia rose along with the rest of the sector. All it needed was for the founder to stay put. Once the board began looking for his replacement, the stock gave back three times the day’s gain within hours.

The second affair changes the nature of the case. The first was a national-security matter that lawyers and hearings could handle. The second involves an executive who reports directly to Huang, which makes it a corporate-governance matter. A board that ignored it would be inviting shareholder lawsuits. That’s why analysts, rather than writing it off as a scandal that will blow over, say the board has little choice.

Cui prodest? Rival makers of AI chips, who can now pitch customers on the stability of their own leadership. The losers are those holding Nvidia as their central bet on artificial intelligence, five days before earnings.

Impact: 🔴🔴🔴🔴 (4/5) — Nvidia without a settled leader before earnings · The other side: rival chipmakers favored

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🌐2. CoreWeave jumps 24.7% and lifts chips: the SOX gains 5.66%

What happened

✅ CoreWeave closed Wednesday at $60.77, up 24.71%, its biggest one-day gain in more than three months and its highest close in two weeks (Reuters, via Yahoo Finance; Yahoo Finance). ✅ On Tuesday evening the company had reported quarterly revenue of $3.66 billion and raised its 2026 forecast (company release, SEC). ✅ It also said it expects to return to an adjusted profit in the first half of 2028 (Reuters, via MarketScreener).

✅ Yahoo Finance says the higher forecast, together with the prepayments and deposits the company expects from customers over the next three months, eased fears about its ability to fund its expansion (Yahoo Finance). 🔸 TechCrunch writes that the company is betting on customer prepayments and shorter contracts (TechCrunch, headline).

✅ The Philadelphia Semiconductor Index rose 5.7% to its highest close since November 3, with every component higher (Reuters). ✅ Micron gained 11.89%, Intel 7.52%, AMD 7.32% and Broadcom 3.99% (TradingKey; The Motley Fool). ✅ Nebius, which reports today before the open, rose 15.44%, and Oracle about 8.8% (Closing Look; Yahoo Finance). ✅ The Nasdaq Composite wiped out its losses since the midterm elections (Yahoo Finance). ✅ In the S&P 500, 17 stocks hit new 52-week highs and none a new low; on the Nasdaq there were 77 new highs and 159 new lows (Reuters).

The November 11 RADAR ran the headline “Chips: sold on Tuesday, bought back overnight.” On Wednesday the buying lasted the whole session and spread across the entire sector.

What sources say

“Confidence (and maybe a little short covering) returned to the AI trade” — Grace O’Donnell, Yahoo Finance

“too soon to sound the all-clear” — Reuters, on market indicators

FINBEAR Take: the numbers spoke and the price shouted

CoreWeave’s jump shows how much the market had feared the opposite. A company that funds itself with debt posts results above expectations and points to fresh customer prepayments, and its stock jumps 24.71% in a single session. That’s the reaction of traders who were ready to sell and ended up buying back. Yahoo Finance notes that some short covering may also have been part of the move.

The day’s strongest signal is how many stocks took part. Every SOX component rose, with memory makers in the lead and data-center names close behind. Yet the Nasdaq still logged more new lows than new highs. The sector is bouncing, but the broader tech market is still hurting underneath.

Cui prodest? Memory makers and data-center operators that raise money in the markets: with confidence back, they may find financing on easier terms. The losers are those who shorted the sector after the midterms.

Impact: 🟢🟢🟢 (3/5) — CoreWeave eases funding fears and the whole chip sector rises

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🏛️3. The Fed’s Goolsbee calls inflation “borderline disturbing,” and Treasuries reopen higher

What happened

✅ In an interview with PBS, Chicago Fed President Austan Goolsbee described October’s consumer prices, which rose 0.4% on the month, as “borderline disturbing” (CNBC). ✅ Several factors that had been pushing costs up should already have faded, he said, and if the pattern holds it points to overheated demand, fueled in part by euphoria over artificial intelligence (Scotsman Guide). ✅ Asked about a half-point hike in December, he declined to tie the committee’s hands before the meeting (PBS NewsHour, via Scotsman Guide). ✅ Goolsbee doesn’t vote in 2026 and joins the voting rotation in January (Scotsman Guide).

