U.S. stocks climbed Monday in a broad advance, and the day still belonged to Jensen Huang. The Nvidia CEO admitted an affair in a memo to his own employees, the board opened a probe into whether his relationship with a suspected Chinese intelligence asset was a security risk, and his stock fell while everything around it rose. Jensen literally F*^&% around and spent Monday finding out.

The S&P 500 rose 2%, the Dow gained 2% and closed above 52,000, $QQQ added 3%, and $IWM rose 3%. All 11 sectors finished green. Industrials led at +4%, Energy added less than 1% at the back of the pack, and crude fell 4%.

Huang wrote the memo himself: "I was unfaithful to my wife. There is no excuse for what I did. I am deeply sorry." The board said it stands behind him and sees no sign national security or Nvidia secrets were compromised.

Meanwhile, AMD spent the day on the other side of the trade, landing inside Google's newest AI systems with an Oppenheimer upgrade riding along. Trade Desk closed the show after hours, beating a bar that had been lowered all year.

Today's Briefing:

The Trade Desk reported third-quarter results after Monday’s close, and both profit and revenue cleared expectations that had been set for a rough year. The stock had fallen 61% this year entering the print, as the ad platform’s growth stalled.

The RIP: $TTD ( ▲ 15.47% ) jumped 24% after hours to $19. Adjusted earnings were $0.33 a share against $0.25 expected, and revenue came in at $736M against $651M expected, per the company’s release. The stock had already climbed 15% during the session on nearly six times its recent volume.

Revenue of $736M was basically flat against $739M a year earlier, and it only counts as a beat because analysts had penciled in a 12% decline. 📉

The guidance gave the rally its second leg: fourth-quarter revenue of at least $755M and adjusted EBITDA of at least $280M, both above the quarter just reported. 📺

SBC Medical Group Holdings (NASDAQ: SBC) is Japan’s #1 aesthetic medical platform: 6.9M visits, 73% repeat, 41% adj. EBITDA margin, net cash $136MM, growth funded from operating cash flow, not dilution. Now building the Longevity diagnostic entry point on one SBC ID, importing U.S. know-how and exporting Japan’s clinic OS to Asia. AI turns 26 years of data into margin: same headcount runs 1.3x clinics, SG&A leverage drives EPS. At Cantor Fitzgerald Hong Kong’s inaugural Asia Longevity Forum, CFO & COO Yuya Yoshida explained why Longevity is the next growth engine: tech will measure aging, but changing it takes licensed clinics and physicians, which software cannot replicate and SBC already runs at scale. *Non-GAAP. See reconciliation at our IR site.

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Nvidia’s board is putting together a committee of independent directors to investigate CEO Jensen Huang, who told employees in a memo that he had an affair with a woman US officials suspect of working for Chinese intelligence. The story dropped as a rumor over the weekend and quickly spiraled into a real story after the CEO sent a letter out admitting to the deed.

Bloomberg reported the committee will work with outside counsel, and that the board has no reason to believe national security or Nvidia secrets were compromised.

The RIP: $NVDA ( ▼ 4.27% ) fell 4% Monday to $179, sliding as much as 9% during the session and erasing almost $400B in market value at the low. Volume ran 2.7 times the recent pace, and the stock is down 12% over five sessions with earnings due Nov 17. The community went absolutely wild on the ticker tape, one of the most joke filled days I can remember.

Huang wrote the memo himself. “I was unfaithful to my wife,” he said. “There is no excuse for what I did. I am deeply sorry.” President Trump defended him Sunday, calling Huang a fine person who should remain CEO. Last week, key House Republicans asked Huang for a briefing about the woman, Alice Huang, a former executive at Megaspeed International, a Singapore company accused of smuggling Nvidia chips into China. China’s Foreign Ministry has called the spy characterization an unsubstantiated smear. 💔

The board said it still has confidence in Huang, and there is no public succession plan and no obvious heir behind him. Bernstein analyst Stacy Rasgon flagged the key man risk in a note: Huang is Nvidia, setting strategy himself with some 60 direct reports. The company peaked near a $5.8T market value in October and sits below $5T now, with an AI spending slowdown already worrying holders before any of this landed. 🕵️

As for Alice Huang, her firm was spun off from one of China’s largest video game companies, 7Road Holdings, back during the Biden administration. Megaspeed was sold off to a Singapore shell company in 2023, according to Bloomberg, where it started importing Nvidia and chip goods 'thousands of times its cash balance' and renting Nvidia chips to Chinese tech giants like Alibaba.

