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"Huang exit roils AI trade, US DOJ probes Nvidia, Trump says no Iran deal."

Views expressed in this geopolitical news and analysis are those of the reporters and correspondents.  Accessed on 13 November 2026, 0337 UTC.

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SANTA CLARA  ABU DHABI  BANGKOK November 13, 2026 Read on the web     Sign up for our free email briefings→   The World Today Huang exit roils AI trade Who will replace Jensen? US DOJ probes Nvidia Nvidia fallout in China Trump says no Iran deal Starlink down in Ukraine SEC enforcement hits low China vows Cuba support US eyes nuclear materials Asia oil stockpile scheme A book that ‘fits comfortably in the milieu of working-class British realism.’ ↓ 1 Huang ouster sparks market turmoil Nvidia stock fell 4% Thursday after CEO Jensen Huang resigned following revelations of infidelity, a stunning fall for one of the world’s most powerful figures that called into question the future of the $4 trillion chipmaker at the center of the AI economy. Despite fears that Huang’s ouster could reverberate across markets, the broader tech ecosystem showed resilience, as Nvidia appointed an interim CEO and its competitors gained: AMD, which competes on data-center products, surged nearly 6%, while Alphabet, which began selling its TPUs this year, also gained. Nevertheless, Huang’s exit marks the end of the “Nvidia put,” Semafor’s Liz Hoffman wrote, removing one of the AI trade’s largest buyers and making the buildout more expensive for everyone. For more scoops and insights on the finance behind AI, subscribe to Semafor Business. → ↓ 2 Nvidia’s Jensen-less future Mike Blake/File Photo/Reuters Jensen Huang’s eventual successor will inherit the CEO title but not the unique mantle Huang forged as leading hypeman and underwriter of the global AI boom. Interim CEO Colette Kress is tasked with steadying a ship that’s shed roughly $500 billion in market value, and faces further scrutiny. Nvidia, which has never had another leader, is looking at both internal and external candidates; floated contenders include Apple’s Johny Srouji and AMD’s Lisa Su. But “any new CEO will optimize for profitability,” Semafor’s Reed Albergotti argued, meaning “Nvidia will never be as innovative as it was under Huang.” Without Huang’s dealmaking cachet, The Economist wrote, “the hardest task of all may be keeping Nvidia at the centre of the AI economy.” For more of Reed’s analysis on a post-Jensen AI landscape, subscribe to Semafor’s Tech briefing. → ↓ 3 DOJ opens probes into chip giant Ann Wang/File Photo/Reuters The US Justice Department has opened multiple probes into Nvidia, Semafor reported Thursday, threatening to sweep up the chipmaker as Jensen Huang’s departure rippled across Washington. While there was no indication the DOJ was seeking criminal charges, the probes included an antitrust investigation into Nvidia as well as inquiries scrutinizing the involvement of Alice Huang — the alleged Chinese spy Huang had an affair with — in tech companies Megaspeed and Super Micro. Huang, meanwhile, has reportedly agreed to testify before Congress. The scandal also spurred scrutiny of the US commerce secretary’s handling of chip export controls, a “sign of the Trump administration’s deep vulnerability on the issue,” Politico wrote, thanks to its “deference to the Nvidia chief on tech policy.”  ↓ 4 Nvidia turmoil shakes up Chinese AI Ann Wang/File Photo/Reuters Jensen Huang’s exit from Nvidia could spell a sea change in China’s AI fortunes, as heightened scrutiny from Washington threatens to choke off the supply of American compute to mainland tech titans and AI startups. Huang’s extramarital affair with Megaspeed executive Alice Huang may have helped funnel at least $7.5 billion of Nvidia chips to China, The Information reported, empowering lawmakers to push for tighter US chip export controls. The prospect of more Nvidia chips staying in the US provides one explanation for hyperscalers’ share rises Thursday. On the flipside, restrictions on American compute could benefit Chinese chipmakers with Beijing pushing more resources toward developing semiconductor self-sufficiency. ↓ 5 Trump says US doesn’t need Iran deal Kylie Cooper/File Photo/Reuters US President Donald Trump said Thursday “we don’t need a deal with Iran,” ending negotiations led by his vice president and injecting uncertainty into a Gulf-supported diplomatic push to end the war. Trump earlier this week dismissed the need for further US strikes, suggesting a scenario where Washington could walk away — with the status of the Strait of Hormuz unresolved and energy prices elevated — leaving Gulf allies and the rest of the world “to come to terms with Iran on their own,” a Middle East Institute expert told The Washington Post. Stuck between a defiant adversary and escalatory options, the US “finds itself again in a Middle Eastern quagmire,” a CSIS analyst wrote. ↓ 6 Ukraine warns of Starlink disruptions Stringer/File Photo/Reuters Ukraine said Thursday that a fresh disruption to Starlink services hampered its military operations, in what Kyiv suggested could be a pressure tactic by Washington amid ongoing negotiations to end the war. US envoys Steve Witkoff and Jared Kushner met with Russian President Vladimir Putin in Moscow, following trilateral negotiations in Abu Dhabi earlier this week, which yielded no breakthroughs. Washington has pursued