✅ After Tuesday’s data, the probability of a quarter-point hike in December rose to about 90%, according to CME FedWatch (CNBC). The fed funds rate sits in a range of 3.75% to 4.00%, and the Fed meets on December 8 and 9. 🔸 An MT Newswires headline suggests that another federal shutdown and falling oil prices could hold back a December hike (MT Newswires, headline); 🔸 the stopgap funding bill passed before the midterm elections runs out in December (Fox News).

✅ Treasuries reopened this morning after Veterans Day. The 30-year yield fell two basis points to 5.34% ahead of an auction of the same maturity, while the 10-year held at 4.99% (Bloomberg). ✅ Short-dated notes fell further as traders kept betting on more rate hikes, and the curve flattened (TradingView, citing Sina Finance). ✅ On Wednesday the dollar rose 0.67%.

The November 11 RADAR noted that the Fed’s debate had shifted from whether to raise rates to how much. In the PBS interview, aired on Tuesday evening and picked up on Wednesday, Goolsbee joined those who see an inflation problem, but not those calling for a half point.

What sources say

“borderline disturbing” — Austan Goolsbee, Chicago Fed, on the October data (PBS NewsHour)

“we must get inflation back down to target, and it’s going the wrong way at this point” — Austan Goolsbee (PBS NewsHour)

FINBEAR Take: the Fed raises its voice and the market looks further out

When even the Chicago Fed president says inflation is heading the wrong way, and partly blames the AI frenzy, a December hike stops being a choice and becomes an obligation. The real debate is now over how big. A quarter point is priced in, half a point is on the table, and nobody has taken it off yet.

The Treasury reopening captured both sides of the day. Short-dated notes fell because the Fed is staying tough; long bonds rose because the Nvidia affair is sending investors back to government debt for shelter. The curve is flattening on two different fears, and both weigh on the most expensive stocks.

Cui prodest? The dollar, and holders of very short-dated bills, which pay more with every hike the market expects. The losers are holders of two-year notes and those who bought the priciest stocks betting on rate cuts in 2027.

Impact: 🔴🔴🔴 (3/5) — Tougher Fed, half a point still in play · The other side: dollar favored

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🌐4. Oil caught between Iran and inventories: Brent rebounds, WTI tests its signature

What happened

✅ Brent closed Wednesday at $92.76 a barrel (+1.39%) and WTI at $86.53 (+0.57%), after hitting two-month lows on Tuesday. Iran’s security chief said Tehran won’t let its enriched nuclear material leave the country, and the United States wants the nuclear issue included in any deal to end the war (Reuters, via Business Recorder). ✅ According to Kpler, shut-in output in the Middle East has fallen to about 3.8 million barrels a day, with Saudi Arabia and Iraq back at prewar levels (Reuters, via Business Recorder).

✅ Both contracts lost more than $1 in early Asian trading this morning, then recovered (Reuters, via Asharq Al-Awsat). ✅ Weighing on prices were higher OPEC+ output in October, led by Saudi Arabia, and a 9-million-barrel rise in U.S. inventories, according to the American Petroleum Institute (Reuters, via Bytes Europe). On the StockCharts chart this morning, WTI was at $87.37 (+0.97%) and Brent at $93.75 (+1.07%).

The November 11 RADAR said attacks in the Strait of Hormuz were dimming hopes of a truce. On Wednesday crude won back part of its losses: a truce is still far off, but Gulf oil is flowing again.

What sources say

“We are currently in a ‘no war, no peace’ situation” — Ole Hansen, Saxo Bank (Reuters)

FINBEAR Take: no war, no peace, and the price stuck in between

Oil has stopped picking a side. News from Iran pushes it up, while recovering Gulf output and rising U.S. inventories push it down. The result is a barrel that sheds a dollar in early trading and wins it back the same morning. Hansen’s phrase describes this market better than any chart.

