🇺🇸 United States

What changed since yesterday

• Tech

  WSJ: Nvidia board preparing to oust Jensen Huang

  The Wall Street Journal reported Nvidia's board is preparing to oust CEO Jensen Huang and could meet as soon as Nov. 11; the company has not confirmed it. With a separate report of a second relationship with an executive, the stock closed up about 2.9% in regular trading, then slid roughly 7-8% after hours.

• Finance

  Wall Street rebounds on CoreWeave-led AI rally; Nasdaq up 1.6%

  On Nov. 11 the S&P 500 rose 1.31% to 7,619.38 and the Nasdaq 1.60% to 25,466.19, rebounding a day after the CPI shock. The bond market was closed for Veterans Day.

War & Conflict

• All-out warUS-Israel-Iran War (Tanker War)

  US-Iran talks mediated by Qatar remain stalled. Iranian Foreign Minister Abbas Araghchi said the US midterm results had temporarily stalled mediation and that it is time for the White House to make its choice; Qatar…

Geopolitics & Diplomacy

• Colom's Mississippi lead grows to 4,585 ahead of Nov. 13 certification; Peltola leads Alaska by 4,250 first-choice votes

  Democrat Scott Colom's lead over Republican Sen. Cindy Hyde-Smith grew to 4,585 votes, about 0.5 points, in unofficial AP results on Wednesday, Nov. 11, after Hinds County counted its affidavit ballots. CBS News and others were reported to have projected Colom the winner, but AP had not called the race (provisional). If confirmed, Colom would be Mississippi's first Black senator since Reconstruction and its first Democratic senator elected since the 1980s. Hyde-Smith has not conceded; her lawyers asked all 82 counties to keep affidavit ballots separate, and she must decide whether to mount a legal challenge. The state certification deadline is Friday, Nov. 13. In Alaska, Tuesday's update with about 84% counted gave Mary Peltola 118,926 first-choice votes (49.0%) to Sen. Dan Sullivan's 114,676 (47.2%), a 4,250-vote lead. If no one tops 50%, ranked-choice tabulation will decide the race after Nov. 18.

  Sources: cbsnews.comadn.com

Finance & Economy

• CoreWeave revives AI rally: S&P 500 7,619.38 (+1.31%), Nasdaq 25,466.19 (+1.60%)

  [Wed 11/11 close] With the bond market shut for Veterans Day, stocks traded normally and rallied on tech. The Nasdaq erased its post-election losses and the Dow closed at 52,486.49 (+0.49%). Micron rose about 12% and Nvidia about 2.9%, while the VIX fell 10% to 17.49.

  Sources: krmg.comkiplinger.com

• December quarter-point hike fully priced; dollar index at highest since April 2025

  Markets fully priced a 25bp hike at the Dec. 8-9 FOMC, with CME FedWatch putting a 50bp move at about 11.5-12.9%. The dollar index rose 0.68% to 102.90, its highest since April 2025, and the dollar climbed to about 159.8 yen. The policy rate stands at 3.75-4.00%.

  Sources: kitco.commpamag.com

• Anthropic sets IPO range at $70-78 a share, valuing it at up to $1.4 trillion

  An amended filing on Nov. 10 shows Anthropic offering 825 million Class A shares at $70-78 each, raising up to $64.35 billion at the top of the range and implying a fully diluted valuation of up to $1.4 trillion. It will list on the Nasdaq as 'ANT', with pricing expected Nov. 18 and trading Nov. 19, according to reports. Up to 20% of the offering is earmarked for retail investors.

  Sources: techcrunch.comcnbc.com

Tech & Energy

• Nvidia board reportedly preparing to oust Jensen Huang as second-relationship report hits shares; House presses for Nov. 18 briefing

  The Wall Street Journal reported on Wednesday, Nov. 11, that Nvidia's board is preparing to oust CEO Jensen Huang and could meet as soon as that day, according to Reuters; the company has not confirmed it. The board is investigating whether Huang was targeted by a foreign intelligence operation through his relationship with an executive at Singapore-based customer Megaspeed whom U.S. officials suspect of ties to Chinese intelligence. The New York Times separately reported that Huang also had a relationship with Kimberly Powell, Nvidia's head of healthcare. After falling 4.27% on Nov. 9 and 5.47% on Nov. 10, the stock closed up about 2.9% at $173.73 in regular trading on Nov. 11, then slid roughly 7-8% to the low $160s after hours on the reports (figures vary by source). Morgan Stanley removed Nvidia from its top-pick list. House Foreign Affairs Chairman Brian Mast, China Select Committee Chairman John Moolenaar and Intelligence Committee Chairman Rick Crawford asked Huang to attend a joint closed-door briefing on Nov. 18, the day after earnings (Nov. 17), set Nov. 11 as the deadline to respond and floated a subpoena; they are reportedly unlikely to accept the company's general counsel in his place (anonymous source). A Republican senator has called for Huang to resign, and pressure is building to tighten chip exports to China.

  Sources: koreatimes.co.krcnbc.com

• Anthropic IPO reported multiple times oversubscribed; pricing above range possible ahead of Nov. 18 pricing, Nov. 19 debut

  Anthropic's IPO has drawn orders for multiple times the 825 million Class A shares on offer at $70 to $78 each, Bloomberg reported, and CNBC said the book was already covered across the range. The Financial Times reported that underwriters are weighing pricing above the range, which could lift the fully diluted valuation to $1.5 trillion or more and total proceeds above $100 billion (unnamed sources). The top of the range implies about $1.4 trillion and the midpoint about $1.33 trillion, while some large investors earlier argued for a figure closer to $1 trillion, so valuation estimates vary by source. Pricing is expected on Nov. 18 and Nasdaq trading under the ticker ANT on Nov. 19. TSMC's board on Nov. 10 approved buying up to $500 million of Anthropic shares at the IPO price.

  Sources: qz.comtechcrunch.com

Key relations

• Tension🇺🇸 United States → 🇮🇷 Iran

  Iran sends seven-condition reply, awaits US answer

  Ghalibaf said on Nov. 11 that Iran sent a seven-condition reply via Qatar and awaits Washington's official answer, adding Hormuz will never return to its pre-war status. Gaps remain on the blockade, the nuclear programme and frozen assets.

• Support🇺🇸 United States → 🇺🇦 Ukraine

  US-mediated Abu Dhabi round, more talks expected

  The Nov. 10-11 talks mediated by envoys Witkoff and Kushner yielded an agreement in principle on a large prisoner swap, with more talks expected. G7 foreign ministers pledged to step up support for Ukraine through the winter.

• Tension🇺🇸 United States → 🇨🇳 China

  US presses rare earth and farm commitments before Shenzhen APEC

  Bessent and Greer urged He Lifeng to honour rare earth and farm-purchase commitments, while He voiced concern over US curbs. Trump and Xi are expected to meet at APEC in Shenzhen on Nov. 18-19.

• Sanctions🇨🇦 Canada → 🇺🇸 United States

  US-Canada trade war continues

  Prime Minister Carney said Trump remains the key to trade talks even after the midterms. Whether to accept a deal that leaves some tariffs in place is the open question, and Canada's retaliatory tariffs remain.

• Tension🇰🇵 North Korea → 🇺🇸 United States

  Missile launches and talks rejected

  North Korea fired missiles on Nov. 4, and Kim Yo Jong said talks with the US cannot resume until Washington drops its denuclearization demand.