Daily Buzz: 11 November 2026

Nvidia Shares Fall Further on Affair Scandal

Nvidia shares continued to tank in the fallout from a scandal involving Chief Executive Jensen Huang's affair with a Singapore-based businesswoman suspected of being a spy for China. Beijing has denied any involvement in alleged espionage. Huang is under investigation by both the FBI and his own board of directors over possible breaches of national security, and is being sued by a group of shareholders over claims he misled them over his relationship with the woman. US website The Information reported that the affair facilitated the shipment of at least US$7.5 billion worth of Nvidia chips under US export restrictions to Chinese firms. Charles Schumer, Democratic leader of the US Senate, accused Trump of being briefed about the affair a year ago and trying to cover it up because of his friendship with Huang. Nvidia shares tumbled 5.5 percent on Tuesday following a 4.3 percent drop on Monday after Huang publicly admitted the affair.

US Military Evacuates Aircraft From Second UK Base on Iran Threat

The US military evacuated 12 aircraft from the UK Mildenhall air force base in Suffolk following a threat from Iran that was deemed credible, multiple news sources reported. It was the second time in two months that the US has relocated aircraft from bases it uses in England over security threats. In September, police foiled an alleged plot by Iranian operatives to attack the Fairford air base where US B-1 bombers were stationed.

Reports of Details of Possible Iran War Peace Plan Emerge

Middle East media reports have emerged that the US has proposed allowing Iran to maintain a uranium enrichment level of up to 3.7 percent and that Tehran may have agreed. There has been no verification of that from Iran. In continuing talks with third-party mediators, the two sides are reportedly discussing third-country assistance to dilute Iran's existing stock of 60 percent highly enriched uranium and for International Atomic Energy Agency inspectors to return to Iran. The discussions also center on the reopening of the Strait of Hormuz, and the release of between US$6 billion and US$9 billion in frozen Iranian assets. Oil prices have dropped on positive reports about the talks. Global benchmark Brent crude future closed New York trading at about US$92 a barrel. However, US Secretary of State Marco Rubio has played down the prospect of a big breakthrough amid reported dissent in President Donald Trump's cabinet over terms for peace.

Top Business

Anthropic Prices IPO to Raise as Much as US$64.4 Billion

Anthropic priced shares in its upcoming IPO at between US$70 and US$78 each, which could raise up to US$64.4 billion and value the AI startup as high as US$1.4 trillion. The company said the shares will begin trading in New York on November 19. The company has allocated 20 percent of the flotation to retail investors.

Anthropic said it has entered into agreements with Advanced Micro Devices, Broadcom, Google, Micron, Microsoft, Nvidia and Taiwan Semiconductor Manufacturing to purchase US$26 billion of the company's Class N common stock in a private placement at a price per share equal to the IPO price. The shares sold in the private placement will not be registered in the public offering and will not be subject to lock-up agreements with the underwriters, the company said.

The IPO will be a test of investor sentiment after recent sell-offs in tech stocks and a US midterm election backlash against AI in general and data centers in particular. Contrary to speculation earlier this year, the Anthropic IPO as presently priced won't unseat SpaceX as the world's largest-ever public share sale. In June, SpaceX raised US$85.7 billion. Anthropic was founded in 2021 and is best known for its family of Claude AI models.

TSMC Plans to Invest US$1 Billion in Anthropic, OpenAI

Taiwan Semiconductor Manufacturing (TSMC), the world's largest contract chipmaker, said it plans to invest up to US$500 million to ⁠acquire shares in Anthropic at its IPO price, and up to US$500 million to acquire preferred stock in OpenAI. The announcement came after the chipmaker reported that October revenue rose 60 percent from a year earlier to NT$586.89 billion (US$17.9 billion), rising 15 percent from September on continued strong demand for advanced chips used in artificial intelligence. TSMC issues monthly reports on revenue but not profit.