The Pretore registers the same indecision. Brent’s signature has turned bullish while WTI’s stays bearish: two grades of crude, two opposite readings. This morning WTI trades above the level at which its short signature lapses. A close above that level would invalidate it, and any switch to long will have to be confirmed in the Pretore’s next snapshot.

Cui prodest? Gulf producers that are exporting again and still getting more than $90 a barrel. The losers are those who bet on prices collapsing once the war ended.

Impact: 🔴🔴 (2/5) — Oil above $90, no deal with Iran · The other side: crude producers favored

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🌐5. Who pays for AI: Alphabet borrows in Asia as sovereign funds line up

What happened

✅ Alphabet is launching its first bond sales in Hong Kong and Singapore dollars. Initial price guidance is around 4.6%, 5% and 5.5% for the 2-, 5- and 10-year Hong Kong dollar notes, and between 2.75% and 4% for Singapore dollar maturities from 2 to 30 years. Pricing could come as early as today (Bloomberg, via Yahoo Finance).

✅ Bloomberg says the company aims to raise the equivalent of $1 billion to $1.5 billion in Hong Kong dollar debt and about $1.5 billion in Singapore dollar debt (Bloomberg, via BusinessMirror). ✅ Earlier this month it raised €6 billion, at a noticeably higher cost than its first euro deal in May (Bloomberg, via Yahoo Finance).

✅ A PwC report forecasts that sovereign wealth fund assets will grow by almost 50%, to $22.4 trillion by 2030 from about $15.2 trillion (Reuters, via Investing.com). ✅ In 2025 public investors put about $66 billion into AI and the digital sector, mostly in the United States, against about $4 billion going to China (Reuters). 🔸 Fractile, a British designer of AI chips, has raised about $720 million (TechCrunch, headline).

The November 11 RADAR covered OpenAI and Anthropic hunting for capital in the markets. On Wednesday the story got bigger. Data-center builders are asking for money in every currency, and those with money to spare — governments — are getting ready to hand it over.

What sources say

“enable, accelerate, and own them” — PwC, on public funds and the economy’s big trends (Reuters)

FINBEAR Take: AI debt changes currency

Alphabet doesn’t need the money. It needs new lenders. After euros, yen, Swiss francs, sterling and Canadian and Australian dollars, now come Hong Kong and Singapore dollars. Every new currency is one more market to borrow in, and the price paid tells the rest of the story: in euros, the cost has risen in six months.

The PwC report explains who will sit across the table. Sovereign funds no longer just want to buy securities; they want to own the infrastructure. When public capital finances data centers, the AI cycle becomes less sensitive to the stock market’s moods and more tied to the choices governments make.

Cui prodest? Gulf sovereign funds, and big tech groups that find credit outside the most crowded markets. The losers are fixed-rate lenders if the yields the market demands rise, since the bonds they hold would lose value.

Impact: ⚪ — Debt and public capital finance AI, at rising costs

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📰 In Brief

• Crypto. Bitcoin closed Wednesday at $73,430.22 (−0.72%), and the Pretore's signature flipped to active long. In the week to November 6, bitcoin ETFs saw outflows of $1.28 billion, the largest since late June (Cointelegraph). 🔸 Decrypt describes a bitcoin market drying up amid ETF outflows and a shrinking stablecoin supply, and reports that recent buyers sent $3.6 billion of bitcoin to exchanges at a loss (Decrypt, headlines). 🔸 Deutsche Bank is launching bitcoin and ether custody for clients (Decrypt; Unchained, headlines).
• Defense. RTX ended the third quarter with a record backlog of $340 billion (company release). 🔸 AeroVironment won $720 million in contracts in the United States and the Middle East (Simply Wall St, headline). Howmet beat quarterly expectations and raised its outlook, and Kratos reported results (Zacks; StockStory, headlines).
• United Airlines. 🔸 The airline is barring AI agents from booking flights (Yahoo Finance, headline). Delta, JPMorgan and Charles Schwab had already shut out outside AI agents (The Verge, via AI Weekly).
• Today's earnings. Nebius before the open; Cisco, Applied Materials and Cerebras after the close (StockTitan). For Cisco, analyst estimates compiled by Nasdaq point to earnings of $1.15 a share (StockTitan).

