# Research run 2026-11-12T06:50 UTC ## What changed - Nvidia down over 7% after hours: WSJ says the board is preparing to remove CEO Jensen Huang; decision pending. - Wall St rose Wed: S&P +1.3%, Nasdaq +1.6%; chips led after CoreWeave, Micron +11.9%, Marvell +9.3%. - Anthropic IPO reported several times oversubscribed at $70-78; prices Nov 18, trades as ANT Nov 19 (Fri AEDT). - Asia softer Thu: Taiwan -1.2%, ASX -0.4%; Nasdaq futures about -0.9%. - Next: Figure Q3 before open and Cisco, AMAT after close (Fri morning AEDT); PPI Fri. ## Market summary Wall Street rallied Wed (S&P +1.31%, Nasdaq +1.60%, Dow +0.49%) as chips led after CoreWeave's beat, with bonds shut for Veterans Day and a December Fed hike near fully priced after hot October CPI. Then Nvidia fell about 8% after hours on reports its board met late Wednesday to decide whether to oust Jensen Huang; no decision is reported yet. Asia held up better than feared on Thursday: Nikkei roughly flat to +0.5%, Kospi flat, Taiwan -1.2%, ASX 200 -0.4% to 9,117, Hong Kong a drag on the region. US futures are lower (Nasdaq 100 about -0.9%, S&P 500 about -0.4%), and oil eased (Brent about $92, WTI about $86). The AI capex trade now faces Nvidia's leadership question, its Nov 17 results, and Anthropic's IPO pricing on Nov 18 at a $70-78 range. ## Holdings - AMZN: hold - Fell 1.7% as money rotated into chips; no company news. Thesis intact. - AXOS: hold - Down 0.5% on a quiet day; forward P/E near 9 still cheap. - BABA: hold - Fell 1.2% while the dollar rose 0.7%; no new catalyst. - ENPH: hold - Up 2.4% with the broad rally; no company news. - FIGR: hold - Up 3.6% ahead of Q3 results due Nov 12 before the open; not out yet. Q2 revenue was up 113%. - GOOGL: hold - Up 2.1% as tech led the S&P 500 up 1.3%. - LDI: trim - Fell 1.7%; still sub-dollar after the Q3 miss, and a December hike weighs on mortgage lenders. - META: hold - Fell 2.0% while chips rallied; no company news. - MRVL: hold - Up 9.3% in the chip rebound after CoreWeave results; still recovering from a 13% drop on the Lumentum deal. - MU: hold - Up 11.9% on CoreWeave results and a $1B Anthropic IPO allocation; still about 35% below its 52-week high. - NFLX: hold - Up 2.0% with the market; no company news. - NVDA: watch - Up 2.9% in session, then about 8% lower after hours on WSJ report the board may oust Huang; no successor named. - OPENAI: hold - March 2026 round at $852B post-money vs $157B in Oct 2024, about 5.4x; no newer round found. Source: pymnts.com. - RKT: hold - Flat (-0.1%); Fed hike now priced near certain for December, which weighs on mortgages. - STRIPE: hold - Feb 2026 tender at $159B vs ~$70B in late 2024, about 2.3x. Source: theblock.co Feb 24 2026. - TSM: hold - Up 4.3% as the S&P tech sector gained 2.7%; NVDA leadership risk is the near-term overhang. ## Watchlist - ALAB:US Astera Labs - watch (medium) - PCIe/CXL retimers and switches ride AI rack scale-out; management says demand is still strong. - AMD:US Advanced Micro Devices - watch (medium) - Instinct GPUs gaining as a second source; financial ties to Anthropic disclosed; 6th Gen EPYC now shipping. - AVGO:US Broadcom - accumulate (medium) - Custom AI accelerators (Google TPU, Anthropic) plus networking; gained after hours as Nvidia fell 8%. - CLS:US Celestica - accumulate (high) - Builds racks and switches for custom-ASIC hyperscalers; Bernstein still Outperform. - SKHY:US SK Hynix (000660) - accumulate (high) - HBM leader; memory rallied after CoreWeave Q3 and KOSPI rose 2.6% Nov 11. - VRT:US Vertiv - accumulate (medium) - Liquid cooling and power for AI racks; 800V DC sidecars expected from 2H27. - BE:US Bloom Energy - accumulate (medium) - On-site fuel-cell power for data centers that can't wait for a grid connection. - GEV:US GE Vernova - accumulate (high) - Gas turbine backlog sold out for years; JPM says it can weather an AI capex slowdown. - HOOD:US Robinhood - watch (medium) - Record equity activity as customers bought dips; adding prediction markets, agentic tools, wealth and RIAs. - MELI:US MercadoLibre - accumulate (medium) - LatAm e-commerce plus fintech compounder. - NET:US Cloudflare - accumulate (high) - Q3 revenue $782.5M, +39% y/y; edge inference and agent traffic are a tailwind. - SE:US Sea Ltd - watch (low) - Shopee, Monee and Garena in SE Asia; Q3 revenue $8.6B beat estimates; $1B buyback. - 6861:JP Keyence - buy (high) - Factory automation sensors with very high margins; Citi Buy; recovers when manufacturing capex turns. - ASML:US ASML Holding - buy (high) - EUV monopoly; raised 2026 guidance on AI capacity build; buyback running. - TER:US Teradyne - accumulate (medium) - Moving from mobile testing to AI chip test; Jefferies initiated at Buy ($284 target) and sees a $2B Nvidia opportunity. ## Bellwether changes - h100_rental: $3.06/hr, +7.4% on 7 days./bullish -> $3.06/hr, +7.4% 7d/bullish - b200_rental: B200 $6.97, +17.3% on 7 days; ratio 2.28x./bullish -> $6.84/hr, +15% 7d; ratio 2.24x/bullish - hopper_residual: A100 $1.59 (+5.3% on 7 days); H200 $3.48 (+3.9%)./bullish -> A100 $1.59 (+4.6% 7d), H200 $3.47 (+2.7%)/bullish - dc_cost_per_gw: 10-yr 4.99% Nov 10 (+9bp), briefly over 5%. Brent -1.2% to $91.49./neutral -> 10-yr ~5% (4.99% Nov 10), Brent ~$91/bearish - memory_prices: Spot Nov 11: DDR5 16Gb 60.233 (+0.11%), DDR4 16Gb 79.867 (-0.15%)./neutral -> DDR5 16Gb 60.233 (0%), DDR4 16Gb 79.374 (-0.6%)/neutral - power_bottleneck: CoreWeave: 1.85 GW active by end-2026 on track; almost all power online or permitted./bullish -> Still binding; no new data this run/neutral - capex_vs_backlog: CoreWeave backlog $132.5B (from $104B in June); 2026 capex $37-39B; 2027 capex flat on committed backlog alone./bullish -> CoreWeave backlog $132.5B (last read)/neutral - neocloud_credit: Debt near $47B. No new parent unsecured debt through 2027 at current yields; some bonds above 16%./bearish -> 5y CDS ~1,155bp (peak ~1,289 Nov 5); bonds 15-17%/bearish - nvidia_dc: NVDA -5.5% Nov 10, second straight fall, on board probe into Huang; peers rallied./neutral -> Board reportedly preparing to remove CEO (WSJ, Nov 11); shares down over 7% after hours./neutral ## Calendar changes - added 2026-11-12 NVDA Nvidia board weighs whether to oust Jensen Huang - added 2026-11-18 ANT Anthropic IPO pricing, range $70-78 - added 2026-11-19 ANT Anthropic starts trading on Nasdaq as ANT - added 2026-11-23 MACRO S&P Global US flash PMIs, November ## New news (7) - 2026-11-11 [negative] NVDA: WSJ: Nvidia board preparing to oust Huang - Board could meet Wednesday night; no successor or board chair. NYT also reported a second relationship, with an executive. Shares down over 7% after hours. No decision reported yet. <https://fortune.com/2026/11/11/nvidia-oust-jensen-huang-spy-affairs/> - 2026-11-11 [positive] MU: Micron up 11.9% on CoreWeave beat and Anthropic allocation - CoreWeave revenue up 168% with a $132.5B backlog revived the memory trade; amended Anthropic IPO filing names Micron for a $1B placement allocation. <https://www.heygotrade.com/en/news/micron-mu-stock-news-november-12-2026/> - 2026-11-11 [positive] MRVL: Chips lead rebound: S&P tech sector up 2.7% - Marvell up 9.3%, TSMC up 4.3%, Nvidia up 2.9% in session before the after-hours drop. S&P 500 up 1.3%, Nasdaq up 1.6%. <https://finance.yahoo.com/economy/policy/articles/bonds-reel-hot-inflation-fuels-020451336.html> - 2026-11-12 [positive] ANTHROPIC: Anthropic IPO reportedly several times oversubscribed - Bloomberg-sourced reports say orders are several times the 825M shares on offer at $70-78; up to $90.4B raised including a private placement; pricing Nov 18, Nasdaq trading as ANT Nov 19. Talk of a valuation above the range. <https://qz.com/anthropic-ipo-oversubscribed-roadshow-demand-111126> - 2026-11-11 [positive] AAPL: Apple closes at record high, China Renaissance upgrades to Buy - Shares rose about 2% to about $355.63, an all-time closing high, for a market value of about $5.1T. China Renaissance upgraded to Buy with a $425 target. <https://macdailynews.com/2026/11/11/apple-shares-hit-new-all-time-intraday-and-closing-highs-95> - 2026-11-11 [neutral] NET: Cloudflare up 3% as analysts split - Closed at $315.00 (+3%). DZ Bank upgraded to Buy ($300 target); Guggenheim keeps Sell. <https://stockanalysis.com/stocks/net/> - 2026-11-12 [negative] CURSOR: OpenAI's direct model supply to Cursor due to end today - OpenAI proposed Nov 12 as the date to wind down its direct model-supply deal with Cursor, which SpaceX now owns. Not confirmed by a primary source. <https://blog.mean.ceo/cursor-news-november-2026/> ## Notes Subagents for holdings, watch/loves, indicators, calendar. Nvidia ouster report verified on Fortune (cites WSJ). Power and CoreWeave backlog not refreshed. SKHY/6861 USD prices use assumed FX. Flash PMI date from a secondary source. Stripe mark base (~$70B Nov 2024) unverified.
Nothing here is financial advice. Holdings and opinions are my own; the "agent" sections are written by an automated research skill and may be wrong. Built 2026-11-12 12:25 UTC.