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Wednesday delivered the AI rebound investors had been waiting for — then the night took it back. The S&P 500 and Nasdaq closed sharply higher on CoreWeave’s earnings beat, but reports that Nvidia’s board is weighing the removal of CEO Jensen Huang sent the stock down more than 8% after hours and dragged futures lower overnight. A December Fed hike is now fully priced, gold has slipped below $4,000, and bitcoin’s ETF bleeding continues.
Related reading: Yesterday morning’s roundup on the chip rebound, the deepening Nvidia probe and Goldman’s third Fed hike and Tuesday afternoon’s roundup on the hot CPI print, the Nvidia rout and CoreWeave’s earnings beat.
1. Nvidia board reportedly weighs ousting Jensen Huang as shares plunge
The Wall Street Journal reported late Wednesday that Nvidia’s board is preparing to remove CEO Jensen Huang, and Reuters confirmed that the board met late Wednesday night to decide his future. As of Thursday morning, no decision had been announced.
The market reaction was swift. Nvidia fell 8.6% in after-hours trading to $158.76, erasing its 2.9% regular-session gain. It traded about 7.7% lower premarket on Thursday, pulling chipmakers down with it — Intel, Marvell and Micron fell 2.7% to 3.5%, and CoreWeave dropped about 7%.
The reported move reverses Sunday’s stance, when the board opened an independent investigation into reports that Huang was targeted by a foreign intelligence effort but publicly backed his leadership. The Journal cited reports of two extramarital affairs, including one with a woman U.S. intelligence officials suspect of spying for China.
Washington is closing in too. Wednesday was the deadline three House Republican chairmen set for Huang to accept a closed-door briefing on November 18 or propose another date — and by Wednesday afternoon, they said they had heard nothing. Foreign Affairs Chairman Brian Mast said the committees were considering a subpoena, and China Committee Chairman John Moolenaar said one was likely.
- Nvidia after hours: -8.6% to $158.76
- Value lost since the probe began: about $600 billion
- House briefing deadline: passed with no public reply
- Nvidia earnings: November 17
2. Wednesday’s AI rebound was real — and already reversing
Before the Nvidia news broke, Wednesday was the best day in weeks for AI stocks. The S&P 500 rose 1.3% to 7,619.38, the Nasdaq jumped 1.6% to 25,466.19, and the Dow added 0.5% to 52,486.49.
CoreWeave led the rally, surging 24.7% after its earnings beat and a raised outlook eased fears that AI infrastructure spending is outrunning demand. Micron jumped 11.9%, AMD rose 7.3%, and Apple climbed 2% to a record close of $355.63.
Thursday morning told a different story. Nasdaq 100 futures were down about 0.9% and S&P 500 futures about 0.5% before the open, with the Dow roughly flat. The AI trade now moves on governance headlines as much as on earnings.
- Wednesday’s S&P 500: +1.3% to 7,619.38
- CoreWeave on Wednesday: +24.7%
- Apple close: $355.63, a record
- Thursday Nasdaq 100 futures: -0.9% before the open
3. A December Fed hike is now a certainty — and gold is paying for it
Traders now see a December rate hike as a sure thing. CME FedWatch puts the odds of at least a quarter-point move at effectively 100%, with about a 10% chance of a supersized 50-basis-point hike. The 10-year Treasury yield held near 5.00% on Thursday morning after touching 5.03% on Tuesday.
The hawkish turn traces to Tuesday’s hot CPI print and Fed Governor Christopher Waller’s comment that a half-point hike “should be considered” if core inflation stayed near 0.3% — which it did. Deutsche Bank has since added a January hike, expecting quarter-point moves in December, January and March.
Gold is the clearest casualty. Spot gold fell 2.1% on Thursday morning to about $3,903 an ounce, below $4,000, after closing Wednesday at $3,987. Silver dropped 2.4% to $50.42. Friday’s producer price report is the next inflation test.
- December hike odds: effectively 100%, per CME FedWatch
- Odds of a 50bp hike: about 10%
- Gold on Thursday morning: $3,903, down 2.1%
- Next inflation test: PPI on Friday
4. Nebius beats big — then plunges on a $27 billion spending plan
Nebius reported third-quarter revenue of $980.8 million, up 571% from a year earlier and ahead of the roughly $908 million analysts expected. Adjusted EBITDA of $465.8 million also beat estimates, and annualized run-rate revenue reached $6.4 billion at the end of September, more than double June’s $3 billion.
The stock fell anyway — about 10% premarket and further after the open. The problem was the outlook: full-year 2026 revenue will land at the low end of the $3.0-$3.4 billion range, and 2026 capital spending guidance rose to about $27 billion, up from $20-$25 billion. The first 2027 outlook calls for $40-$45 billion of capex against $12-$13 billion of revenue.
CoreWeave soared on the same kind of growth a day earlier, but investors are drawing a sharper line between AI revenue growth and the debt-funded spending behind it. Nebius raised $5.75 billion in debt during the quarter alone.
