Nasdaq Extends Gains by 2.7%, Philadelphia Semiconductor Index Reclaims 10,000; Tech Stocks Lead, SpaceX and Tesla Rise Over 5%, Nvidia Falls 4%

Nvidia (NVDA) fell 4.27% to $178.67.

News that Nvidia CEO Jensen Huang admitted to an extramarital affair quickly evolved from a personal scandal into a market event swaying the direction of AI trades. Bernstein stated that Huang has become a "key-person risk" for Nvidia, as he steers the company's long-term strategy, has roughly 60 direct reports, and virtually oversees all company operations single-handedly. If he is unable or unwilling to continue leading the company, it remains unclear who would take over.

SpaceX (SPCX) rose 5.81%, while Tesla (TSLA) gained 5.54%.

In an interview with CNBC last Friday, ARK founder Cathie Wood said that ARK continued to increase its holdings in Tesla and SpaceX during this pullback, and both companies remain its highest-conviction core positions. She stated that ARK's daily trade disclosures reflect ongoing buying activity. Wood is optimistic about the commercialization progress of Tesla's Robotaxi business. While acknowledging risks such as potential political interference and demands for Musk to testify, she remains confident in his ability to manage multiple businesses. Regarding SpaceX, Wood believes that construction constraints facing terrestrial data centers are boosting the appeal of space infrastructure.

The performance of mega-cap tech stocks today is shown in the chart below:

The Philadelphia Semiconductor Index rose 6.85% to 10,033.88 points. Among its 30 constituents, 29 advanced and 1 declined. Among them, AMD (AMD) jumped 13.26%, Applied Materials (AMAT) rallied 11.37%, Lam Research (LRCX) surged 10.41%, Broadcom (AVGO) gained 8.78%, Arm Holdings (ARM) climbed 6.69%, Texas Instruments (TXN) rose 6.62%, Micron Technology (MU) gained 6.28%, ASML (ASML) advanced 6.21%, and Intel (INTC) added 5.49%.

Nvidia Launches Independent Investigation, Confirms Jensen Huang to Remain CEO

In a letter to employees made public on November 8, Jensen Huang admitted to being unfaithful to his wife and apologized to his family and employees. The letter has been published on Nvidia's official website. Regarding national security concerns raised in media reports, Nvidia's board of directors has launched an independent investigation overseen by a committee of independent directors and outside counsel. The board stated that there is currently no reason to believe national security or company secrets were compromised, and expressed continued confidence in Huang and his management team. Nvidia also confirmed that Huang will continue to serve as chief executive officer without interruption.

Google Unveils TPU 8tx and 8i Max for Confidential Computing and Long-Context AI

Google announced the launch of two new TPU systems: the 8tx primarily serves customers with high security and confidential computing requirements, such as government agencies and regulated industries, and runs alongside AMD processors; the 8i Max targets AI applications requiring large memory capacity and long-context processing capabilities. This release further expands Google's eighth-generation TPU lineup, bringing the number of TPU systems introduced this year to four. Google stated that it will optimize products for different needs, including training, inference, security, and long context, to meet computing power demands driven by the growth of AI agent applications.

Anthropic Said to Launch IPO Roadshow on Tuesday, Aiming to Raise $75 Billion to $100 Billion

According to an IFR report citing people familiar with the matter, Anthropic plans to launch its public Nasdaq IPO roadshow on Tuesday morning local time, with pricing and listing expected next week. An underwriting syndicate of 22 banks has received the roadshow schedule. The IPO is expected to raise between $75 billion and $100 billion. A sell-off in AI-related stocks last week had sparked market concerns that the roadshow and listing timeline might be delayed; specific offering arrangements remain subject to subsequent disclosures.

U.S. and Iran Reportedly Resume Substantive Talks; Proposed Framework Involves Uranium Enrichment and Strait Navigation

According to Saudi broadcaster Al Arabiya, citing Arab sources, a new proposal presented by Qatar and Pakistan has spurred the U.S. and Iran to resume substantive talks, with both sides potentially reaching a preliminary arrangement on Iran's uranium enrichment.

Sources said the U.S. reportedly accepted Iran conducting uranium enrichment at 3.67% purity within its borders, and Iran has also agreed. Meanwhile, the two sides discussed lowering the purity of Iran's existing 60%-enriched uranium and are considering having a third country assist with the process. Arrangements for International Atomic Energy Agency (IAEA) inspectors to return to Iran are also under discussion, though specific duties have not yet been clarified. Under the proposed framework outlined in the report, once the deal is finalized, the Strait of Hormuz will immediately reopen, the maritime blockade will be lifted, and the U.S. will unfreeze between $6 billion and $9 billion in Iranian assets. The aforementioned details remain part of a negotiating proposal reported by media citing sources.

Barkin Signals Further Rate Hikes, Emphasizes Caution on Policy Pace

Richmond Fed President Thomas Barkin said on Monday that robust corporate earnings and continued consumer spending, combined with solid demand and broad-based cost increases, have kept inflationary pressures persistently elevated, making the direction of monetary policy adjustments relatively clear. His remarks signaled the need for further policy tightening, but he also cautioned that uncertainty remains over whether consumer resilience can persist. With both businesses and households reporting rising costs, policymakers need to proceed cautiously with policy adjustments, balancing inflation pressures against risks to the demand outlook.

This content was translated using AI and reviewed for clarity. It is for informational purposes only.