NVIDIA Succession Crisis, Anthropic IPO and AI Chip Scrutiny 11/13/26

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Kelly Evans (0:54)

You're listening to The Exchange. Here's today's show.

Thank you very much, Frank. The Nasdaq is tanking again today, but the Dow is just barely negative as the Nvidia aftershocks work their way through the AI ecosystem. I'm Kelly Evans and welcome to The Exchange. The Nasdaq down 1.15 percent today. Still not great. The S&P down three-quarters of a percent. The Dow, as I mentioned, only down 79 points. The Neo clouds and the chips are leading the tech declines. CoreWeave and Nebius both lower by close to 10 percent. AMD and Broadcom are also under pressure, as the narrative shifts from Nvidia's troubles being a positive catalyst to in fact more of a headwind. Both of those names are still up big on the week, 16 and 17 percent respectively, but there's some chatter about if Nvidia ever had to cut prices, it could pressure their margins and so on and so forth. Big Tech, Mix, Microsoft, Off Session Lows as they work to fully restore the longest service outage in their history. An Apple hitting another fresh high. It's third in a row. It's been, I think they say the catbird seat lately. On the macro front, PPI not doing anything to change the rate hike path. It's pushing yields higher with the 10-year above 5%.

514 gold for its part below 4,000. I think it's negative on the year now. It's almost negative on a 12-month basis. And Bitcoin at 68,000.

Just incredible moves there lately. But we begin once again with the story of the, I don't know, year, decade, Nvidia, down another 3% as Jensen Wong's resignation does not mean the company's challenges are over. It could be far from it. Our first guest serves on one of the three committees that will hold a closed-door briefing with Jensen Wong as early as next week. New Jersey Democratic Representative Josh Gottheimer joins us in our opening exchange. It's great to have you here, Congressman. Welcome.

Josh Gottheimer (2:40)

Thanks for having me.

Kelly Evans (2:41)

All right. So what's the timeline? What happens now?

Josh Gottheimer (2:44)

Well, actually, yesterday, Congressman Darren LaHood and I, we both oversee the subcommittee that has jurisdiction here on the Intelligence Committee.

You asked yesterday of the Intelligence Community, including the CIA and the DNI, as well as the Department of Justice and the FBI. What did you know when? We want more facts. We want to understand exactly the timeline here and the information at hand. So I'm hoping we get quick answers there as we lead into Jensen coming to testify.

The official response from Jensen has not come in yet. Three of the committees that have jurisdiction here asked Jensen to come testify. We've not heard officially. They threatened yesterday to issue subpoenas to get the information we need. And I think that's the key here. We have to really understand what went on here. You've got chips, very advanced chips, that we do not want to get in the hands of China, our top adversary here. And so if they were able to get there, what kind of deals were made? What exactly do they have?

And Ms. Huang, what did she allow? What did she give? Is she part of this? Those are all questions we have to understand.

Kelly Evans (3:52)

You mentioned there are three committees. Does that mean that one of you ends up moving forward, or will all three?

Josh Gottheimer (3:57)

Well, I believe Keem Jeffries earlier today said that the intelligence community would take the lead.

But listen, there's multiple jurisdictions here. I think we all have questions that are relevant for our committees. From an intelligence committee perspective, you can imagine from an AI perspective, how important this is for our national security, for our critical infrastructure and understand when it comes to chip policy, what exactly got to China and what did Megaspeed divert chips? That's another big story here, what was diverted and that's been an investigation that's ongoing of Megaspeed. Certain people in the administration, especially the Commerce Department, was blocking, my understanding is blocking certain restrictions that others in the administration like the Treasury Secretary wanted.