Market Briefing, Nov 12, 2026: Nvidia CEO Report Pressures AI Stocks Ahead of Nebius Earnings

Market Briefing, Thursday, November 12, 2026

Tech is set to open lower after the overnight Nvidia news. Nasdaq 100 futures led Wall Street lower after Nvidia shares plunged on reports that its board was weighing the ouster of CEO Jensen Huang, rattling AI-linked stocks. Chipmakers Intel, Marvell Technology and Micron fell between 2.6% and 3.4%, while AI infrastructure firms CoreWeave and Nebius dropped 7.2% and 4.7% in early trading. Reports of tighter China chip-export rules added to the pressure. The session depends on three things: the Nvidia board's decision, Nebius results before the open, and Cisco and Applied Materials after the close.

Market setup

S&P 500 futures	7,608.75 (-0.42%)
Nasdaq 100 futures	28,220.50 (-0.89%)
Dow futures	52,586 (+0.02%)
Russell 2000 futures	2,851.90 (-0.06%)
10-year Treasury yield	4.998% (+1.5 bp)
WTI crude (Iran diplomacy in focus)	$86.09 (-0.51%)
Bitcoin	$72,983
Gold	$3,951.40 (-1.23%)

Key levels (dealer gamma)

SPY (spot ~756)	Call wall 770 · Put wall 750
QQQ (spot ~684)	Call wall 700 · Put wall 680

Call walls mark where dealer positioning may slow a rally. Put walls mark where dealer hedging may cushion a dip. These are estimates of positioning, not guarantees. Second-tier walls were not available today. Both SPY and QQQ show negative net gamma ( -$5.57B and -$3.47B ), and in that setup dealer hedging tends to make moves bigger. These levels are based on spot prices before Nvidia fell overnight.

Today's market calendar (ET)

8:00 AM — Nebius Q3 earnings call	Earnings
8:30 AM — Weekly jobless claims (prior 189K)	195K est.
8:30 AM — Cleveland Fed President Beth Hammack, moderated conversation with Ohio State students	Fed speaker
10:00 AM — Existing home sales, annualized (prior 4.00M)	3.80M est.
10:00 AM — Fed Governor Michael Barr at Yale Program on Financial Stability	Fed speaker
1:10 PM — San Francisco Fed President Mary Daly	Fed speaker
2:00 PM — Monthly Treasury budget balance (prior -$27B)	No est.
6:30 PM — New York Fed President John Williams, UC Berkeley panel	Fed speaker

Notable earnings

Already reported: As of this writing, no company on today's pre-market list had posted results. The most recent report moving markets was CoreWeave's: strong results fueled Wednesday's rally, with its shares surging nearly 25% during the session . CoreWeave also raised its 2026 revenue outlook to $13 billion to 13.3 billion, above the $12.88 billion estimate.

Still ahead before the open: Nebius (NBIS) is the main report. Analysts expect a loss per share of $0.72, compared with a loss of $0.41 per share a year ago, and revenue of $907.20 million, up from $146.1 million . Options imply ±14.87% for Nebius, ±12.96% for Ondas and ±12.57% for Intuitive Machines . Figure Technology (±12.31%) is also on the slate.

After the close: Expected moves implied by options: Cisco ±7.88% . Applied Materials is quoted between ±7.48% and ±8.80% , depending on the source. Cerebras ±15.12% . Consensus estimates: Cisco at $1.32 EPS on $18.11B revenue , and Applied Materials at $4.06 EPS on $10.3B . Ross Stores (1.87), Nu (0.23), StoneCo (2.56) and Inter & Co (0.98) also report, shown with EPS estimates.

Congress corner

• Rep. Josh Gottheimer (D-NJ): buy, AMAT, $1,001–$15,000, traded Oct 26, 2026 . This one stands out because AMAT reports tonight.
• Rep. Maria Elvira Salazar (R-FL): sell, CSCO, $1,001–$15,000, traded Oct 23, 2026
• Rep. Maria Elvira Salazar (R-FL): buy, NVDA, $1K–$15K, traded Oct 23, 2026
• Rep. Dan Meuser (R-PA): partial sale, NVDA, $1K–$15K, traded Sep 25, 2026 (spouse)
• Sen. Sheldon Whitehouse (D-RI): sell, AMGN, $15,001–$50,000, traded Oct 15, 2026
• Rep. John McGuire III (R-VA): buy, MU, $1,001–$15,000, traded Oct 1, 2026

These are delayed disclosures, not real-time trades. In 2026, the median congressional stock trade was disclosed 28 days after it was made, and 21.5% of trades were disclosed after the 45-day deadline.

