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    The 7am Briefing: Huang Is Out and Bitcoin Breaks Below $70,000

    Nvidia names an interim CEO, Cisco lifts its outlook and producer prices land at 8:30.

    HedgeWeekly Video & Briefing Desk ·

    Top line: Five days after opening an inquiry into its founder, Nvidia starts trading without him. Jensen Huang has resigned, bitcoin has dropped below $70,000 and October producer prices land at 8:30 a.m. ET.

    Before the bell (US futures as of 5:17 a.m. ET; other prices early Friday): S&P 500 futures +0.1% · Dow +0.2% · Nasdaq 100 flat. 10-year Treasury about 5.13% · 30-year about 5.46%. WTI crude −0.4% to about $88.41 · Brent −0.1% to about $95.70. Gold +0.4% to about $3,902 · Dollar index +0.03% to 103.13. Bitcoin −6.2% to about $69,000 (2:30 a.m. ET).

    Markets and macro: 1. Nvidia starts life after Huang. Nvidia said on Thursday that Jensen Huang had resigned as president, chief executive and director, effective immediately. Chief financial officer Colette Kress is interim CEO, and former Synopsys chief Harvey Jones becomes board chair. The shares fell as much as 14% before closing more than 4% lower, AP said, and slipped about 2% more after hours, Investing.com reported. Senate Banking chair Tim Scott has asked Huang and Commerce Secretary Howard Lutnick to testify in December. Results are still due on Tuesday.

    Markets and macro: 2. Bitcoin breaks below $70,000. Bitcoin fell about 6.2% in 24 hours to near $69,000, CryptoTicker said, after touching $67,922. CoinCentral said it was the first move below $70,000 since August 19. Spot bitcoin funds have lost about $1.44 billion over five sessions. MSCI also confirmed it will drop Strategy, the biggest corporate bitcoin holder, from its indexes on November 30. A firmer dollar and higher rate-hike odds added to the pressure.

    Markets and macro: 3. Chip equipment orders still look strong. Applied Materials reported quarterly revenue up 53% to $10.41 billion and guided first-quarter revenue to about $11.10 billion, above the $10.89 billion analysts expected, Investing.com said. China made up 25% of its sales. The Philadelphia chip index fell only 0.8% on Thursday, as AMD and Broadcom each rose more than 5%.

    Markets and macro: Also overnight: Asia was mixed, AP said: Taiwan rose 1.7% and the Nikkei 0.8%, while Hong Kong lost 0.9% and SoftBank Group 5.2%. Oil held steady after President Trump said the US no longer needs a deal with Iran.

    Hedge fund moves: Canada's pension giant plans to double up. CPP Investments intends to lift its hedge fund holdings from about $80 billion to roughly $160 billion over five to seven years, Hedgeweek reported, citing Bloomberg. It already backs more than 60 managers, including Bridgewater, Two Sigma and Rokos, and is weighing new ones such as Millennium.

    Hedge fund moves: Citadel takes 4.5% of a Japanese railway. Citadel's Multi-Asset Master Fund held 4.5% of Hankyu Hanshin Holdings at the end of September, making it the second-largest shareholder, Hedgeweek said. The shares rose as much as 3.7% in Tokyo after the disclosure. The filing does not say what Citadel plans.

    Earnings to watch: Cisco lifted its full-year revenue outlook to $74.8 billion to $75.8 billion after first-quarter sales rose 24% to $18.5 billion; order growth slowed to 21% from 35%. Applied Materials earned $4.16 a share adjusted, up 92%. Nvidia reports third-quarter results on Tuesday, November 17.

    HedgeWeekly Stockwatch: NVDA (CEO resignation, interim CEO Colette Kress), CSCO (networking revenue up 43%, outlook raised), AMAT (guidance above forecasts), AMD (up 5.9% Thursday as Nvidia fell).

    Today's calendar (ET): 8:30 a.m. October producer prices, forecast +0.4% on the month after +1.3%; core +0.3% after +0.7%. 12:00 p.m. Fed's Mary Daly speaks. 7:00 p.m. Fed Governor Philip Jefferson speaks at UC San Diego.

    Number of the day: More than $1.3 billion of leveraged crypto bets was wiped out in 24 hours, about $677 million of it on bitcoin, according to CoinGlass data cited by CryptoTicker.

    One thing to watch: Markets already expect a Fed rate rise in December. Watch whether this morning's producer prices move bets on a half-point hike, and whether Nvidia's first full session without Huang drags on the rest of the chip sector.

    Sources

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