Morning edition, Friday 13 November

The confirmation came from Nvidia itself: Huang resigned as president, CEO and board member, effective immediatelynvidianewsroom. zerohedge ran "JENSEN OUT" and, a minute later, the detail almost nobody repeated — Harvey Jones named "FIRST-EVER CHAIR OF BOARD"zerohedge. AutismCapital's verdict was three words: "The end of an era."AutismCapital

The most-shared read was brivael's, who had called it hours earlier: "They're going to pull it off." He counted the mechanics — a scandal, pressure in Washington, columnists demanding his head, a board that "never prepared a successor" — and closed on "The next target is Elon."brivael steipete took it as an outside job: "Ousting Jensen feels rushed and not right."steipete

For the open-source wing it was a policy event, not a private one. dhh told people to "make sure you have a few open-weight models backed up"dhh; AutismCapital put it flatly, "They're coming for open source."AutismCapital; Jeff Park offered "congratulations anthropic i hope you're happy"dgt10011; martin krag noted "turned out that Chinese models were a threat to American companies after all"martinkrag. Chamath, quoting the House China committee's statement, argued oversight "would be a disaster" and remembered Microsoft's post-consent-decree years, when "its stock was a wastewater"chamath.

The other ledger was operational. signüll listed it — "no succession plan", no obvious internal candidate, a weak board mid-crisis, talent exodus risk, and then, "what am i missing?"signulll AutismCapital called the whole thing a "Biblical level tragedy"AutismCapital. Cremieux was bleaker still: "I don't know if he can be replaced. I'm leaning 'no'."cremieuxrecueil

Fourteen banks weighed in, and zerohedge's headline did the summing: "No One Can Fill Jensen's Leather Jacket"zerohedge. The cuts were steep — JPMorgan to $215 from $320, RBC to $230 from $330, Cantor to $250 from $350 with Nvidia pulled as Top Pick, KeyBank off Overweight, and William Blair downgrading on the argument that "the CUDA moat is narrowing"zerohedge. Dan Ives put a number on it: Nvidia is worth "25% less"zerohedge without Huang.

Goldman reached for Apple instead — Jobs' 2011 leave, eighteen months of de-rating, then the recovery — and called the comparison "potentially relevant"zerohedge.

Semafor's reporting landed at 16:25: "NVIDIA FACES MULTIPLE JUSTICE DEPT. PROBES", followed two minutes later by "NO INDICATION DOJ SEEKS TO CHARGE HUANG CRIMINALLY"zerohedge. Nobody in the feed read the second line as reassurance.

Retail did the opposite of the sellside. By 10am, buyers had put $111 million into NVDA, "41 times a normal open"zerohedge. Polymarket priced a 56% chance the market cap sits below $4 trillion at the end of 2026PolymarketMoney. zerohedge's parting question was about appetite rather than grief: NVDA's "circular financings"zerohedge, and whether new management takes the same risk Jensen did.

Anthropic filed a registration statement with the SEC — an actual prospectus on EDGAR, Goldman and Morgan Stanley named on itAnthropicAI. theo dated the thing: "Anthropic's IPO is confirmed for Wednesday next week."theo

The chart everyone will quote is quarterly revenue from the November 10 filing, actual reported revenue, not annualizedtheo: $376M in Q1 2025, then $787M, $1.4B, $2B, $4.7B, $11.6B, and $17B for Q3 2026. His reaction doubled as the general one: "These numbers are insane."

Bitcoin spent Thursday going down, through $74k and touching $71,151 on the Coinbase chartSCHIZO_FREQ, with weekly prints near $71.8kBobLoukas. Adam Back, on CNBC, said he's personally betting bitcoin reaches $1 million by 2028 — 95% of adoption still ahead, pensions and mutual funds yet to buyTFTC21.

The rest of the feed split between jokes and cycle arithmetic. Ash Crypto: "Bitcoin is dumping like Satoshi cheated on his wife."AshCrypto BitcoinIsaiah: "it's actually impressive how consistently terrible this price action is"BitcoinIsaiah Bob Loukas flagged the bull phase's first six-week losing streak and said a bounce to $78-$80k next week "would be a normal counter trend move, not one to fomo into for the 10th time"BobLoukas, with Dec/Jan the buy. Jesse Myers read short-term holders going underwater as "typical for an early-bull market BTC correction" and put a local bottom forming "~here"Croesus_BTC. Lukas, quoting a chart captioned "I'm out of bullshit lines after this," asked for one more: "Send the line your strength."SCHIZO_FREQ

The Bitcoin Policy Institute published research claiming the Future of Life Institute — which Sam Lyman calls "the most powerful AI safety think tank in America" — is "94% funded by foreign money"SamLyman33. The specifics: FLI built the intellectual foundation for the Data Center Moratorium Act and the Ban Superintelligence Act, and the money traces through crypto, from Vitalik Buterin's $665 million Shiba Inu donation in May 2021 to SBF listing SHIB on FTX that same month, described as exit liquidity for the giftSamLyman33.

Conner Brown passed it on with a line of his own: "The ghost of Sam Bankman-Fried looms large over DC AI policy." He noted that Vitalik, their original supporter, now considers FLI's recent policy turn "authoritarian and fragile"BitcoinConner. Jeff Park, who had been asking who gained most from Jensen Huang's exit, found a Jacobin piece on effective altruism and China and started mapping it himself — CSET's $55mm seed capital from Open Philanthropy, Holden Karnofsky married to Daniela Amodei, once Dario's roommate — an "incredible set of connections"dgt10011.

Nobody here defends FLISamLyman33 BitcoinConner. Lyman's chart and Brown's amplification go unanswered, and Park's reply adds a further node — Open Philanthropy to CSET to the Amodeis — rather than a rebuttaldgt10011.