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Trading & Investing · 8 min read · By Mathieu Dugue

AI Markets: Nvidia without Huang, Anthropic’s IPO, Tesla-SpaceX

Nvidia’s CEO resigned and the chip sector shook. Meanwhile, Anthropic launched its IPO and Tesla-SpaceX talks are still ongoing.

AI Markets: Nvidia without Huang, Anthropic's IPO, Tesla-SpaceX

Nvidia’s CEO resigned and the chip sector shook. Meanwhile, Anthropic launched its IPO and Tesla-SpaceX talks are still ongoing.

Nvidia without Jensen Huang: the CEO resigns, the market takes the hit

Jensen Huang stepped down as head of Nvidia effective immediately on November 11. The stock lost 4.34% on Thursday, after falling as much as 14% intraday, according to CNBC.

Key points:

  • The board accepted Jensen Huang’s resignation as both CEO and director (SEC filing).
  • CFO Colette Kress becomes interim CEO. Harvey Jones, former head of Synopsys, becomes the first board chair in Nvidia’s history.
  • The stock was already down more than 20% over the month before the announcement (CNBC).
  • Nvidia is due to report quarterly results on November 17, according to the financial press.

What happened

The SEC filing gives no reason. The backdrop, though, is known from press reports: on Sunday, Jensen Huang acknowledged an affair with Alice Huang, an executive at Megaspeed, an Nvidia customer. According to the Financial Times, US intelligence officials suspect she works for China. No leak of secrets has been established: Nvidia says it has “no reason to believe” that national security or its secrets were compromised.

The New York Times and Reuters also reported relationships with female employees of the company. US lawmakers had called for his departure as early as November 11.

What it means for the market

Nvidia carries enormous weight in indexes and ETFs. So the market reacted to two things: the departure of a founder and the lack of a named successor. Bernstein cut its price target from $400 to $200, according to CNBC. Another analyst called the stock “uninvestable” without a succession plan. These are analyst opinions, not facts.

Neighbors followed suit: CoreWeave lost nearly 12% and Nebius 17% the same day. On the other side, Broadcom and AMD gained about 3% before the open.

For a European investor, Nvidia is included in many “Nasdaq” or “semiconductor” UCITS ETFs. So it weighs on a lot of portfolios, even without buying the stock directly. Nvidia stock is not eligible for the PEA (it’s a US security).

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Anthropic: the IPO is underway, here’s what the filing says

Anthropic kicked off its investor roadshow on November 10. It is offering shares at $70-$78, under the ticker ANT on the Nasdaq.

Key points:

  • Price range: $70 to $78 per share, according to the SEC filing reported by RTTNews.
  • 801.35 million new shares, plus 23.65 million sold by existing shareholders. The banks have an option on 123.75 million additional shares.
  • In parallel, AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC partners are buying $26 billion of Class N shares at the IPO price.
  • According to sources cited by CNBC, the order book was already covered on day one. Some headlines mention demand of “six times”: that figure is not confirmed.

The numbers in the filing

The prospectus, as reported by RTTNews, shows $17 billion in revenue for the quarter ended September 30, 2026. The net loss for the first nine months reaches $104 billion. The company has raised $141.1 billion since its founding. It also has compute and infrastructure commitments of about $900 billion, including $451.6 billion before the end of 2030.

In other words: very fast growth, but losses and commitments on an unprecedented scale.

What it means for the market

The range implies a valuation of about $1.4 trillion at the top end, according to the press. That’s less than the figures floated this summer. Pricing is reported for around November 18, with trading expected afterward, according to the media: nothing is official until the SEC has cleared the final version.

For a European saver, two points matter. The stock is American: it is not eligible for the PEA and goes through a securities account or a broker offering the Nasdaq. And the split of shares between large investors and retail investors is not known at this stage.

This piece is for information only: it says nothing about Anthropic’s “fair” value, or about what you should do.

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Tesla and SpaceX: a merger announcement as soon as December?

According to Bloomberg, as reported by CoinDesk, Tesla and SpaceX could announce a merger as soon as December. The announcement could also slip to early 2027. Nothing is signed.

