U.S. stocks slipped Tuesday after the morning inflation report kept a December rate hike in the conversation. Prices climbed more than expected month over month, but we have nothing to compare to last year because the government was shut down. Most sectors finished higher, but technology’s losses held the major averages down.

$SPY fell less than 1% to $750, $QQQ eased less than 1% to $675, and $IWM slipped less than 1% to $281. The Dow fund $DIA lost less than 1% to $522. Six of the 11 sectors finished green. Financials led, up 1%, while Technology fell 1%.

Nvidia’s China scrutiny widened as The Information traced a network linked to CEO Jensen Huang’s relationship to billions in banned chip sales. Elsewhere in AI, the bills kept growing. Anthropic’s IPO pitch came with enormous computing commitments, CoreWeave raised its run-rate outlook, and AAON’s cooling business turned data-center construction into sales. Rigetti’s tiny quarter showed how far quantum revenue still has to go.

Today's Briefing:

The Nvidia board's investigation into CEO Jensen Huang widened on Tuesday, and the gap from $NVDA ( ▼ 5.47% ) all-time high widened too. The stock is down 30% in a little over a month.

New reporting tied his yearslong relationship with Alice Huang to at least $7.5B in Nvidia chip sales into China, and the board has hired outside counsel to run its probe.

The RIP: $NVDA ( ▼ 5.47% ) fell 6% to $169 on 419.5M shares, its lowest close since Mar. 30. Citi analyst Atif Malik cut his target to $285 from $315 over leadership-stability risk, the average analyst target sits near $332, and ARK Invest's Cathie Wood bought 90,443 shares on Monday.

The Information reported the relationship dates to at least 2023, when Alice Huang's network founded Shanghai Century Litong. The company joined Nvidia's preferred cloud partner list that October, a status that comes with priority access to chips, and roughly 240,000 banned chips moved through the network over the next two years, most of them H100 and H200 systems. Reportedly, some ended up in data centers serving Alibaba and Tencent. Megaspeed, the Singapore firm where Alice Huang held an executive role, imported about $4.6B in Nvidia gear between 2023 and 2025.

Nvidia said its hardware sells through well-known partners held to U.S. export rules, and that its own due diligence has led to federal prosecutions. Huang has been called to a closed-door congressional briefing next week. Nvidia reports earnings Nov. 17, and the call now doubles as a character reference. 🎤

$NVDA ticker talk is split over whether the probe is noise or the story ->

Global satellite operators, telecoms, mobile carriers, and ISPs have invested billions in building the networks that connect consumers to the internet. Yet much of the entertainment experience—and its monetization—belongs to third-party streaming platforms. The satellite, tower, fiber or Wi-Fi connection delivers the content. Smart TVs, smartphones and streaming devices merely display it. The network operator owns the customer relationship but often doesn't control the entertainment marketplace. FreeCast (NASDAQ: CAST) sees an opportunity to change that equation. The company's Platform-as-a-Service (PaaS) technology enables connectivity providers to offer their own branded entertainment hubs. The next evolution of streaming may begin with those who deliver the bandwidth, by allowing them to monetize the massive volume of economic activity that occurs via that bandwidth post-connection.

*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here.

CoreWeave reported third-quarter results after the close on Tuesday and beat expectations on revenue, profit and backlog, then raised the annualized revenue run rate it expects to carry out of 2026.

The RIP: $CRWV ( ▼ 0.51% ) rose 4% after hours to $51. Revenue hit $3.66B against a $3.56B estimate, adjusted EBITDA came in at $2.26B against $2.05B expected, the loss per share of $1.27 was narrower than the $1.46 loss expected, and the revenue backlog sits near $132.5B.

CEO Michael Intrator said revenue grew more than $1B in one quarter and adjusted operating margin reached double digits a quarter ahead of plan. Customers are expected to hand over about $9B in prepayments and deposits over the next three months, which is one way to fund a buildout.

The GAAP net loss was $709M for the quarter, and the stock is down 32% this year even after the pop. The backlog says demand is real. The income statement says it is expensive to serve.

$CRWV ticker talk is split over whether the backlog outruns the debt ->

AAON, the Oklahoma maker of commercial HVAC systems and BASX data center cooling gear, reported its third quarter on Monday and cleared every bar in sight, powered by the AI buildout's least glamorous input: cold air. 🍦

The RIP: $AAON ( ▲ 19.31% ) jumped 19% to $75 on more than double its usual volume. Adjusted EPS hit $0.83 against a $0.57 estimate, revenue rose 84% to $707M against $601M expected, and management raised full-year sales growth guidance to 72% to 75%, up from 55% to 60%.

BASX cooling sales rose 218% to $397M, the order backlog reached $1.85B, up 40% from a year ago, and D.A. Davidson kept its Buy rating with a $110 target. 🧾

Anthropic began marketing an IPO this week that could value it at about $1.4T on a fully diluted basis, Bloomberg reported. The launch Tuesday followed a false start Monday, when the company emailed bankers pricing details and then withdrew them as inaccurate, according to emails reviewed by Reuters. Bloomberg reported that deal terms call for pricing Wednesday, Nov. 18, with trading under ANT the following day.

