Surprise, surprise, there is never a dull moment. CoreWeave (CRWV) reported a blowout third quarter, with revenue surging 168% to $3.7 billion, beating expectations and raising its 2026 revenue forecast to $13 billion–$13.3 billion. The results helped ease concerns about AI infrastructure financing and sparked a rally across the sector. CoreWeave jumped 11% in premarket trading, while Nebius gained 11.4%, IREN rose 7.9%, and Nvidia (NVDA) rebounded 5.2% after Tuesday's selloff. The rally spread overseas, with South Korea's Kospi up 2.6%, Taiwan's Taiex gaining 3.6%, Japan's Nikkei rising 1.3%, and Europe's STOXX 600 advancing 0.4% pushing ES up 73.50 points, or +0.96%. It made a high at 7671.50 and settled at 7640.50, up 96.25 points or +1.28^% and the NQ traded  up to 28,847.25 and settled at 28,473.25, up 638 points or +2.29%.

Bottom line: The earnings were good, but there was lower liquidity and low volume due to the holiday, only 1.4 million ES traded, the lowest daily volume since 10/13/2026 or in 23 trading days.  There was a global tech/AI party as investors jumped back into the beaten-down names. Does this mean the lows are in? Does it mean all the AI funding problems are over? No. What I can say is that there has been a good bounce, but the problems facing the tech/AI sectors are not over. 

I wrote the top of the View before the PitBull called me and told me the news that Nvidia's Jensen Huang was caught up in another alleged affair, this time with an accountant. I didn't plan on writing about this, but I think it's unavoidable. At 6:34 PM, NVDA was down almost 5% in the after-hours market.

Before I get into my story, I have a question... What do you think this is going to be like when the market is open 23 hours a day? If your head is spinning now, just wait until the markets are subject to headlines 23 hours a day.

FALL FROM GRACE: Nvidia Board Reportedly Preparing to Oust CEO Jensen Huang as China Spy Scandal Deepens

Timeline of Events — All Times ET

• Thursday, October 29: The New York Times reports that U.S. intelligence officials suspect Alice Huang, a former executive at Singapore-based Megaspeed International, of having ties to Chinese intelligence while maintaining a close relationship with Nvidia CEO Jensen Huang. Megaspeed reportedly purchased approximately $4.8 billion in Nvidia equipment.

• Thursday, November 5:  Three Republican House committee chairmen request a closed-door briefing with Huang concerning Chinese intelligence allegations and Nvidia's advanced chip sales. The requested briefing date is November 18.

• Friday–Saturday, November 6–7: Additional reporting intensifies scrutiny of Alice Huang's alleged Chinese intelligence connections and potential access to sensitive information.

• Sunday, November 8 — 3:00 PM: Nvidia officially announces an independent board investigation. Huang acknowledges being unfaithful to his wife and apologizes to employees. Nvidia says it has no reason to believe company secrets or national security were compromised.

• Monday, November 9: A proposed shareholder class-action lawsuit accuses Nvidia and Huang of concealing material information about his relationship with a suspected Chinese intelligence operative. Congressional pressure increases.

• Tuesday, November 10: The Information reports allegations that Huang's relationship with Alice Huang helped facilitate at least $7.5 billion in Nvidia chip shipments to Chinese companies. Nvidia retains outside legal counsel. Reuters reports the company lost approximately $430 billion in market capitalization over two trading sessions.

• Wednesday, November 11 — 3:58 PM: Reuters publishes a timeline detailing the scandal, national security questions, congressional scrutiny and Nvidia's investigation.

• Wednesday, November 11 — 5:18 PM: Yahoo Finance reports a second alleged extramarital affair involving Kimberly Powell, Nvidia's vice president of healthcare, who reported directly to Huang. The New York Times reports the two were observed behaving affectionately at a hotel during a company conference in March.

• Wednesday, November 11 — Evening: The Wall Street Journal reports that Nvidia's board is preparing to consider ousting CEO Jensen Huang, potentially meeting as soon as Wednesday. Reuters says it cannot independently verify the report.

