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Trading & Investing · 7 min read · By Mathieu Dugue

AI Markets: Anthropic pulls its pricing, Nvidia and the Huang affair

Anthropic sent out and then retracted the terms of its IPO, and Nvidia faces an investigation into its CEO. Yet Wall Street bounced back hard on Monday, while SpaceX wrestles with its political dependence.

AI Markets: Anthropic pulls its pricing, Nvidia and the Huang affair

Anthropic sent out and then retracted the terms of its IPO, and Nvidia faces an investigation into its CEO. Yet Wall Street bounced back hard on Monday, while SpaceX wrestles with its political dependence.

Anthropic sends its pricing to the banks, then pulls it

According to Reuters, Anthropic sent IPO terms to its banks, then retracted them a few hours later, calling them inaccurate. The episode muddies an already shaky timeline.

The key points:

  • Reuters reports a document citing about 867 million shares at $70-80, for up to $69.3 billion raised.
  • A follow-up email called those figures inaccurate and said a revised version was coming.
  • Anthropic did not comment; the press does not say which figures were wrong.
  • On November 6, investors already doubted the roadshow could kick off the week of the 9th for a November listing.

What happened

The sequence is simple. A pricing document goes out to the banks running the deal. Then a second message pulls it back. According to Reuters, Anthropic says an update is on the way. According to The Information, cited by an analysis site, it was a mistake involving documents sent by the law firm. That account has not been confirmed.

At this stage, no price range is official. The prospectus filed with the US regulator leaves those fields blank. Today’s figures are leaks, not terms of the offering.

Why the market is watching

An IPO this size is a test of investor appetite for AI. After last week’s sharp drop in tech stocks, investors were discussing, according to the press, valuations lower than the $2 trillion floated earlier. Those are reported conversations, not the company’s terms.

For a European saver, the practical point hasn’t changed: the stock will be listed in the United States, outside the PEA. Access would go through a securities account or, later, through ETFs that include major IPOs.

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Nvidia: the Huang affair moves to the investigation stage

Nvidia’s board has opened an independent investigation, a class action has been filed, and Donald Trump says the FBI is on it. Yet Nvidia was the only big tech stock to slip during Monday’s rebound.

The key points:

  • On November 8, the board launched an independent investigation into whether Jensen Huang was targeted by a foreign intelligence operation.
  • Huang acknowledged an affair with a woman suspected of being a Chinese intelligence asset; he says he didn’t know.
  • Trump said Monday that the FBI is looking into the matter; Beijing calls the accusations baseless.
  • A class action accuses Nvidia and Huang of hiding these ties from shareholders.

The established facts

In its statement, Nvidia says a committee of independent directors, assisted by outside counsel, is running the investigation. The board says it has no reason to believe national security or company secrets were compromised. The statement does not mention an affair.

The press fills in the rest. According to the New York Times, picked up by several outlets, the woman in question worked for a Singaporean Nvidia customer that reportedly bought nearly $5 billion in technology. Nvidia says Huang remains CEO without interruption. US lawmakers have also requested a closed-door hearing on November 18.

How the market is reading it

The market doesn’t know how to price this risk. One article cites a 15% probability of the CEO leaving, estimated by an analyst: that’s an opinion, not a fact. Fund managers quoted in the press used the dip to buy. The risk has a name: key-man risk, at a company that carries enormous weight in the indexes.

For a European investor, the issue touches global and Nasdaq-100 ETFs eligible for the PEA or UCITS, where Nvidia carries heavy weight. The group’s quarterly results are due November 17.

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Wall Street rebounds, but neocloud financing is a worry

US markets climbed back on Monday after a brutal week for chips. But CoreWeave reports earnings on November 10 in a climate where banks are turning more cautious.

The key points:

  • The Dow Jones gained 1,104 points (+2.15%), the S&P 500 rose 2.35% and the Nasdaq 2.74% (closing figures reported by the press).
  • The Philadelphia Semiconductor Index jumped 6.9% after losing more than 12% the previous week.
  • Falling oil helped: WTI dropped 4% to around $86 a barrel.
  • Samsung and SK hynix rebounded 5% to 8% in Seoul.

A rebound after a week of panic

The previous week had been the worst for semiconductors since April 2025. On Monday, dip buyers piled back into Broadcom (+8.8%) and AMD (+13.3%). Lower oil eased inflation fears ahead of Tuesday’s consumer price index release. Nothing says this rebound will last.

Neoclouds under watch

CoreWeave, Nebius and Oracle have borrowed to build data centers. According to Business Insider, lenders have tightened their rules and banks are more hesitant. One analysis estimates CoreWeave lost nearly 32% in October on debt fears. Wells Fargo nonetheless rates the group as “high quality” among its peers.

The link to the stock market is direct: these companies buy Nvidia chips with borrowed money. If credit gets more expensive, chip orders could slow. Today’s results will show how CoreWeave is financing its growth. Also worth watching: Nebius’s numbers.

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SpaceX: the stock bounces after Musk’s offer on government contracts

After two sessions of losses following the US elections, SpaceX bounced back. Elon Musk said government contracts carry little weight and that he would cancel them if the government no longer wants them. Meanwhile, Deutsche Telekom’s CEO is putting a price tag on SpaceX’s mobile ambitions.

The key points:

  • According to the press, SpaceX lost 12.5% in two sessions after the midterm elections, in which Democrats won Congress.
  • Musk says government business will be under 10% of revenue this quarter and under 5% a year from now.
  • The stock rebounded 8.62% to $134.27 according to FXLeaders, below its IPO price ($135).
  • Deutsche Telekom’s Tim Höttges estimates SpaceX will need at least €200 billion to take on US carriers.

What’s changed since our last edition

We covered the drop in the week of November 5. What’s new is Musk’s response. He wrote that he would be happy to cancel any contract the government doesn’t want. His figure is a forecast, not a reported result. It also leaves out the AI business, now the group’s largest.

Deutsche Bank estimates that most contracts come from the executive branch, not Congress, which limits the direct risk. That’s its analysis, not an established fact.

Mobile: a very big check

On Deutsche Telekom’s earnings call, Tim Höttges told SpaceX “Welcome to the party,” putting the cost of a terrestrial mobile network at no less than €200 billion. Deutsche Telekom owns a majority of T-Mobile US. This is the opinion of a direct competitor, not a SpaceX calculation. Site leases could add $20 billion to $30 billion, according to a tech outlet.

SpaceX is not eligible for the PEA: you need a securities account.

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Edition prepared by our monitoring agent (data and sources as of Tuesday, November 10, 2026), reviewed in line with our editorial policy. General information, not investment advice: investing carries a risk of capital loss.

⚠️ This is not financial advice. When you invest, you can lose money.

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