diplomacy through attempted business arrangements with figures close to Putin, but “it’s not going to entice him to make compromises on Ukraine,” a Biden administration security adviser told The New York Times. Meanwhile, ships carrying Russian diesel to the US have turned around, lacking willing American buyers. ↓ 7 SEC enforcement drops to decadal lows Enforcement actions and penalties levied by the US Securities and Exchange Commission have fallen to multi-decade lows, reflecting a dramatic pullback by Wall Street’s top watchdog. The agency, which has seen budget and staff reductions under the Trump administration, doled out $1.1 billion in penalties last year, the lowest in two decades. The decline drew a rebuke from Democrats who vowed increased scrutiny of its enforcement program in the next Congress, though an SEC official cautioned that “activity and effectiveness are not the same.” While some suggested the figures were consistent with the agency’s stated aim of promoting more IPOs, “the obvious risk is, with less enforcement, you have a greater risk of fraud,” a law professor told the Financial Times. ↓ Live Journalism Prediction markets have rapidly evolved from a niche novelty into a mainstream consumer product, with billions in daily volume across sports, elections, Fed decisions, and corporate earnings. Their growth is prompting new questions about how these markets should operate, be regulated, and fit into the broader financial landscape. On Wednesday, December 9, Semafor’s Hedges and Bets: The Future of Prediction Markets will convene Sen. Richard Blumenthal, D-Conn.; Mark Hicks, Managing Director of Enforcement, NCAA; Michael Lipitz, Associate Vice President and Director of Athletics, George Washington University; and additional key leaders to unpack what’s next for this rapidly evolving industry. Washington, DC | December 9 | Request Invite ↓ 8 China backs Cuba amid US pressure Florence Lo/Pool/Reuters China’s foreign minister vowed “firm support” for Cuba as the US intensifies its pressure on the island nation. Beijing’s backing — which comes around 10 months after Cuba lost its critical economic lifeline from Venezuela, its main benefactor — is likely to irk the Trump administration, which has for months sought to oust Cuba’s communist-led government to no avail. While Washington’s strategy for the Caribbean country remains murky, conditions in Cuba have continued to deteriorate, deepening a humanitarian crisis: Doctors lack medical supplies, including formula for malnourished children, while persistent blackouts endanger patients on ventilators. And though Havana recently eased restrictions on its private sector, its economy is nonetheless forecast to shrink by more than 10% this year. ↓ 9 US revives nuclear component production U.S. Navy/Mass Communication Specialist 1st Class Ronald Gutridge/Handout via Reuters The US will produce binary alloy for use in nuclear weapons for the first time in 20 years, as Washington moves to modernize its nuclear arsenal. After the end of the Cold War, the US scaled back nuclear weapons production, relying instead on a finite stockpile of previously manufactured material. That is changing: This summer, the US announced efforts to revive plutonium pit production, another key component. But the renewed push has raised concerns of a new arms race. Scientists at the Bulletin of the Atomic Scientists warned that the US is “dangerously hurtling toward renewed nuclear competition,” arguing that the “immense risks” of expanding production should be weighed against “actual national security needs.” ↓ 10 ASEAN agrees to oil stockpile scheme Antara Foto/Rosa Panggabean via Reuters Indonesia, the Philippines, and Thailand agreed to set up a system to share their oil stockpiles, the latest in a string of measures by Asian countries to shore up their energy security. The Iran war — which throttled exports from the Middle East, Asia’s main source of oil — galvanized efforts to bolster supplies: Last month, Saudi Arabia announced plans to store crude in underground caverns in Singapore to boost supply chain security in Southeast Asia. Experts argue, however, that the surest path to increase energy independence and resiliency is by prioritizing domestic renewable production: “It is much more difficult to weaponize energy if it’s homegrown,” a financial think tank executive said earlier this year. ↓ Flagging Nov. 13: US releases producer inflation rate data. Bronek Masojada takes office as Lord Mayor of the City of London. A joint exhibition of works by celebrated abstract artists Mark Rothko and Adolph Gottlieb opens in New York City. ↓ Semafor Recommends No Such Thing as Monday, Siân Hughes. After finding her father’s dead body in his West Midlands home, the novel’s scrappy and acerbic narrator reflects on her difficult past as she endures an equally challenging present. The book “fits comfortably in the milieu of working-class British realism,” but Hughes has a distinctive “canny, lyrical ear for her misfits and underdogs, and a touch tender enough to nudge their fate toward better things.” Buy No Such Thing as Monday from your local bookstore. You’re receiving this email because you signed up for briefings from Semafor. Manage your preferences or unsubscribe here. Read our privacy policy. Was this email forwarded to you? Sign up now to get Semafor in your inbox. Semafor, Inc. 228 Park Ave S, PMB 59081, New York, NY, 10003-1502, USA