The Market 
By Chief Editor Clark for The Market MBA
Thursday, Nov. 12, 2026 · Mid-Day Brief (as of noon CT)
By noon CT Thursday, one story had swallowed the AI world: Jensen Huang, who co-founded Nvidia and ran it for 33 years, resigned as CEO. Nvidia shares dropped as much as 14% before bargain hunters stepped in, and a weak outlook from AI cloud company Nebius added a second hit to Wednesday’s rally. Meanwhile, Anthropic kept building its pitch a week before its IPO, and OpenAI’s proposed cutoff date for SpaceX-owned Cursor arrived without a final answer.
Jensen Huang resigns; CFO Colette Kress is Nvidia’s interim CEO
Nvidia’s board said Huang resigned as president, CEO and director, effective immediately. Chief financial officer Colette Kress will serve as interim CEO while keeping the CFO job, and longtime director Harvey Jones, a former Synopsys CEO, becomes the company’s first-ever board chair. The board will consider inside and outside candidates for a permanent CEO. Huang’s exit follows a week of revelations about two extramarital affairs, including one with Alice Huang, a former executive at Megaspeed International who is suspected of spying for China, AP reported (the two are not related). Huang owns about 3.61% of Nvidia, making him its fourth-largest shareholder, Reuters reported. Why it matters: Nvidia designs the chips most AI systems run on, Huang was its public face and a close contact of President Trump, and Reuters noted the exit could reshape U.S. chip export policy. Nvidia still plans to report earnings on Tuesday, Nov. 17.
Sources: Nvidia, Reuters via Investing.com, AP
How the market took it: Nvidia pares a 14% drop; AMD and Broadcom gain
Nvidia (NVDA) fell more than 14% in early trading before paring losses, which analysts put down to bargain hunting, Reuters reported; rivals AMD (AMD) and Broadcom (AVGO) rose about 6% each. By late morning, Nvidia was down about 5%, while the S&P 500 and Dow had turned slightly higher, Yahoo Finance reported. Nvidia’s market value briefly fell below $4 trillion for the first time since 2025, and the stock has shed about $515 billion in value as the reports came out this week, NBC News said. Before the resignation, JPMorgan analysts wrote that the national security concerns raised the risk of tighter limits on chip shipments to China.
Sources: Reuters via Investing.com, Yahoo Finance, NBC News
Nebius drops 16% as spending plans jump and guidance disappoints
AI cloud provider Nebius (NBIS) beat third-quarter estimates, with revenue of $980.8 million against $907.5 million expected, but said 2026 revenue will land at the low end of its $3 billion to $3.4 billion range, CNBC reported. It also raised planned 2026 capital spending (money for data centers and chips) to $27 billion and guided to $40 billion to $45 billion for 2027, far above the roughly $28.8 billion analysts expected. Shares fell 16%, and fellow “neocloud” CoreWeave (CRWV) fell about 10% after surging Wednesday, NBC News reported. Our morning article walks through why one-time items flattered the Nebius beat.
Sources: CNBC, NBC News, The Market MBA
Anthropic takes Claude to the factory floor a week before its IPO
Anthropic launched Claude for Manufacturing, a plugin with 17 ready-made skills and four connectors to systems including Autodesk Fusion, Infor, Microsoft 365 and Oracle NetSuite, Manufacturing Dive reported. The skills handle jobs like quoting new work, investigating a failed inspection and diagnosing a breakdown; Business Insider noted the plugin does not directly operate equipment. Anthropic’s rewritten usage rules also took effect today, spelling out when a qualified person must review Claude’s advice in areas like hiring, credit and health. The company’s IPO is set to price Nov. 18 at $70 to $78 a share, with Nasdaq trading under the ticker ANT starting Nov. 19, Yahoo Finance reported. Industry plugins like this one are part of the growth story Anthropic is selling to IPO investors.
Sources: Manufacturing Dive, Business Insider, Edit USA, Yahoo Finance
Coding-agent watch: OpenAI’s Cursor cutoff date arrives, still unconfirmed
Today is the date OpenAI proposed in August for ending its model supply to Cursor, the AI coding app SpaceX bought for $60 billion. OpenAI’s help page still calls Nov. 12 a proposed transition date and says the official end date will be shared once both companies confirm it; we found no announcement of a final cutoff as of noon CT. OpenAI has said it will not give Cursor its future models, and Cursor said in August that OpenAI models served about 5% of its user traffic. For developers, OpenAI lists workarounds such as using their own OpenAI API key in Cursor’s local chat and agent features.
Sources: OpenAI Help Center, OpenAI
SpaceX rises on $74 billion of compute plans and Huang chatter
SpaceX (SPCX) was up about 2.7% at $143.46 around midday, Benzinga reported, after it announced a $50 billion supercomputing campus in Arizona, expected to create about 6,500 jobs, plus more than $24 billion of new computing infrastructure at Starbase in Texas. Shares also got a lift after Elon Musk posted that hiring Huang would be “an honor,” though no offer or talks have been confirmed. SpaceX is one of Nvidia’s largest customers.
Source: Benzinga
Nonprofits sue five AI labs to freeze new models
A coalition of online safety and consumer groups sued Anthropic, Google, Meta, OpenAI and SpaceXSI in San Francisco Superior Court, asking a judge to halt development of new models, AP reported. The groups argue under California’s unfair competition law that the companies cannot stop their systems from enabling cyberattacks and bioweapons. The suit is a long shot legally, but it lands as Democrats who won Congress last week talk about regulating AI.
Sources: AP, Public Citizen
Quick hits
- OpenAI in India: Eligible businesses can now have API requests processed inside India, starting with GPT-6 Luna (The Hindu).
- ChatGPT Ads: OpenAI named Aleph its exclusive ad reseller in 44 countries (OpenAI).
- Norwest raises $4B: Its 18th and largest fund will lean into AI, including physical AI, voice AI and agentic cybersecurity (TechCrunch).
That’s the mid-day brief. Stay in the know, not in the weeds.
Not financial advice. This brief is for educational purposes only. Nothing here is a recommendation to buy or sell any security.
For education and entertainment only. Not financial advice.