As for the claims his relationship, no matter how… fruitful… convinced him to lobby for lower export controls, it’s important to remember Jensen has pushed for more China sales for years, even as far back as Sept 2022. Jensen argued opening up to Chinese markets could unlock $50B of new revenue in multiple earnings calls through the years.

Nvidia’s bad day kept rolling when Advanced Micro Devices said Monday that its fifth-generation EPYC processors are powering the host infrastructure for Google’s TPU 8t systems, the newest version of the AI machines Google rents out as its alternative to Nvidia gear. Announced in April, Google's TPU systems pair accelerators with fifth-generation EPYC host chips, which orchestrate the workloads, prep the data, and keep it moving between chips at high speed.

The RIP: $AMD ( ▲ 13.26% ) rose 13% Monday to $509 on 51M shares. $GOOGL, the customer on the other side of the deal, added 1% to $288. An Oppenheimer upgrade on Sunday, to Outperform with a $600 target, had the stock moving before the announcement landed.

Oppenheimer analyst Rick Schafer expects AMD’s data-center revenue to surge 135% in 2027. The Google work is the quieter prize: Google’s TPU 8t systems now ship with AMD silicon inside, which puts AMD on the payroll of the one AI stack built to route around Nvidia. 💽

$AMD ticker talk is split over whether the run has gone too far ->

Hims & Hers extended a 12% regular-session slide after posting a $33M quarterly net loss and cutting its full-year adjusted profit outlook, even as revenue grew 49%. Community is neutral.

AST SpaceMobile rallied after teaming up with Rakuten to build a satellite network that connects directly to ordinary smartphones in Japan, with backing expected from a Japanese government program. Community is bullish.

Rocket Lab gave back part of its 11% daytime gain after reporting record quarterly revenue of $268M and a 52% jump in its order backlog from the previous quarter. Community is neutral.

NRG jumped after agreeing to sell six gas-fired power plants to LS Power for $4B in cash, a deal that would help fund more buybacks and pay down debt. Community is bullish.

Voyager Technologies (NYSE: VOYG) just wrapped its third quarter, with record revenue, record bookings and record backlog. Revenue more than doubled from the same period a year ago, and new orders outpaced deliveries as demand grew across the company’s defense, national security, and space businesses. The most interesting stories are about what Voyager is building. Starlab, its planned commercial space station, keeps checking off milestones, and customer interest is growing, with signed reservations now far above where they stood a quarter ago. The next big moment comes when NASA picks its commercial space station partners. Proposals are due in December, and an award is expected in spring 2027. On the defense side, Voyager announced a partnership with Anduril and won a contract for an AI-powered platform that helps manage the radio spectrum. The company picked up a major NASA award, and its Griffin-1 lunar lander has finished acceptance testing and is getting ready for a launch. Voyager also signed new contracts to manage biopharmaceutical research missions aboard the International Space Station and Gen. B. Chance Saltzman, U.S. Space Force ret., joined as Chairman of the Board of Advisors.

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📊 Nvidia’s Board Investigates Whether Its CEO Was Targeted by Spies

✈️ Boeing Plans Job Cuts as Its 737 Max Production Ramp Slips

💰 Lucid Misses Estimates and Gets a Bigger Saudi Loan

🛰️ Cantor Sees Growing Government Demand for AST SpaceMobile

💊 Briumvi Puts a $1B Year Within Reach for TG Therapeutics

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