SoftBank Swings to US$7 Billion Quarterly Loss

Japan's SoftBank Group, a massive investor in AI technology, swung to a 1.1-trillion-yen (US$7 billion) loss in its fiscal second quarter ended September 30 from a 2.5-trillion-yen profit a year earlier. The loss largely reflects hefty advance payments related to the buildout of data centers in the US and a doubling in financing costs. The group said it raised a quarterly record of US$56.5 billion during the period but investment returns fell 2.2 trillion yen to 1.7 trillion yen. The Japanese firm holds a 13 percent equity stake in OpenAI and retains majority control of UK-based software company Arm Holdings. Ahead of releasing its results SoftBank announced its participation in a US$1.85 billion project in Malaysia to develop AI infrastructure.

Tesla Sales in China Fall Below 10,000

Tesla sold just 8,817 vehicles in China in October, its lowest monthly domestic figure since July 2022, as deliveries plunged 66 percent from a year earlier, according to industry data cited by Jiemian. However, the company exported 59,000 vehicles from its Shanghai mega-factory in the month. Tesla's domestic sales have faced mounting pressure as competition intensifies from Chinese electric vehicle makers, which are offering increasingly competitive products in terms of range, smart driving features and cabin technology. Tesla has been relying on its Model 3 and Model Y lineup for sales, while rivals have rapidly expanded their offerings.

CoreWeave Loss Widens but Revenue Beats Forecasts

US AI cloud provider CoreWeave reported a third-quarter net loss of US$709 million, widening from US$110 million a year earlier, but revenue came in at a higher-than-forecast US$3.7 billion, up 168 percent, easing some market concerns about the company's ability to repay debt amid soaring yields on its bonds. The company had debt totaling about US$47 billion at the end of the quarter. CoreWeave shares lost more than 40 percent in the past month, as investors priced in a possible default when its bond yields topped 16 percent. The shares rose 2.5 percent in after-hours trading after the results were announced.

Economy & Markets

China Exports, Imports Surge

China's exports in October surged 35.2 percent from a year earlier, slowing slightly from 36.3 percent growth a month earlier, customs reported. The stronger-than-expected export growth was led by chips and other AI-related hardware. Imports soared 41.6 percent, their fastest pace in five years, after 32 percent growth in September. The increase was driven by tech-related goods, critical minerals, and energy supplies, with imports of high-tech products surging 72 percent. China's trade surplus in October dropped to US$105.6 billion, its lowest since April, but the 10-month surplus of US$1.04 trillion was only the second time it ever surpassed US$1 trillion. Last year, China had a record US$1.2 trillion surplus. The high import figures come as the China International Import Expo ended in Shanghai – an annual event started eight years ago to show the world that China welcomes foreign goods and pursues balanced global trade. China's exports to the US in October rose 32.9 percent, while shipments to Southeast Asia gained 46 percent and exports to the EU were up 24 percent.

US Inflation Keeps Rate-Rise Expectations Alive

US consumer prices in October rose a seasonally adjusted 0.4 percent from September, higher than forecast. US bond yields rose on expectations persistent high inflation will lead the US Federal Reserve to raise interest rates next month. The yield on the 10-year Treasury – a benchmark for mortgages, car loans and credit card rates – closed at 5 percent after jumping beyond that threshold in intraday trading. The US Bureau of Labor Statistics gave no year-earlier comparison for inflation figures because last year's lengthy government shutdown occurred in the same period.

Zhipu to Buy Back Up to US$513 Million of Its Shares

Chinese artificial intelligence firm Z.ai, more commonly known as Zhipu, announced it will repurchase Hong Kong shares on the open market, with an expected aggregate amount of up to HK$4 billion (US$513 million).

Chinese tech companies have been stepping up share buybacks to bolster sagging stock prices amid a sell-off in global tech shares.

US Extends Tariff Exemptions on 178 Chinese Imports

The US extended tariff exemptions for 178 Chinese products for two months, a day after China said it is suspending 24 percent in additional tariffs on US imports for the same period. The US exemptions list includes pump components, motors, printed circuit boards, medical supplies and 14 items of solar manufacturing equipment. At the Washington summit in September between Chinese President Xi Jinping and his American counterpart Donald Trump, both leaders agreed in principle to a US$60-billion package of reciprocal tariff cuts, though the plan has never been finalized.

