Jensen Huang is about to single-handedly blow a 28-3 lead… 

We’re so back (again), you guys. Well, most of us.

The Dow ripped 1,104 points (+2.15%) to 52,389.75 on Monday, back above its Election Day close, with the S&P 500 (+2.35%, its best day since April 8) and the Nasdaq (+2.74%) tagging along. Oh, and oil prices tanked after #47 downplayed the odds of more strikes on Iran. Brent slid almost 6% to $92.57 a barrel, and WTI fell 4.4% to $86.85, which, hell yeah.

Friendly reminder, last Thursday, chip stocks got taken behind the barn (think: worst day since 2020) on fears that the Democrats’ midterm wins mean fewer data centers get built. On Monday, it was stonk price go brrr for pretty much everybody, like AMD (+13% on an Oppenheimer upgrade), Broadcom (+9%), and Monolithic Power (+16%), which makes the power modules inside AI servers.

Well, everybody but Nvidia, which fell 4% as the only Magnificent Seven stock in the red (Tesla added 5.5%, and Amazon and Microsoft gained about 3%). Investors hit it with the “I’m not mad, I’m disappointed.”

Why? Turns out Denny’s most valuable ex-employee (read: Nvidia CEO Jensen Huang) got caught dipping his proverbial pen in the proverbial customer ink. On Sunday, Nvidia’s board opened an investigation into his affair with Alice Huang, an exec at Megaspeed (a Singapore cloud company and Nvidia customer) who U.S. intelligence says has been passing information to Beijing.

(Allegedly.)

Yes, Jensen has owned up to the affair. The board is giving him the full cavity search independent review and says it has “no reason to believe” any secrets were compromised. China, of course, says the whole spy thing is made up. Donny Character Witness called Jensen an “honorable guy,” and Elon co-signed a post calling him “one of the greatest entrepreneurs of this generation.” Sounds legit.

Elsewhere, in stonk land, General Motors moves its listing from the NYSE to the Nasdaq on Nov. 17 (the same day Nvidia reports earnings). Normally, nobody cares. But GM is pulling a Palantir, which made the same switch in 2024 and landed in the Nasdaq-100 a month later. Per Citi’s Michael Ward, GM could get in as soon as December, forcing index funds (read: your 401(k)) to buy a cool $4.6B of its stock, on top of the $10B in buybacks he expects by the end of 2027. Meaning, GM would be the cheapest stock in the index with the highest buyback yield, which, sneaky.

Meanwhile, AST SpaceMobile went to the (literal) moon (+14%) after teaming up with Rakuten on a joint venture to beam satellite service straight to regular smartphones in Japan, with Japan’s government chipping in up to $1B. PDD Holdings (read: Temu) fell 3.3% after Morgan Stanley downgraded it to equal weight, partly because nobody knows when (or if) it plans to share its Scrooge McDuck pile of cash with shareholders.

So yeah, Wall Street took the whole AI trade back after last week’s blowup… except the one guy who actually cheated.

Godspeed, friends…

If you read all of this, congrats for having a 10 second attention span (better than me). As always, here’s our heatmap for today.

☕ Market Gossip

> SiriusXM Chooses Board Member to Be CEO as Witz Steps Down (Wall Street Journal): Tubi or not Tubi…

> Boeing to cut 5% of commercial airplane workers as production increase takes longer than expected (CNBC): It’s giving GTA VI…

> McDonald’s Names Uber as Preferred Partner, Edging Out DoorDash (Bloomberg): Hamburgled.

> Anthropic joins AI’s natural gas frenzy, buys $3.4B worth of turbines (TechCrunch): Anthropic? The natural gas company?

“WTF” Meme of the Day

Hang it in the Louvre…

At the time of publishing, Stocks.News holds positions in Microsoft, Amazon, Tesla, and McDonalds as mentioned in the article.