• Wednesday, November 11 — After-hours trading: Nvidia shares reportedly decline approximately 8% following the latest allegations and leadership reports, despite gaining 2.87% during the regular trading session.

Bottom Line

In just 13 days, Nvidia's controversy has escalated from suspected Chinese espionage to a CEO admission of infidelity, a federal investigation, a board investigation, congressional scrutiny, a second alleged affair, and reports that directors are considering removing Jensen Huang.

Huang has led Nvidia since founding the company in 1993. His removal has not been confirmed. The espionage and second-affair allegations remain unproven.

Sources: Reuters, The Wall Street Journal, Yahoo Finance, The New York Times, Nvidia investor relations and The Information.

Think about that. One company, the bellwether of the artificial intelligence boom, has lost more than $2 trillion in market value from its October 6 all-time high. One thing we know for sure, Jensen Huang will not be present on the November 17 earnings call, and how will this affect Anthropic’s IPO? 

Nvidia's Crisis Hits Anthropic's IPO at a Critical Moment

AI Sector / IPO Outlook

The Nvidia controversy is a negative development for Anthropic's upcoming IPO, particularly because Nvidia is both a major supplier to the AI industry and one of the companies participating in Anthropic's financing.

However, there is an important distinction: Anthropic's proposed valuation has already fallen from earlier expectations near $2 trillion, but that does not mean investors are abandoning the offering.

Anthropic's IPO: What has changed?

Approximately 30% below the earlier $2 trillion valuation target

Earlier target was preliminary; the current figure reflects the upper end of the proposed IPO range, not a completed transaction.

Investing.com+1

Anthropic launched its roadshow on November 10, and its updated SEC filing confirms the proposed share offering.

- SEC

How Nvidia's problems could hurt the IPO

1. Nvidia is financially involved. Nvidia is among the technology companies participating in the separate $26 billion Anthropic private placement. If Nvidia experiences prolonged leadership turmoil, investors could question the stability of that relationship. There is currently no confirmed withdrawal of Nvidia's participation.

- Fortune

2. AI valuations are already under pressure. Investors are increasingly questioning massive data-center expenditures, borrowing costs and whether AI companies can generate profits sufficient to justify their valuations. Nvidia's problems add another source of uncertainty.

-New York Post

3. The timing is particularly unfortunate. Anthropic is marketing one of the largest IPOs in history just as Nvidia's board is reportedly considering Jensen Huang's future. That creates headline risk during the period when underwriters are assessing institutional demand.

-Reuters

4. The market may demand a larger discount. Institutional investors could become more cautious about paying premium valuations for AI businesses while Nvidia, the sector's leading semiconductor supplier, is experiencing such extreme volatility. That is a risk, not evidence that Anthropic has already reduced its price range again.

Is Anthropic's IPO losing investor interest?

There is evidence of valuation pressure, but not enough to conclude demand is collapsing.

In fact, Fortune reported on November 11 that strong investor interest might already be encouraging Anthropic's bankers to consider higher pricing. That contrasts with the earlier reduction from the approximately $2 trillion aspirational valuation.

What I would watch is whether the underwriters narrow or lower the $70–$78 range, reduce the number of shares, delay pricing, or report weaker institutional order-book demand.

My market outlook

I see three realistic scenarios.

The most important point is that Anthropic's business and Nvidia's leadership crisis are not the same problem. Anthropic has reported rapid revenue growth and has significant institutional and strategic investor interest. But the two companies are financially connected, and both depend on confidence in continued AI infrastructure investment.

Bottom line: Anthropic's move from an earlier $2 trillion target toward approximately $1.4 trillion shows that AI valuations are being reassessed. The Nvidia controversy could intensify that pressure. But as of November 11, available reporting does not establish that Anthropic's IPO is losing investor demand or that its offering is in jeopardy.

Join Dani Sittloh and Trade Anchors this Saturday, November 14, from noon–2:30 p.m. ET in the Pit. Special guest Stephanie Radkay follows with Sound Bath Integration from 2:30–2:50 p.m. ET. The workshop is free, with a free workbook for everyone who registers. Visit the workshop landing page.

