Major developments drawing attention from global financial media overnight and this morning include the following stories.
NVIDIA Officially Announces Jensen Huang's Resignation, Citing Profound Contributions; CFO Takes Over Temporarily
The board of NVIDIA (NASDAQ: NVDA) announced today that Jensen Huang has resigned from his positions as President, Chief Executive Officer, and Director, effective immediately. Colette Kress, the company's current Executive Vice President and Chief Financial Officer, will serve as Interim CEO. Until a permanent successor is identified, Kress will simultaneously hold the roles of Executive Vice President, Chief Financial Officer, and Interim CEO. The board has initiated a search for a permanent CEO, considering both internal and external candidates.
Iran Claims Enemy Military Strike Near Sirik in the Strait of Hormuz Area
On the evening of November 12 local time, multiple explosions were heard in the Sirik area of Hormozgan Province, Iran. Iranian official sources subsequently stated that the area had been attacked by the enemy, describing the strike as "military in nature." Following the news, international crude oil futures rose further, with Brent crude futures extending gains to 3% and U.S. WTI crude futures climbing as much as 2.36%. Earlier, local residents had reported hearing multiple explosions in the Sirik area over the past several hours. Initial reports suggested the blasts might have come from warning shots. Iranian official sources later characterized the incident as an enemy military attack, but have not yet disclosed the perpetrator, specific targets, or casualties. The Iranian government has also not issued a formal statement on the matter.
A "Legend" Replaces a "Legend"! Trump Suggests Cook Succeed Huang at NVIDIA
U.S. President Donald Trump suggested that Apple's Tim Cook should succeed what he called a "legend," the ousted NVIDIA CEO Jensen Huang. "Now that the CEO of NVIDIA, Jensen Huang, who did an outstanding job, has resigned, only one person can take his place — Tim Cook of Apple. A legend replaces a legend!" Trump posted on social media on Thursday.
SpaceX-Tesla Merger Talks Make Progress, Deal Could Be Announced as Early as December
People familiar with the matter revealed that merger talks between Musk's SpaceX and Tesla Motors (NASDAQ: TSLA) are making progress, and the two sides could announce a deal as early as December this year, potentially setting a record for the largest corporate merger globally. However, the announcement timeline could also be pushed to early 2027. Currently, the boards and advisors of both companies are negotiating key issues including merger terms and post-transaction governance structure. After SpaceX went public in June this year, its market capitalization has exceeded $1.9 trillion, while Tesla's market value is approximately $1.5 trillion, bringing the combined market capitalization of the two companies to over $3.4 trillion. Tesla is scheduled to hold its annual shareholder meeting on December 3.
French Media Reports France and Germany Agree on de Cos as ECB President; Germany Denies
Germany has denied a report by French magazine Le Point claiming that German Chancellor Friedrich Merz and French President Emmanuel Macron had agreed for Pablo Hernandez de Cos to succeed Christine Lagarde as European Central Bank President next year. A German government spokesperson said the French magazine's report was inaccurate. Lagarde stated last month that she would end her term early and leave in February next year in order to be able to speak publicly on political matters. Klaas Knot of the Netherlands is competing with Spain's de Cos for the position, and both have previously served as central bank governors of their respective countries.
Microsoft Suffers Major Outage Across Multiple Services, Outlook Reports Exceed 130,000
On November 12, multiple Microsoft services including Outlook, Teams, and Microsoft 365 experienced a major outage, affecting users in the United States and other regions. According to data from network outage monitoring site Downdetector, as of 1:27 PM Eastern Time, Outlook-related outage reports had exceeded 130,000, Microsoft 365 outage reports exceeded 46,000, and Teams-related reports numbered approximately 3,000. Microsoft had stated earlier in the day that it had resolved the Teams service outage affecting North American users and that the impact had been fully eliminated. However, the company subsequently noted that the outage could also affect users in other regions connecting to Microsoft 365 services, indicating that the scope of the service disruption could expand further.
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