The RIP: Tuesday’s amended filing put the offering at 825M shares priced between $70 and $78, raising up to $64.4B. A concurrent $26B private placement, with AMD, Broadcom, Google, Micron, Microsoft, Nvidia and TSMC buying in, would bring the combined financing to about $90.4B. That’s more than the record setting $75B SpaceX raised with its summer blockbuster IPO.

Anthropic disclosed a revenue run rate of $81B as of Oct. 31, up $10B in a month, with third-quarter revenue near $17B against $1.4B a year earlier. The prospectus also says Claude wrote more than 90% of contributions to the company’s codebase in September.

Anthropic disclosed spending commitments near $901B, substantially all for computing and infrastructure, with about $71B due in the year through September 2027. 💸

“Anthropic could justify a $1.4 trillion market cap if annual recurring revenue reaches at least $150 billion by 2027, supported by at least $5 billion of new monthly ARR after reporting $81 billion in October,” Bloomberg Intelligence analyst Mandeep Singh said.

The filing shows the seven co-founders, including Anthropic CEO Dario Amodei, are each offering 3.38M shares. It also warns that the technology could pose catastrophic risks if developed without adequate safeguards. Goldman Sachs and Morgan Stanley lead the deal. The market gets to price both the growth and the warnings next week. 🏦

Amprius raised its annual sales outlook to $145M after quarterly revenue rose 83%, but shares sold off after the report. Community is neutral.

Netlist rose on third-quarter results powered by Samsung licensing revenue and sharply stronger margins, while a steep sequential drop in product sales kept the argument open. Community is neutral.

Capricor fell as traders weighed the pending FDA decision on deramiocel, its Duchenne muscular dystrophy treatment, against a $42.7M quarterly loss and a regulatory history that gives nobody comfort. Community is extremely bullish.

Firefly slipped after third-quarter results beat expectations, the loss narrowed, and the 2026 revenue outlook rose to $440M to $450M on contract wins, with cash burn still the complaint. Community is bullish.

AustiniConnections, Atreides and Valor are bringing together the CEOs, investors and operators driving TMT for two days at the Moody Center.

Main stage keynotes span public and private markets — Nvidia, Blackstone, Goldman Sachs, Databricks, Arm, Cerebras, Crusoe, Vercel, DoorDash, 8VC and more — with breakout tracks across labs, silicon, power and capital. 

*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here.

🛢️ Oil prices fall to lowest since August as Trump says Iran war is ‘effectively over’

🤖 Anthropic targets valuation of up to $1.4tn in stock market flotation

💰 Firefly Aerospace Signs Multi-Launch Deal With Japan’s Synspective – A Look At The Key Highlights

🌎 US inflation rose 0.4% in October as price increases cooled and gas costs dipped

💾 Nvidia Erases 2026 Gains as Republicans Threaten Jensen Huang With Subpoena

🤝 LEGN Stock On Track For Worst Day Ever As Investors Focus On Decelerating US Demand For CARVYKTI Therapy

📈 The best trade idea posted on Stocktwits today, chart included

Want to see some change? Respond to this email and reach me, Kevin Travers, with feedback. Follow me on Stocktwits. Send me charts and ideas! Refer a friend for this quarter’s edition of The RIP Forecast 😎

_{Securities Disclaimer: STOCKTWITS IS NOT A TAX ADVISOR, BROKER, FINANCIAL ADVISOR OR INVESTMENT ADVISOR. THE SERVICE IS NOT INTENDED TO PROVIDE TAX, LEGAL, FINANCIAL OR INVESTMENT ADVICE, AND NOTHING ON THE SERVICE SHOULD BE CONSTRUED AS AN OFFER TO SELL, A SOLICITATION OF AN OFFER TO BUY, OR A RECOMMENDATION FOR ANY SECURITY. Trading in such securities can result in immediate and substantial losses of the capital invested. You should only invest risk capital and not capital required for other purposes. You alone are solely responsible for determining whether any investment, security or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should also consult an attorney or tax professional regarding your specific legal or tax situation. The content is to be used for informational and entertainment purposes only and the service does not provide investment advice for any individual. Stocktwits, its affiliates and partners specifically disclaim any and all liability or loss arising out of any action taken in reliance on content, including but not limited to market value or other loss on the sale or purchase of any company, property, product, service, security, instrument, or any other matter. You understand that an investment in any security is subject to a number of risks and that discussions of any security published on the Service will not contain a list or description of relevant risk factors. In addition, please note that some of the stocks about which content is published on the service have a low market capitalization and/or insufficient public float. Such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information. Read the full terms & conditions here. 🔍
Author Disclosure: The author of this newsletter does not hold positions in any of the securities or assets mentioned. 📋}