Nvidia Loses Huang, Anthropic Targets $1.5 Trillion in Wild AI Week

Jensen Huang resigned as Nvidia chief executive on Nov. 12, and the stock fell roughly 12% for the week, its sixth straight weekly decline — the longest losing streak since 2012, according to CNBC.

Nvidia said Thursday that co-founder Huang had quit as chief executive and director. The board accepted the resignation on Nov. 11, per the company's 8-K filing, and named CFO Colette Kress interim CEO. Harvey Jones became Nvidia's first board chair. The stock closed down 4.34% at $166.19 that day after falling as much as 14%. Kress told staff it had been "an extraordinarily difficult period."

Who replaces Huang at Nvidia?

The board has approached Arm chief executive Rene Haas, the Financial Times reported. He has not been offered the job and may not accept it. Reuters reported Friday, citing sources, that Huang had misled Nvidia's top lawyer about his affair with Alice Huang; he has hired his own lawyers, including Paul Weiss.

The espionage claims at the center of the story rest on reporting about unpublished US assessments. Alice Huang has not been charged. Beijing denies the claims. Attorney General Todd Blanche said Nov. 12 the Justice Department had reached "no conclusions" about who she is.

The fallout has reached the administration. Treasury Secretary Scott Bessent said Commerce "has the pen" on blacklisting Megaspeed, the Nvidia customer where she worked. CNN reported some Trump advisers have discussed whether Commerce Secretary Howard Lutnick should go. The Guardian lined up Trump's disclosed Nvidia stock purchases with two export decisions. A former OpenAI researcher published a report saying six Chinese AI models carry the signature of Nvidia's export-restricted Blackwell chips, while saying it cannot show whether export controls were broken.

Through Thursday, Nvidia had lost about 29% of its value, roughly $1.6 trillion, over six weeks. Friday's close left it below $4 trillion in market value. House committee chiefs want a Dec. 1 interview with Huang; Senate Banking has asked him to appear Dec. 3. Nvidia reports third-quarter results on Tuesday, Nov. 17.

How big is Anthropic's IPO?

Anthropic opened its roadshow Nov. 10 with an amended S-1 offering 825 million Class A shares at $70 to $78, plus a $26 billion private placement from Google, Nvidia, AMD, Broadcom, Micron, Microsoft and TSMC. The range values the company at $916 billion to $1.02 trillion on shares outstanding, or $1.26 trillion to $1.4 trillion fully diluted, on MLQ.ai's arithmetic.

The book drew about six times as many orders as shares available by Thursday, Bloomberg reported. The FT said bankers were weighing a price above the range that could lift the valuation to $1.5 trillion or more. Banks turned away orders from mainland China and Hong Kong over US arms-export rules. Pricing is set for Nov. 18; Nasdaq trading as ANT begins Nov. 19.

The filing puts Anthropic's compute commitments at about $900.9 billion — roughly 11 times its $81 billion run-rate revenue reported for Oct. 31. It cancels $34.9 billion of its Lambda deal while raising its Microsoft commitment. Dario Amodei called compute the company's "deepest business dilemma" and said Anthropic tends to "buy on the low side." The company also launched Claude Fable 5.2 and Mythos 5.2 with a 20% price cut, then Claude Sheets, Whiteboards and a Meetings agent — a push into office software that coincided with a roughly 3% midday drop in Microsoft shares, CNBC reported.

What else happened?

Microsoft 365 went down at 11:17 a.m. ET Thursday, knocking out Outlook, Teams and Copilot for governments, courts, schools and companies including Maersk and Aviva. Microsoft declared the cause fixed about 24 hours later and blamed "an issue during an earlier network capacity upgrade," saying it was "not related to cyber or AI / agents." Separately, the FAA ordered a rare nationwide ground stop at 3:54 p.m. ET Friday, the first since January 2023, lifted after more than four hours. Transportation Secretary Sean Duffy blamed overloaded analog telecom equipment: "Our switches, our routers, actually got overloaded with data." FlightAware counted 9,113 US flight cancellations Friday.

OpenAI raised $15 billion at a $1.25 trillion valuation, about half its original target. Third-quarter revenue rose nearly 50% from the prior quarter to about $10 billion; the operating loss widened to about $10.9 billion. It launched Daybreak security agents and ChatGPT Wallet with American Express, Mastercard and Visa, and disbanded its standalone robotics team.

Google answered with Gemini 4 Carbon at an introductory $2 per million input tokens and Gemini 4 Hydrogen at $1.50, which now powers Google Search. CoreWeave's revenue jumped 168% to $3.66 billion; Cerebras lifted its 2026 forecast to as much as $960 million; Cisco raised its fiscal 2027 hyperscaler AI revenue forecast to about $9 billion. The Fed's stability report found 87% of market contacts cite AI as a top risk, with advanced computing-related debt issuance passing $680 billion, about five times 2023's total.

Nvidia's Nov. 17 report under Kress and Anthropic's Nov. 18 pricing will set the tone for December.