No. 562026-11-12 · UTC+8

Nvidia's board is reported to be weighing ousting CEO Jensen Huang: the NYT disclosed a second affair (with VP of healthcare Kimberly Powell), Reuters reported the board met Wednesday to decide his future, and the WSJ followed after hours with 'preparing to oust' — NVDA fell 8-10% in extended trading while AMD and Broadcom each rose over 3%, the terminal form of the de-NVDA-fication separation trade. By day, the tape was the mirror image: CoreWeave closed +24.7% (best day since April 2025) and is preparing a $4B+ investment-grade loan led by Morgan Stanley and Mitsubishi UFJ; SOX +5.66%, MU +11.9%, SNDK +13.7% as memory violently re-rated (Morgan Stanley flipping to 'risk-reward improved' just 48 hours after its -38% cut; BofA's supercycle-through-2028). Anthropic's roadshow book was already 'oversubscribed multiple times' against a $90.4B combined issuance target. Wednesday was Veterans Day — bonds were closed, so the +1.3%/+5.7% re-rating never met the rates market.

Thursday edition. Window 11/11 07:30 → 11/12 07:30 CST: Wednesday's full US session (final closes) + Wednesday's Asia final closes (closing the loop on the 11/11 issue's snapshots: SoftBank's '-11%' was a -10.5% intraday low that closed -0.44% at ¥3,855; KOSPI +1.2% → +2.60% at 5,375.36; Taiwan +1.8% → +3.62% at 44,257.15) + Wednesday's US post-market, where the NVDA board story and the -8~10% after-hours print landed 06:30-07:30 CST 11/12 (in-window; Yahoo 22:37 GMT 11/11 first read through Bloomberg 07:39/WSJ 08:17 CST flagged as post-window edge), plus the Bloomberg CRWV IG-loan story at 06:42 CST (in-window). This morning's Asia tape (~11:45 CST snapshot) and US futures are post-window and flagged. Wednesday was Veterans Day: equities open, bonds closed — the day's re-rating never met the rates market (10Y 5.00 is Tuesday's final). Ops note: Yahoo's chart API worked throughout; closes are bar-verified, and the Brent bar recovered (Tuesday's settle backfilled at $91.49, Wednesday $92.76).

By Brad · About the methodology

Today in one sentence: After hours, multiple outlets reported Nvidia's board is weighing ousting Jensen Huang — the NYT disclosed a second affair, with VP of healthcare Kimberly Powell — sending NVDA down 8-10% in extended trading while AMD and Broadcom each rose over 3%: "de-Nvidia-fication" went from our working thesis to a live trade; by day, CoreWeave's +24.7% (best day since April 2025) plus a planned $4B+ investment-grade loan ignited a full re-rating — SOX +5.66%, MU +11.9%, SNDK +13.7% — while Anthropic's IPO book was already "oversubscribed multiple times" on roadshow day one.

Key signals from 55 sources/articles analyzed · ~8 min read (Thursday edition. Window 11/11 07:30 → 11/12 07:30 CST: Wednesday's full US session with final closes + Wednesday's Asia final closes (closing the loop on the 11/11 issue's snapshots: SoftBank Tokyo's "-11%" was a -10.5% intraday low that closed at -0.44%; KOSPI +1.2% → +2.60% close; Taiwan +1.8% → +3.62% close) + Wednesday's post-market (the NVDA board reports and the -8~10% after-hours print landed 06:30-07:30 CST, in-window; the WSJ exclusive at 08:17 CST is post-window and flagged) + this morning's Asia session ("mixed, fragile" under the NVDA crisis). All six of the 11/11 issue's must-checks closed: CRWV regular-session close ✓, Wednesday Asia closes ✓, duration divergence ✓, Brent backfill ✓ (Tue settle $91.49, Wed $92.76), ANTP book ✓ (multiple-times oversubscribed). NBIS and AMAT actually report in Thursday's US session (tonight 21:30 / tomorrow 05:00 CST) — outside this window; the 11/11 calendar is corrected.)

Window notes: Wednesday was Veterans Day — equities open, bonds closed; the day's re-rating never met the rates market (10Y 5.00 is Tuesday's final). Yahoo's chart API worked throughout; closes are bar-verified and the oil bar recovered this run (Tuesday's Brent settle backfilled at $91.49).

01 — TOP SIGNALS

1. UPDATE | Nvidia's board weighs ousting Jensen Huang: the NYT discloses a second affair (with VP Kimberly Powell) — NVDA -8~10% after hours while AMD/AVGO rose 3%: key-man risk escalates from "investigation" to "succession," and the question for the 11/17 print becomes who hosts the call

What happened. The chain unfolded fast in Wednesday's post-market (06:30-07:30 CST, in-window): Yahoo Finance (22:37 GMT): NVDA slipping after hours on fresh allegations about the CEO's relationships — the NYT reported Huang, 63, had a relationship with Kimberly Powell, 48, Nvidia's VP of healthcare who reported to him, citing five people; two former employees said they saw the pair being affectionate at a San Jose hotel during a March conference, with a bystander recording them before Huang's security detail intervened (full chain via Free Press Journal). Then Reuters (via Miami Herald): the board met Wednesday to decide Huang's future and was considering removing him as CEO (CBS's 23:29 GMT "preparing to oust, sources say" was the first in-window read). Post-window increments, flagged: the WSJ exclusive "Nvidia Is Preparing to Oust CEO Jensen Huang" (08:17 CST), Bloomberg's "said to mull ousting" (07:39), Nikkei's nearly -10% after-hours print, Nasdaq futures -0.8%. Yahoo: AMD and Broadcom each rose more than 3% in extended trading — capital rotating straight from NVDA into alternative compute.

Why it matters.① The story escalated from "affair + spy-link probe" (the 11-09/11-10 triple-verdict framework) to the terminal scenario of a governance power struggle: Huang co-founded the company in 1993 and has run it for 33 years; he is the personal node behind Nvidia's procurement commitments (CoWoS prepayments, HBM allocations) and its $170B+ neocloud backstops. A leadership vacuum exposes the execution risk of the entire AI complex's supply timeline — not just one ticker.② The after-hours price shape is the ultimate reading of the 11-10 #1 separation trade: NVDA -8~10% with AMD/AVGO +3% — the market voted with both feet that compute demand can survive without Huang but not without GPUs.③ The 11/17 print (own guide $108B) is six days out, but the call's host, the China-revenue language and the Rubin roadmap commitments are all now suspended; Dan Ives and other sell-siders have begun pricing the "Huang removed" scenario (via Motley Fool).

Investment implication.Wednesday's close (+2.92% to $173.73) and the after-hours -8~10% share zero fundamental news in between — pure governance pricing. Tonight's open is the first closing-grade verdict on the key-man discount: a board statement backing Huang would likely retrace fast (Monday's +2.35% S&P template), while an actual removal — or limbo — tests whether AMD/AVGO's +3% holds, the formal confirmation of a "de-NVDA-fication" regime (new track-record item, verdict 11/19). Secondary risk unchanged: the probe fuels China-curbs calls (11/11 issue) with Samsung/SKH exposure first in line.

HIGH IMPACT Confidence: HIGH (NYT/Reuters/WSJ/Bloomberg/CBS multi-source; no board decision yet — all report-level) Affected: NVDA US · AMD US · AVGO US · SOX · TSM US

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