Social-media trends

NVDA is the top-trending ticker on retail feeds. Message volume is up more than 70% , and retail traders debated whether the controversy around Huang was a serious governance risk that could cost the CEO his job or if his leadership is crucial and Nvidia's business remains intact. BABA is #2. Traders link its selloff to reports of tighter U.S. controls on remote access to AI chips. AMD and NBIS round out the top trending tickers. CoreWeave chatter is also running hot: retail sentiment for CRWV jumped to 'extremely bullish' from 'bearish' levels a week ago amid 'extremely high' message volume. Options flow showed the same AI focus in the last session. MU, NVDA, SNDK and CRWV drew some of the heaviest net call premium, while NBIS saw net put premium.

What matters today

1. Nvidia CEO crisis hits the AI trade. Nvidia's board met overnight to decide whether to oust CEO Jensen Huang. So far, no outcome has been announced from those talks. The stock was down 5.9% at $163.43 in premarket trading early on Thursday, after closing up 2.9% at $173.73 on Wednesday , and Nasdaq 100 Index futures dropped 0.9% while S&P 500 contracts lost 0.4%, reversing some of Wednesday's gains . Shares of rivals AMD and Broadcom rose in premarket trading , while NVDA still drew $37.7M in net premium in yesterday's options flow, which came before the news broke. Trading impact: any board announcement during the session could quickly move semis and the Nasdaq-heavy indexes.
2. Memory rebound faces its first test. Micron closed at $811.30 on Wednesday, up $86.19, or 11.89% , after CoreWeave raised its 2026 revenue outlook to $13 billion to $13.3 billion, up from $12.4 billion to $13.2 billion . That made XLK the top sector at +3.23%, and MU (+$87.5M), SNDK (+$34.5M) and CRWV (+$29.5M) were among the biggest net call premium names. This morning the Nvidia news is spreading: U.S.-listed shares of SK Hynix fell 3.2%, while Micron Technology lost 2.7% . Trading impact: yesterday's crowded memory-chip calls are the first place to watch for profit-taking if the AI-related selling continues.
3. Hot CPI keeps Fed hike bets alive; Fed officials speak all day. October CPI rose 0.4%, higher than the 0.3% economists were expecting, and core rose 0.3%, ahead of the 0.2% expected , and the US 10-year yield is at 4.99% and the 2-year at 4.77% . Waller leans toward a quarter point hike in December and said a half point should be considered if October core CPI came in around 0.3% or higher. Today brings jobless claims at 8:30 AM ET (forecast 195K, prior 189K) and existing home sales at 10:00 AM (forecast 3.8M). Barr speaks at 10:00 AM, Daly at 1:10 PM and Williams at 6:30 PM, and PPI comes out tomorrow (forecast +0.4% m/m). Trading impact: a strong claims number or hawkish Fed comments could push yields toward 5% and add pressure on high-valuation tech stocks.
4. Nebius before the open, Cisco and AMAT after. For Nebius, consensus is for revenue of about $901M in Q3, up from $582.3M in Q2, roughly 55% sequential growth . NBIS also had the largest net put lean on our flow board at -$23.1M. After the close, Cisco has a consensus EPS of $1.32 on revenue of $18.11B , and Applied Materials expects quarterly revenue of approximately $10.25 billion, with adjusted earnings of $4.02 per share . Trading impact: these three reports will show whether demand for AI infrastructure holds up while Nvidia's leadership is in doubt.
5. Bullish flow going into a weaker open. Yesterday's options flow tilted bullish, with $385.0M in net call premium against -$107.7M in net put premium. SPY (+$94.9M) and TSLA (+$34.4M) led the inflows, while MSFT (-$13.9M), AMZN (-$13.7M), GLD (-$12.4M) and META (-$10.1M) saw outflows. Dealer gamma positioning data is unavailable today. Trading impact: yesterday's call-heavy positioning faces a lower open, so watch whether those positions get defended or unwound in the first hour.

Options flow

SPY was the single biggest contributor to a call-heavy prior session, with $385.0M in net call premium across the market.	+$94.9M net
MU had the largest net premium of any single stock as tech (XLK +3.23%) led every sector.	+$87.5M net
NVDA ranked third on the net premium list, adding to the concentration of flow in chip stocks.	+$37.7M net
SNDK showed memory and storage call buying spreading beyond MU, just ahead of TSLA at +$34.4M.	+$34.5M net
NBIS had the most negative net premium on the board, while fellow AI cloud name CRWV drew +$29.5M.	-$23.1M net
Individual contract prints (strike, expiry, side) are unavailable today, so these rows rank tickers by net options premium from the prior session.	Ticker-level

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