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📊 Aggregated Sentiment Table

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🎭 Fear and Loathing on Wall Street™

⚪ Neutral — Index: 12

Registry comparison: the last recorded reading is +3 (Neutral), from November 11, based on Tuesday’s November 10 close. There has been one session since. On Wednesday the S&P 500 rose 1.31% and semiconductors 5.66%, while the VIX fell from 19.46 to 17.49.

Reading. On Wednesday the market got the day it had been waiting for: earnings above expectations, a rally that spread across the board, fear in retreat. The VIX lost a tenth of its value. But the calm lasted only until the closing bell. The Nvidia news isn’t about earnings or rates. It’s about who runs the company at the heart of the rally, and no model has a ready answer for that. This is a market that had just found its nerve, only to wake up to a question it can’t answer.

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🔗 Cross-Cutting Synthesis

Today’s five stories describe a rebound that found its proof and lost its standard-bearer on the same day. CoreWeave shows that demand for computing capacity is holding up, and that debt-funded data-center builders still find customers willing to pay up front; chips rose together. That evening Nvidia, the company first in line to profit from that demand, found out it could lose its founder. Meanwhile the Fed is getting ready to tighten, oil can’t find a direction, and those investing in artificial intelligence are borrowing in an ever-longer list of currencies.

Price action says the market separates numbers from people. It bought the numbers without hesitation: the SOX rose 5.66% and the VIX fell below 17.5. It sold the man that same evening, as Nvidia lost more than 9% and dragged futures down. The Pretore had just raised the S&P 500’s invalidation level to a hair below the price, and the Compass saw momentum proving the short-term bear wrong. Both captured a rebound that, starting today, has to show it doesn’t depend on a single name.

The November 11 thesis holds on the numbers, with the Composite and the Dow well clear of their thresholds. But the weak spots have moved: they are now the S&P 500, whose signature is just 0.16% from invalidation, and the financial sector.

Cui prodest? Nvidia’s rivals in AI chips, holders of long-dated government bonds as a haven, and the dollar. The losers are portfolios concentrated in Nvidia and those who bought the rebound at Wednesday’s close.

📌 Thesis invalidation — This RADAR’s dominant thesis is: the chip rebound is holding up on earnings, but it has lost its standard-bearer. With no certainty about who runs Nvidia, the S&P 500’s signature has to hold just above its invalidation level.

• Holds because:
• on Wednesday the rally spread across the whole sector: every SOX component rose and the S&P 500 gained 1.31%, while the Pretore’s index signatures stay in active long, with prices above the Consensus;
• the VIX fell to 17.49, and the Compass sees recent momentum contradicting the short-term bear;
• the counterweight: Nvidia lost more than 9% after the close, Nasdaq futures are down 0.92%, and a 0.16% drop from the close is all it takes for the S&P 500’s signature to lapse.
• Invalidated if: the S&P 500 closes below 7,606.88, the level below which its long signature lapses, and in the same session the Nasdaq Composite closes below 24,997.67, the level below which its own lapses.
• By: the close on Friday, November 13, in the week Nebius and Cisco report and while the market waits for the Nvidia board’s decision.
• In that case: FINBEAR’s read would shift from a rebound that holds to a technical bounce within a broader correction. Nvidia’s leadership crisis would replace earnings as the driver of prices and become a reason to sell, and the market would go back to dumping its most expensive stocks.

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🚨 Strategic Alerts

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📜 Disclaimer & Maxim