NVIDIA closes -4% as Jensen Huang resigns, CFO Colette Kress named interim CEO

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Friday 13 November 2026
Top stories today:
- NVIDIA closes -4% as Jensen Huang resigns, CFO named interim CEO
- Google’s Gemini 4 Hydrogen debuts as “major standalone upgrade”
- Kalshi seeks funding at $65B valuation as annual run rate tops $5B
- SpaceX, Tesla in advance merger talks, deal possible as soon as Dec.
- Nebius -17% on weak outlook, higher CAPEX, Q3 revenue +571% YoY
0. Data & Calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):
1. NVIDIA closes -4% as Jensen Huang resigns, CFO Colette Kress named interim CEO
- Huang stepped down as CEO, president, and board member amid the Chinese spy probe.
- Trump reportedly urged Huang to fight for his job during a Tue. call.
- A second intimate relationship with an employee was also reported involving Huang.
- Commerce Secy Lutnick’s ouster is reportedly under discussion among senior White House officials following the NVIDIA spy scandal.
- Sen. Tim Scott asked Huang and Lutnick to testify at separate hearings in Dec.
- Alice Huang’s firm reportedly obtained smuggled NVIDIA chips for Shanghai data center.
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3. Google’s Gemini 4 Hydrogen debuts as “major standalone upgrade” over Gemini 3.8 Flash
Gemini 4 Hydrogen surpassed GPT-6.1 Terra and Gemini 4 Argon on the Artificial Analysis Intelligence Index but trailed Claude Sonnet 5.5 and GPT-6.1 Sol:
- Costs $1.5/$7.5 per 1M input/output tokens, vs. Sonnet 5.5’s $2/$10, GPT-6.1 Terra’s $1/$5, and Kimi K3.1 Pro’s $2/$10.
- Available via AI Studio, Gemini API, Search, and Antigravity’s AI Pro and Ultra tiers.
- Google Antigravity also added Orchestrator, which dynamically switches between models like Carbon and Hydrogen for AI Ultra subscribers.
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5. Kalshi said to seek funding at $65B valuation as annual run rate tops $5B
- Kalshi is reportedly pursuing another private funding round despite expectations that its previous raise would be its last before an IPO.
Kalshi’s monthly notional trading volume reached $97B in Oct., up from $40B in Aug.
- Separately, Kalshi ended its contract with Donald Trump Jr. after his VC firm 1789 Capital increased its stake in Polymarket.
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7. SpaceX, Tesla said to advance merger talks, deal possible as soon as Dec.
SpaceX’s market cap stood at $1.92T on Thu., vs. Tesla’s $1.57T:
- The companies’ boards and advisers are reportedly hammering out deal terms and the combined entity’s governance structure.
- A conglomerate spanning EVs, energy storage, rockets, and satellites would emerge from the merger.
- Separately, SpaceX plans $74B in U.S. data centers, with AI generating 50%+ of Oct. revenue.

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