Nvidia Reports First Post-Huang Results as Anthropic Prices $64 Billion IPO

Nvidia has guided fiscal third-quarter revenue to $108 billion, plus or minus 2%, and will report the result after Tuesday's close — its first results since Jensen Huang resigned as chief executive and Colette Kress took over on an interim basis. Within 48 hours, Anthropic expects to price an initial public offering of 825 million Class A shares at $70 to $78 each, with trading on Nasdaq under the ticker ANT to begin Thursday, Nov. 19.

Nvidia's call is scheduled for 5 p.m. ET Tuesday, covering the quarter ended Oct. 25. Kress will post written CFO commentary on the investor site immediately after the release, according to the company. The two numbers to watch are the $108.0 billion revenue guide and a gross margin of 74%, plus or minus 50 basis points. Both were set in August, when Nvidia reported second-quarter revenue of $96.2 billion, up 106% year over year. The outlook assumed no data center compute revenue from China.

Because the guidance predates the scandal that ended Huang's tenure, the call will center on the business after Huang: customer commitments, the board's search for a permanent chief and the export investigations. Takeaway: this report is less about the quarter than about whether the guidance holds without the founder at the top.

How strong is demand for Anthropic's shares?

The IPO price is expected to be set Wednesday, Nov. 18, with final terms posted on ipo.anthropic.com after the European retail portion closes at 10 a.m. ET. No amendment to the Nov. 10 S-1 filing had changed the range as of Saturday morning, per EDGAR. Demand has been strong: Bloomberg News reported the book was about six times covered, and the Financial Times reported bankers were weighing a price above the range. Buyers learn their allocations on the first day of trading, and the offering is expected to close Nov. 20. At the midpoint of the range, 825 million shares would raise roughly $61 billion before any above-range pricing.

What do the Fed minutes reveal about rates?

Investors enter the week with rates rising, not falling. The 10-year Treasury yield reached as high as 5.17% on Friday, its highest since October, and the dollar index hit its highest level since April 2025, Yahoo Finance reported. The Financial Times said Treasuries were heading for their worst week since Trump's April 2025 "Liberation Day" tariff announcement. Traders priced a 100% chance of a Fed rate increase at the Dec. 8-9 meeting, with about 14% odds of a half-point move, according to CME FedWatch data cited by CNBC.

The minutes of the Oct. 27-28 meeting, due 2 p.m. ET Wednesday, will show how much support exists for that path. The Fed held its target range at 3.75%-4% in a 10-2 vote, with Governor Lisa Cook and Cleveland Fed President Beth Hammack dissenting in favor of a quarter-point increase. Dallas Fed President Lorie Logan has called for at least two more hikes; San Francisco's Mary Daly leans toward more increases. Chair Warsh opens a San Francisco Fed conference on productivity and jobs at noon ET Monday, run by the task force studying how AI changes output and hiring. Governor Michael Barr speaks on AI on Monday and again Thursday.

What else lands this week?

• October retail sales, Tuesday 8:30 a.m. ET, after September sales rose 0.8% to $745.0 billion.
• Earnings from Home Depot and Disney on Tuesday; Target, Lowe's, TJX and Palo Alto Networks on Wednesday; Walmart, Ross Stores and Intuit on Thursday.
• Zacks puts Walmart consensus at $0.64 a share on $186.5 billion of revenue.
• Japan's first estimate of third-quarter GDP Monday; UK October inflation Wednesday; China's loan prime rates Friday.

Why does the Shenzhen summit matter for markets?

Trump leaves Washington Monday, stops in Manila for a Quad meeting and a US-ASEAN summit, then attends the APEC leaders' meeting in Shenzhen on Thursday. He meets Xi Jinping bilaterally over a working lunch, then holds a first three-way meeting with Xi and Vladimir Putin. Shenzhen runs 13 hours ahead of New York, so Thursday's sessions fall overnight on US clocks.

The White House says Trump wants to discuss cutting nuclear arsenals and the Iran war, not Ukraine. A senior official said: "We do not expect to get to any kind of agreement." For markets the bilateral matters more: officials say rare earths from China are arriving more slowly than the US wants, the Busan trade truce was extended by two months rather than six, and no new tariff deal is expected immediately. Takeaway: supply-chain friction, not summit theater, is what moves chips and AI hardware into December.