China Green Bond Issue in Canada Oversubscribed

China's first yuan-denominated green sovereign bond issuance in Canada was oversubscribed 13.7 times. The Ministry of Finance's 4-billion-yuan (US$600 million) debt sale was split evenly between three-year bonds with a yield of 1.4 percent and five-year bonds with a yield of 1.5 percent. Royal Bank of Canada was a joint bookrunner for the issue. Canada joins Hong Kong, London and Macau markets in issues of green debt outside the Chinese mainland.

China's Credit Card Industry Shrinks Further

China's credit card industry is undergoing a broad retrenchment, with 16 credit card centers and sub-branches approved to close since the start of 2026, according to Jiemian News. The closures include seven branches operated by China Minsheng Bank, Ping An Bank and Hua Xia Bank. Bank of Guangzhou accounted for eight closures, including its head-office credit card center, which was shut down in July. The number of issued credit cards and debit-credit combo cards fell by 10 million in the second quarter to 677 million, central bank data showed.

Corporate

Alibaba Confirms IPO Plans for AI Chip Unit

Tech giant Alibaba confirmed media reports that it has won preliminary Hong Kong Stock Exchange approval for a listing of its spun-off T-Head AI-chip subsidiary, which will remain in Alibaba's business stable after the IPO. The offering size has yet to be announced. Founded in 2018, T-Head has built out chips across data center computing, storage and networking. The IPO awaits final approval from the exchange and from Chinese mainland regulators.

Denglin, Xinde Shares Debut With Mixed Results

Share trading debuts in Hong Kong by two Chinese chip companies from Jiangsu Province tested the waters of investor sentiment toward the tech sector amid weeks of volatile global trading. Shares of Suzhou-based chip designer Denglin Technology fell 7.8 percent from their offer price after an IPO that raised HK$1.4 billion (US$178 million). Shares of Nanjing-based Xinde Semiconductor Technology climbed 20 percent from their offer price after a public share sale that raised HK$946.3 million. Denglin makes graphics processing units used in AI computing. Xinde provides chip packaging and testing services.

Shenzhen-based Keruisi Jumps in Market Debut

Shares in Keruisi, which makes computer numerical control machine tools, jumped 299 percent from their offer price on Shanghai's STAR Market after an IPO that raised 719 million yuan (US$108 million). The Shenzhen-based company's products are used in precision molds, aerospace, consumer electronics, semiconductors, AI servers and robotics.

Chinese Shoemaker Huali to Invest in Optical Communications

Huali Group, the world's largest contract maker of athletic shoes, said it plans to invest up to US$500 million in Shenzhen-based optical communications company O-Net Technologies for a stake of no more than 25 percent. The new investment marks an expansion from its core business. According to a Huali filing, O-Net is currently undergoing equity and organizational restructuring and will become a global business holding platform once the restructuring is complete. Huali's customers include brands such as Nike and Adidas.

XFusion Digital Seeks US$1.2 Billion in Shenzhen IPO

XFusion Digital Technologies, Huawei's x86 server business spun off in 2021, is seeking to raise 8 billion yuan (US$1.2 billion) in an initial public offering on Shenzhen's ChiNext board. The Shenzhen Stock Exchange will review its application this week. The Zhengzhou-based company is a major global provider of computing power infrastructure, AI platforms and server solutions. It reported 2025 revenue of 58 billion yuan, ranking it second in China's server market and first in liquid-cooling servers.

Rongqi to Acquire Majority Stake in Deqishun Precision

China's Rongqi Technology announced it will acquire a 60 percent stake in Shanghai-based Deqishun Precision Machinery Equipment for 562 million yuan (US$84.3 million) in cash. Deqishun focuses on polymer and metal precision components for semiconductor equipment and electrochemical plating processes.