Key points:

  • Each company has formed a committee of independent directors. Elon Musk confirmed this in October, saying a merger was not “a certainty.”
  • Tesla’s annual shareholder meeting is set for December 3 (CoinDesk, citing Bloomberg).
  • The valuations cited: more than $1.9 trillion for SpaceX and about $1.5 trillion for Tesla.
  • Main hurdle: separating Tesla’s business in China from SpaceX’s work for the US military.

What’s known, and what isn’t

The deal is still at the discussion stage. The boards and their advisers are still working on the terms and on the combined group’s governance. Any potential premium is unknown. Any transaction would need a recommendation from Tesla’s independent committee and shareholder approval. Reuters wrote in October that it would require the approval of 50% of all Tesla shares.

Another detail flagged by CoinDesk: the combined group would hold about 30,220 bitcoins, or roughly $2.1 billion, 0.06% of its market value.

What it means for the market

For shareholders, the question is the exchange ratio, and therefore the premium. It hasn’t been published. The calculations going around (for example a 15% premium in a 24/7 Wall St. article) are scenarios, not facts.

On access: Tesla and SpaceX are US securities, not eligible for the PEA. A European investor can get exposure through a securities account or through UCITS ETFs that hold them.

Another event on the day’s calendar: SpaceX was preparing Starship Flight 15, with an attempt to catch the ship. At the time of writing, we were unable to confirm that the flight took place.

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Nebius plunges despite a strong quarter: the AI compute bill comes due

Nebius beat expectations on revenue and earnings. Yet the stock lost about 17% on Thursday, after raising its spending forecast.

Key points:

  • Q3 revenue: $980.8 million, above the expected $907.5 million (SiliconANGLE).
  • Adjusted profit of $90.9 million, while analysts expected a loss.
  • 2026 capital expenditures raised to $27 billion, about $4 billion above expectations.
  • Full-year revenue expected “at the low end” of the $3 to $3.4 billion range.

Why the market punished it

The market focused on the cost of growth more than on the results. Nebius plans $40 to $45 billion in data center investments in 2027, above consensus. Management also attributes the lower full-year figure to capacity delays at third parties, a timing issue in its view, not a demand problem.

Nebius says it signed $12 billion in new contracts during the quarter, including multiyear deals with Snowflake and Databricks. It is targeting $12 to $13 billion in revenue in 2027.

Jensen Huang’s departure may also have weighed: Nvidia is an investor in Nebius. SiliconANGLE presents this only as a possibility.

What it means for the market

This session is a reminder of the “neocloud” lesson: these companies rent out chips and servers, and have to borrow to buy ever more of them. When debt is expensive, the slightest spending signal moves the stock. Nebius had gained more than 15% the day before, after results from CoreWeave, which had announced a targeted loan of at least $4 billion according to Bloomberg. Both stocks are American, outside the PEA.

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Agile Robots raises $500 million: Europe joins the humanoid race

Munich-based startup Agile Robots has raised $500 million at an $8.5 billion valuation. The round is led by SoftBank, with Nvidia among the investors.

Key points:

  • $500 million Series F, $8.5 billion valuation, announced November 12.
  • Investors named: SoftBank (lead), Nvidia, Hitachi Ventures and T.Capital.
  • Total raised since founding: about $2 billion.
  • Plant near Munich (Fürstenfeldbruck): capacity of up to 10,000 humanoid robots a year.

Capacity isn’t deliveries

The figure of 10,000 robots a year is a production capacity announced by the company. Tech Times notes that it hasn’t published the number of robots actually delivered. That’s the difference between a factory that’s ready and an order book that’s full.

The money is meant to fund expansion into the United States, ramp up production, including in Germany, and open new markets.

What it means for the market

Agile Robots isn’t listed: you can’t buy it on the stock market. Still, the round sets a price benchmark for the sector. It comes after the listing of Agility Robotics (AGLT) in early November, valued at about $2.5 billion, and that of Unitree in China.

Valuations remain far removed from revenue. Agility reported $1.8 million in revenue against a loss of $138.1 million, according to Business Insider. For a European investor, access mainly comes through UCITS robotics ETFs, keeping in mind that these funds also hold non-European stocks.

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Edition prepared by our monitoring agent (data and sources as of Friday, November 13, 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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