T. Rowe Price global equity portfolio specialist Jennifer O'Hara Martin said recent market jitters and the sharp selloff in AI stocks largely reflected investors' reassessment of valuations and expectations, rather than weakening demand. She still believed demand for AI computing power and infrastructure remains strong, while industry supply continues to be tight.

The resignation of NVIDIA (NVDA.US) CEO Jensen Huang was a company-specific event rather than a fundamental change in the outlook for AI demand, she said, adding that she is more focused on how NVIDIA's organizational and decision-making structure will be adjusted, believing the transition may require a new organizational structure rather than simply appointing a new CEO.

However, she foresaw the company's established product roadmap to remain broadly unchanged. Going forward, she will keep tab on whether the pace of product development slows, potentially giving competitors more room to seize market share.
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US President Donald Trump said former NVIDIA (NVDA.US) CEO Jensen Huang had called him and expressed remorse over the harm the scandal had caused to his family, adding that Huang was most concerned about his wife and family members.

In an interview, Trump praised Huang, saying that his achievements are incredible, and NVIDIA is simply unbelievable, adding that he believed Huang would overcome the difficulties and that he will definitely make a comeback in the end.

When asked whether Huang should resign, Trump said the key issue was whether the woman (Alice Huang) was a spy, and it was currently unclear whether her identity had been confirmed. However, if she were a spy, then Huang should resign; if she were not a spy, the situation might be different.
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Senior White House officials are discussing whether Commerce Secretary Howard Lutnick should be replaced over a spying scandal involving former NVIDIA (NVDA.US) CEO Jensen Huang, as a growing number of lawmakers criticize Lutnick for refusing to place dozens of Chinese companies on the US critical trade blacklist and question whether the government has properly supervised NVIDIA’s exports to China, Reuters, citing sources, reported.

However, a White House official said US President Donald Trump still has full confidence in Lutnick and his ability to perform his duties.

The US government had previously suspended plans to place DeepSeek, CXMT (688825.SH), and more than 100 other companies identified as national security risks on the trade blacklist.

Multiple Democratic lawmakers wrote to Lutnick, Secretary of State Marco Rubio, and White House Chief of Staff Stephen Miller, requesting that the government preserve all documents related to NVIDIA’s exports of advanced AI chips to China and the associated national security risks.
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Merger talks between SpaceX (SPCX.US) and Tesla (TSLA.US) are making progress and could be announced as early as December, Bloomberg, citing sources, reported . The boards and advisers of both companies are finalizing merger terms and governance arrangements for the combined entity.

However, sources said the two companies still need to overcome multiple hurdles before completing the transaction, including how to ring-fence Tesla operations in China.

The merger would become a major test of the political climate after the US midterm elections, with Democrats, who regained control of Congress, pledging to investigate Elon Musk's business and political activities.
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US President Donald Trump said former Apple Inc. (AAPL.US) CEO Tim Cook should replace Jensen Huang as CEO of NVIDIA (NVDA.US). Cook had stepped down as Apple CEO in September this year after serving in the role for 15 years and is currently executive chairman of Apple.

Trump said Huang had done an excellent job and now that he has resigned, only Cook could take over his position, adding that one legendary figure has replaced another legendary figure.
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Futures for the three major US stock indices diverged. DJIA futures edged up 11 pts, or 0.02%, to 52,589. S&P 500 futures and Nasdaq futures dropped 0.4% and nearly 0.9%, respectively. NVIDIA (NVDA.US) lost 6.7% in premarket trading after reports spread that CEO Jensen Huang was involved in a second extramarital affair, with the board planning to remove him from his position. CoreWeave (CRWV.US), a neocloud service provider in which NVIDIA is the second-largest shareholder, tumbled 5.7% premarket. SK hynix (SKHY.US) slid 3.3% premarket, Micron (MU.US) dived 2.9%, yet Advanced Micro Devices (AMD.US) soared 4.2%. Reports that the US may restrict Chinese companies' remote access to AI chips weighed on Alibaba (BABA.US), which slipped 4.8% premarket.

Major European stock markets traded higher in early Thursday trading. The pan-European STOXX 600 rose 0.4% to 665.58, reaching an intraday record high of 665.99. The UK's preliminary 3Q GDP grew 0.7% QoQ, in line. The UK's FTSE 100 added 27 pts, or nearly 0.3%, to 10,863. France's CAC gained nearly 0.8%. Germany's DAX surged 274 pts, or 1%, to 26,937, hitting an intraday record high of 26,998. Italy's FTSE MIB climbed 0.1%, while Spain's IBEX 35 edged down 0.1%.
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Chinese Foreign Ministry spokesperson Mao Ning said regarding issues related to NVIDIA (NVDA.US) that China has already clarified its position on the so-called "Chinese spy" narrative. China's technological progress relies on independent innovation and open cooperation, and the US should stop fabricating so-called spy narratives as excuses for implementing technology blockades.

China and the US have maintained close communication regarding interactions between the two heads of state, he said. China is willing to work with the US to implement the important consensus forged by the two leaders and promote the building of a constructive and strategically stable China-US relationship based on respect, fairness and equality.

Besides, China has maintained communication with relevant parties regarding the meeting among heads of state of China, Russia and the US.
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Chinese AI companies are attempting to rent computing capacity using NVIDIA (NVDA.US) chips at data centers outside China amid concerns that a scandal involving NVIDIA CEO Jensen Huang could prompt the US to tighten restrictions on China's remote access to advanced chips, Reuters, citing sources, reported.

Although the US currently restricts exports of NVIDIA's most advanced AI chips to China, Chinese companies can still remotely use such chips by renting computing power from overseas data centers.

A major Chinese cloud service provider is reportedly internally discussing whether to secure overseas computing capacity powered by NVIDIA chips, while some companies have already contacted data center operators to negotiate reservations.
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Bernstein issued a report downgrading NVIDIA (NVDA.US) from Outperform to Market Perform, while halving its TP from USD400 to USD200.

Analysts including Stacy Rasgon wrote that the firm acknowledged having struggled enormously in making this judgment, and also understood the "buy on dips" argument.

However, their intuition suggested that the underlying issues may not yet be fully understood. They added that they had had enough and would rather stay on the sidelines and observe for now.
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Jensen Huang accounts for about 30% of the total market capitalization of NVIDIA (NVDA.US), according to Business Insider, quoting well-known technology bull and Yorkville Ives Managing Director Dan Ives. If Huang were to leave, NVIDIA shares could collapse 25-30%, implying a share price decline to around USD122.

In a research report, Ives wrote that the firm believed if Huang were removed from the chief executive role, NVIDIA would alter its future development trajectory, while the competitive landscape of the AI GPU sector in the US and globally would be completely reshaped. The company's valuation and share price would suffer substantial damage, with a slump of 25-30%.

Ives highlighted key-man risk at the company, saying a considerable portion of NVIDIA's value is tied to Huang's personal influence and image. The company has not publicly disclosed any succession plan.

He said Huang is the core DNA of NVIDIA, and the company's achievements and vision in AI are highly dependent on him continuing as CEO. Huang is irreplaceable, and no one is capable of seamlessly succeeding him as CEO within the current management bench.
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