Exclusive: The Jensen Huang File, Mapped

1. Nvidia: on the record vs. alleged

The admission. In a Nov. 8 staff email, Huang wrote, “I was unfaithful to my wife.” The same day, Nvidia’s board opened an independent investigation into reports of a “foreign intelligence effort” aimed at him. Huang “fully supports the review.”

The allegation. US intelligence agencies say Alice Huang, an executive at Singapore’s Megaspeed, “has been passing information to Beijing,” The New York Times and Financial Times reported. A US memo says China’s Ministry of State Security recruited her to spy on Jensen Huang and claims the two had a romantic relationship, per the Times and FT. US intelligence monitored her for more than a year, the Times reported. None of it is proven. Beijing calls the “so-called Chinese spy narrative” “unsubstantiated.” Our memo coverage.

The chips. Megaspeed, an Nvidia customer, rents out computing capacity in Southeast Asia. Bloomberg found it imported 50,000 more Nvidia chips than Nvidia tallied in its data centers, plus at least 17,544 GB300s worth about $787 million in November 2025, five months after the June 2025 ban Nvidia says it imposed. The Information reported that Huang’s yearslong ties to Alice Huang enabled more than $7 billion of Nvidia chip sales to China, through companies she, her sister and her husband built in China and Singapore. Megaspeed says inspections found “no evidence of any violations.” Megaspeed, explained.

The warning. Short seller Culper Research went short Nvidia on May 13. Its report cites Huang’s “uncomfortably close relationship” with Alice Huang and alleges that more than 20% of Nvidia’s fiscal 2026 compute revenue was driven by China. Culper profits if the stock falls.

The probe. Nvidia’s chief legal officer, Tim Teter, called Commerce official Jeffrey Kessler in late summer 2025 to ask whether the Bureau of Industry and Security had a part in Singapore’s detention of Alice Huang, Bloomberg reported. It did not, people familiar with the matter said. The Megaspeed probe later stalled and moved to the Justice Department, per the Times. Nvidia says Teter didn’t know about the affair.

Washington. Trump, Nov. 9: “I know the FBI is looking into it in terms of something else.” He said Huang told him, “I had no idea that she was a spy,” adding, “I really believe him.” Three House committees requested closed-door briefings with Huang. Our report.

The board. Director Stephen C. Neal, a former Cooley CEO, will probably lead the review, the FT reported, and Nvidia’s corporate documents make no reference to “succession planning.” Nvidia has no obvious successor to Huang. The board sees “no reason to believe” national security or Nvidia secrets were compromised.

The money. Nvidia closed down 4.27% on Nov. 9 and 5.54% on Nov. 10, at $168.78: 9.6% in two sessions. Wells Fargo cut its target to $300 from $315, and Citi to $285 from $315. Both kept buy ratings.

The lawsuits. A Rosen Law Firm class action in San Jose federal court says Nvidia and Huang misled investors about his Megaspeed ties, covering buyers from Oct. 9, 2025, to Nov. 8, 2026. At least four more firms announced probes.

The odds. Dan Ives of Yorkville Ives & Co. says street chatter puts Huang’s ouster odds near 15%, and that the review “could take 4 weeks to 6 weeks.” Yale’s Jeffrey Sonnenfeld calls it about 50-50. The board probe, explained.

Next. Nvidia reports third-quarter results Nov. 17 at 2 p.m. PT. Read the full Jensen Huang file →

2. Anthropic’s IPO, by the numbers

The terms. Anthropic is offering 825 million Class A shares at $70 to $78, listing on the Nasdaq as ANT, per its Nov. 10 amended filing. It first filed Oct. 26. Sources told CNBC that pricing is expected Nov. 18, with trading Nov. 19.

The cornerstones. Anthropic will also raise $26 billion in a separate private placement with Google, Nvidia and AMD, for up to $90.4 billion in all, Reuters reported. Nvidia sits in both of today’s top stories.

The price tag. At $78, the fully diluted value tops out at $1.405 trillion, up from $965 billion in May’s round. Anthropic had been eyeing $2 trillion until recently, and some shareholders now doubt even $1.5 trillion. Net proceeds top out at $64.35 billion. Our IPO story.

The business. Revenue was $33.24 billion in the nine months through Sept. 30, up roughly 1,200%, against $4.59 billion for all of 2025. Third-quarter revenue was about $17 billion, up about 47% from the second quarter. The nine-month net loss was $104 billion, mostly from the change in fair value of convertible notes and derivative liabilities. Net revenue retention runs around 900%, and more than 1,900 customers generated $1 million or more in trailing-12-month revenue. Q3 breakdown.

The bill. Anthropic lists about $895.4 billion in purchase commitments and leases, “substantially all” of it for compute and infrastructure. That includes at least $110 billion with Amazon’s cloud through April 2036, $114.5 billion for Google TPUs through 2033, and up to $120.5 billion with SpaceX into 2029, per the S-1.

The founders. All seven co-founders will sell 3,378,378 shares each, just shy of $250 million apiece at the $74 midpoint, and keep majority voting control. The equal split.

The banks and the launch. Goldman Sachs and Morgan Stanley lead the deal. On Nov. 10, Anthropic launched Claude Meetings. Our take. Read the full IPO breakdown →

3. GTA VI: still Nov. 19

Take-Two’s net bookings fell 18% to $1.60 billion last quarter. It kept its $8.0 billion to $8.2 billion full-year target and lists GTA VI for Nov. 19 on PS5 and Xbox Series X|S. Read more →

4. CoreWeave raises its outlook

CoreWeave reported Nov. 10 that third-quarter revenue rose to $3.66 billion from $1.37 billion a year earlier, with a $709 million net loss. Backlog reached about $132.5 billion, and it raised 2026 revenue guidance to $13.0 billion to $13.3 billion. Read more →

The week ahead

• Nov. 17: Nvidia Q3 results, 2 p.m. PT.

• Nov. 18: Anthropic expected to price.

• Nov. 19: Anthropic expected to trade as ANT. GTA VI launches.

Sources: CNBC; TechCrunch; Bloomberg as reported by CNBC, TNW and Business Today; Reuters via The Star; The Information; Al Jazeera; Culper Research; Nvidia; CoreWeave; StockAnalysis; SEC filings from Anthropic and Take-Two; and The New York Times and Financial Times as reported by CNBC, TechCrunch and Techmeme. Allegations are reported, not proven.

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