Nvidia Corp., the world’s second-most valuable company and the US chipmaker at the heart of the global AI industry, is facing a crisis like none other in its three-decade history.
On Nov. 8, Chief Executive Officer Jensen Huang admitted he had been unfaithful in his marriage, effectively confirming a series of reports linking him romantically with a woman who has been identified as a suspected Chinese spy and whose company bought chips from Nvidia.
Michael Shepard, Bloomberg News Senior Technology Editor, discusses the controversy surrounding Jensen Huang as well as news from the New York Times that Nvidia intervened in the US probe of Megaspeed. (Source: Bloomberg)
Paris prosecutors said they suspect Iran was behind the cyberattacks that crippled refrigeration systems last month and affected around 700 supermarkets throughout France, causing food losses and starting fires.
On this episode of Stock Movers:
- Shares of Barrick Mining (B) rose in premarket trading after the miner reported third-quarter earnings that beat the average analyst estimate as strength in gold offset copper weakness. The company also said that its Nevada Gold Mines initial public offering remains on track for late 2026 or early 2027.
- Shares of Alphabet (GOOG) edged higher after news Google is rolling out a broader array of AI chips, aiming to capitalize on its rapid ascent as a challenger to Nvidia. The company is introducing two new variations of its tensor processing units, or TPUs, custom-made semiconductors that help run AI software.
- Shares of KKR & Co. (KKR) rallied in the early session after the company reported a third-quarter profit that beat analysts’ estimates as the “mini Berkshire” unit that holds long-term private equity bets mitigated a slump at its Global Atlantic insurance arm. (Source: Bloomberg)
Federal Reserve Bank of Chicago President Austan Goolsbee said policymakers have “got to come to terms with this cost side and inflation side failure in the mandate.” He sees the need to tackle a potential overheating in the economy from the artificial intelligence buildout and a broadening of inflation pressures. Goolsbee spoke Monday in Chicago. (Source: Bloomberg)
The hackers who stole $6.3 billion from Binance Holdings Ltd. in crypto’s biggest ever heist have turned to one of the sector’s most gimmicky assets to launder a slice of the proceeds: memecoins.
Bloomberg's Michael Shepard says Nvidia's relationship with the Singaporean company called Megaspeed International has been under scrutiny for more than a year. Nvidia CEO Jensen Huang admitted to having an affair with a woman from the company identified as a suspected Chinese spy. Here's a quick recap of what we know so far. (Source: Bloomberg)
Artificial intelligence will create demand for next-generation telecommunications networks as connected devices such as smart glasses require more data, according to Ericsson AB’s new chief executive officer.
Data center builders may face significantly higher borrowing costs when billions of dollars in debt comes due in the months ahead, a byproduct of rising benchmark US yields that threatens to make financing the AI industry’s expansion that much more expensive.
Sarah Hunt, chief market strategist at Alpine Saxon Woods, says Nvidia’s probe of CEO Jensen Huang adds “another layer of complexity” to questions around the AI trade. She says it is “job one” for the company to talk about the potential for succession from an investor standpoint. (Source: Bloomberg)
US stocks had their biggest rally in over seven months as investors stepped in after a sharp tech-led selloff last week, while a drop in oil prices provided another boost Monday.
China Beige Book CEO Leland Miller calls for closer scrutiny of chipmakers’ export-control assurances in the wake of Nvidia CEO Jensen Huang admitting to having an affair with a suspected Chinese spy. He speaks on “Bloomberg Surveillance.” (Source: Bloomberg)
Nominal Inc., a startup building software to make manufacturing more efficient, has raised $240 million in funding at a $3 billion valuation, triple what it was worth in a funding round earlier this year.
Alphabet Inc.’s Google is rolling out a broader array of artificial intelligence chips, aiming to capitalize on its rapid ascent as a challenger to Nvidia Corp. in a market worth hundreds of billions of dollars.
Grace Peters, global investment strategy co-head at JPMorgan Private Bank, calls semiconductor stocks “the epicenter of this drawdown,” but says that earnings assumptions show markets are “reasonably valued.” She says the firm doesn’t have a reason to step back from investing in equities as they set a price target on the S&P of 8,600 for December 2027. She speaks on “Bloomberg Surveillance.” (Source: Bloomberg)
Cloud computing and cybersecurity company Akamai Technologies Inc. is looking to raise $2.2 billion from selling two sets of convertible bonds to help fund spending.
Nvidia's board has launched an independent probe into reports its CEO Jensen Huang was targeted by foreign intelligence after he admitted to an affair with a suspected Chinese spy. (Source: Bloomberg)
At the heart of the biggest controversy to confront Nvidia Corp. in its three-decade history is a former television journalist who became a semiconductor power broker renting advanced chips to China’s top firms.