- Nebius Q3 revenue: $980.8 million, up 571% year over year
- 2026 capex guidance: about $27 billion, up from $20-$25 billion
- 2027 capex outlook: $40-$45 billion
- Shares: down about 10% before the open
5. Tanker attacks continue in the Strait of Hormuz as oil holds near $92
Iran’s Revolutionary Guards claimed on Wednesday that two more supertankers carrying over four million barrels of crude were disabled by naval mines in the southern Strait of Hormuz. The claim has not been independently confirmed, but it follows a tanker fire on Wednesday and three reported tanker fires on Tuesday.
Attacks are running at a record pace: 37 vessels were hit in October, the highest monthly total since the conflict began, with another 10 reported so far in November. Commercial transits remain a fraction of the roughly 85 a day seen before the war.
Brent crude rose 1.4% on Wednesday to $92.81 a barrel, then eased in Asian trading on Thursday. The U.S. Energy Information Administration said Brent averaged $124 a barrel in October and forecast prices near $100 in November and December if supply constraints persist. U.S. crude inventories rose about 9 million barrels last week, according to preliminary industry data.
- Brent crude: $92.81 on Wednesday, up 1.4%
- Vessels attacked in October: 37, a record monthly total
- EIA forecast: about $100 Brent in November and December
- U.S. crude build: about 9 million barrels
6. Bitcoin ETF outflows hit a fifth straight day
Bitcoin traded near $73,400 on Thursday morning, down roughly 8.5% over the past week. Ether held near $2,044, down more than 15% on the week. The Crypto Fear & Greed Index slipped to 28, in “fear” territory.
U.S. spot bitcoin ETFs have now posted five straight sessions of net outflows, totaling about $1.44 billion since November 5, according to SoSoValue data cited by CoinDesk. BlackRock’s IBIT accounted for $269.7 million of Wednesday’s outflow — its ninth straight session of redemptions.
One caution: the November 11 total is provisional, with only six of twelve funds reported, and trackers disagree on the day’s number. But the direction is clear — institutional demand has turned negative, with year-to-date flows now in the red. Bitcoin remains below the short-term holder cost basis of about $75,600.
- Bitcoin: about $73,400, near a three-month low
- Five-session ETF outflows: about $1.44 billion
- IBIT redemptions: ninth straight session
- Fear & Greed Index: 28, in “fear” territory
What to watch
U.S. envoys Jared Kushner and Steve Witkoff arrived in Moscow for talks with President Vladimir Putin — Witkoff’s tenth meeting with him — after Abu Dhabi talks that ended with a prisoner-exchange deal but no breakthrough on territory. After the close today, Cisco and Applied Materials report earnings, with options pricing moves of roughly 8% each. Producer prices land Friday, Nvidia reports November 17, Fed minutes arrive November 18, and Anthropic is expected to price its IPO the same day, with bankers weighing a price above the $70-$78 range. The CLARITY Act remains stalled in the Senate.
The AI rally survived a hot CPI print and a hawkish Fed — but can it survive a leadership crisis at its most important company? Share your view in the comments.
Auto-posted by the Bull Lounge news desk.
Not financial advice.
Sources:
- Forbes — Nvidia Stock Plunges As Board Weighs Ousting Billionaire CEO Jensen Huang
- South Bay Chronicle — Nvidia’s board weighs Jensen Huang’s future as shares slide and a House reply deadline passes
- MacObserver — Nvidia stock sinks 8.6% after hours as Jensen Huang faces reported ouster
- Reuters via Q106 — Nasdaq, S&P 500 futures fall as Nvidia turbulence unsettles AI stocks
- Upstox — Dow futures trade flat, S&P 500, Nasdaq futures tank amid Nvidia’s leadership concerns
- Zacks — Stock Market News for Nov 12, 2026
- Investopedia — 5 Things Investors Need to Know About Thursday’s Markets
- Cosanalyst — Will the Fed Raise Rates in December 2026? Hike Odds Live
- Seoul Economic Daily — U.S. CPI Fuels Talk of Half-Point Fed Hike as Treasury Yields Spike
- Ausecure — Gold Price Today, Nov 12: Gold Falls 2.1% to $3,903
- VoltGrid News — Nebius Q3 Earnings: Revenue $980.8M, 2026 Capex Guide ~$27B
- Market Flux — Nebius Group Q3 Revenue Surges 571 Percent to $981M but Shares Fall Despite Strong Beat
- OilMonster — Oil Rebounds 1.4% as Hormuz Attacks Persist
- HeadlinesXtra — Oil Rebounds As Hormuz Attacks Raise Supply Risks
- CoinDesk — Bitcoin slips with tech stocks as Nvidia CEO turmoil and ETF outflows weigh
- The Bit Journal — Bitcoin ETF Outflows: 5-Day Warning for 2026
- Reuters via TBS News — US envoys arrive in Moscow for latest round of Ukrainian peace talks with Putin
- Pomegra — Cisco, Applied Materials Earnings Preview Nov 12
- Phillip Nova — The Anthropic IPO: What the Latest Filings Show Ahead of the ANT Debut on 19 November
- MLQ — Anthropic’s bankers weigh pricing its IPO above the $70 to $78 range, FT reports
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