Huang Exit Rocks Nvidia Ahead of Earnings & Anthropic IPO

Week of 16 November 2026

Jensen Huang resigned as Nvidia chief executive on Thursday after 33 years, days after admitting an affair with an alleged Chinese spy. The shares are down around 14% this week, yet the S&P 500 is heading for its first weekly gain since early October after CoreWeave's results steadied the AI trade. Hot US inflation pushed the 10-year Treasury yield above 5%, and UK growth hit its fastest pace in two and a half years.

Nvidia reports on Tuesday with finance chief Colette Kress in charge. UK inflation follows on Wednesday and Anthropic is expected to list on Thursday, while Imperial Brands, SSE and JD Sports update in the UK.

Week in Review

Nvidia lost its founder.

The stock fell 4% on Monday on reports of an investigation into whether Huang had been targeted by Chinese intelligence, and the board accepted his resignation on Wednesday. Shares dropped more than 13% at Thursday's open before closing 4% lower, with Kress named interim chief executive while the board searches for a successor. Nvidia's market value has fallen to around $4 trillion from $5.8 trillion in early October.

The wider AI trade recovered.

CoreWeave jumped 25% on Wednesday after third-quarter revenue rose 168% to $3.66 billion and it raised full-year guidance, easing fears over how it funds its build-out. The Nasdaq 100 has recovered more than 3% after last week's rout, and the S&P 500 is up more than 2%.

US inflation ran hot.

October CPI rose 0.4% on the month and core 0.3%, both a tenth above forecasts. Fed Governor Christopher Waller had said a half-point hike should be considered in December if core held that pace. Markets now see a December hike as near certain, with roughly a one-in-ten chance of a half-point move. The 10-year Treasury yield climbed to around 5.14% from 4.86% and the dollar hit a 19-month high. Softer producer prices on Friday did little to reverse the move.

The UK economy grew 0.7%.

Third-quarter growth was the fastest in two and a half years, with services up 0.9% and September's 0.2% gain beating forecasts for no change. Markets put the chance of a second Bank of England hike in December at around 75%. The 10-year gilt yield rose to around 5.33% from 5.16%, its worst week since September, while GBP/USD slipped to around 1.32 as the dollar rallied.

UK stocks had their best week in a month.

The FTSE 100 gained almost 2% to near 10,880. B&M surged 21% on Thursday after saying annual profit could rise by up to 19.8%, and Burberry jumped 8% after swinging to a first-half profit of £19 million. Rolls-Royce rose around 6% on the week after launching a £1.5 billion buyback, and 3i added almost 6% on Thursday on a £750 million buyback of its own. Aviva gained more than 2% on Friday after a 19% rise in general insurance premiums. Vodafone raised full-year guidance, but a €3.6 billion first-half loss on German writedowns left the shares little changed.

Oil whipsawed on Iran.

Brent crude dipped below $90 midweek, its lowest since August, after Donald Trump called the war "effectively over". It rebounded to around $96 after he said on Thursday that the US does not need a deal with Iran and pulled Vice President JD Vance off the talks.

Gold and Bitcoin sold off.

Gold fell 3% on Thursday to its lowest in more than a year, near $3,870 an ounce, as yields and the dollar climbed. Bitcoin dropped below $70,000 for the first time since August.

Biggest Market Movers

• Nvidia (NVDA) – has fallen around 14% this week

• NDQ100 – recovered more than 3%

• US500 – heading for its first weekly gain since early October

• UK100 – gained almost 2%

• GBPUSD – slipped to around 1.32

• UKOIL – dipped below $90 before rebounding

• XAUUSD – hit its lowest in more than a year

• BTCUSD – dropped below $70,000

• CoreWeave (CRWV) – jumped 25% on Wednesday

• B&M (BME) – surged 21% on Thursday

• Burberry (BRBY) – jumped 8% on Thursday

• Rolls-Royce (RR.) – rose around 6%

Top Events in the Week Ahead

Nvidia's first results without Huang and Anthropic's listing test the AI trade, while UK inflation and jobs data shape the Bank of England's next move.

Nvidia Earnings

Tuesday's results are Kress's first as interim chief executive.

Nvidia guided for third-quarter revenue of $108 billion, give or take 2%, and analysts expect around $109 billion with earnings growth of about 90%. The quarter ended in October, before the scandal broke, so the outlook matters more than the numbers. Investors want reassurance on the succession, customer orders and the ramp-up of the Vera Rubin platform. Results are due at around 9.20pm UK time.

UK Inflation and Jobs

Wednesday's CPI could firm up the case for a December hike.

Inflation jumped to 3.5% in September and is forecast at 3.7% for October, lifted by the higher energy price cap, fuel and tobacco duty. The Bank expects it to peak around 5% in mid-2027. Tuesday's labour data comes first, with unemployment seen holding at 4.7% and pay growth excluding bonuses easing to 3.6%. Retail sales on Friday follow a 0.4% drop in September.

Anthropic IPO

Anthropic is expected to start trading on Thursday.

The Claude developer is seeking to raise up to $64.4 billion at a valuation of up to $1.4 trillion, following SpaceX's $75 billion listing in June. The company says the deal is oversubscribed. Its reception will show how much appetite remains for AI after a turbulent fortnight.

Other Events and Earnings

Elsewhere, China reports retail sales and industrial output on Monday, alongside Canadian inflation. US retail sales on Tuesday are forecast flat after September's 0.8% rise, and the Fed publishes the minutes of its October meeting on Wednesday. APEC leaders meet on Wednesday and Thursday, and Japanese inflation is due on Friday.

On earnings, Legal & General updates on Monday, followed by full-year results from Imperial Brands and Diploma on Tuesday. SSE, Experian, Severn Trent and British Land report half-year results on Wednesday. Thursday brings a JD Sports trading update, full-year results from Sage and half-year numbers from Halma. In the US, Home Depot and Disney report on Tuesday, Target and Lowe's on Wednesday, and Walmart on Thursday.