Hotel California The Eagles

By Tom Incorvia

Every auction has a home. It is the price where buyers and sellers have done the most business, the place the market keeps returning to while it decides whether anything has really changed. This week three charts are standing at the front door of that question at the same time: the Consumer Discretionary sector (XLY), Home Depot (HD) and Lowe's (LOW). All three are trading at the top of multi-month balance areas. My read is simple. It is easier for a market to stay in balance than to break out of it, and the higher probability trade from here is a rotation back toward value.

XLY has been balanced between 105.50 and 122.50 since June 2025, with value centered near 117. January's push to 124.50 failed and price fell to the bottom of the range. Now it is back at the top, and until value builds above 122.50 this is the edge of a bracket, not a new trend.

HD has been balanced between 298 and 352 since April, with value near 338. Sellers defended the top in July, August and early November. October's break to 281 failed, and that failed breakdown fueled the rally back to the upper edge at 351.

LOW has been balanced between 190 and 235 since late April, with value near 217. October's break to 180 failed and price rotated all the way to 231, just under the top. Same sector, same structure as HD.

When a balanced market reaches an edge, it either rejects and rotates back to value or accepts and explores for a new value area. All three charts favor rejection: XLY already failed here once, and the HD and LOW rallies came from failed breakdowns, not new value. My targets are the value centers at 117 in XLY, 338 in HD and 217 in LOW. I am wrong if price holds above 122.50, 355 and 235 and builds value there, and with HD and LOW earnings due before month end, size accordingly.

With 35+ years of trading experience, Tom Incorvia brings a practical, real-world perspective to market analysis. Trained in Market Profile under Peter Steidlmayer, his approach centers on reading market structure through volume and price.

Learn about Tom’s private mentorship

Globex: a steady bid into the cash open

ES spent the overnight session working higher from a 7554.25 open. The early low was 7547.50, and buyers kept the market above it as the session developed. Price reached 7594.75 during the midnight hour and 7604.50 during the 3:00 a.m. ET hour. By 6:00 a.m., the high had extended to 7615.75.

The bid continued into the last stretch before the cash bell, with ES touching 7620.00 during the 8:00 a.m. hour. The final five minutes before 9:30 a.m. closed at 7612.75. That left the overnight session up 58.50 points from its open and 68.50 points above Tuesday’s settlement. Volume was 253,564.

The important feature was the progression: the overnight low held, the market built a series of higher reference points, and the cash session inherited a substantial advance. Buyers had already covered plenty of ground before regular trading began, leaving the opening response around 7612.50 as the next test.

Cash trade: extension, then an afternoon retreat

The regular session opened at 7612.50 and traded down to 7593.25 during the first half hour. That early pullback did not erase the overnight gain. ES recovered, reached 7632.50 during the 10:00 a.m. hour and extended to 7647.75 during the 11:00 a.m. hour.

The afternoon brought another leg higher. ES reached 7660.25 during the noon hour and 7671.50 during the 1:00 p.m. hour, the full-session high. Sellers then pulled price back through the afternoon advance. The five-minute interval beginning at 3:50 p.m. closed at 7639.25, and the cash-session close was 7642.50.

Regular-session volume totaled 1,103,699. The final hour ranged between 7640.00 and 7648.50, ending at 7642.25. Across the full session, ES gained 88.00 points from its open and finished 98.00 points above Tuesday’s settlement, with volume of 1,411,187. Buyers won the day, but the retreat from 7671.50 left a clear distinction between the session’s strongest stretch and where the market ultimately finished.

MIM: A Two-Way Auction, Not a Broad Sell Signal

At 4:00:02 p.m. ET yesterday, the MIM’s NYSE-PM closing-auction feed showed an almost balanced aggregate: $841.5 million to buy against $848.5 million to sell, leaving a $7.0 million net sell imbalance. Dollars leaned 50.2% sell, but 321 buying symbols versus 292 selling symbols put participation at 52.4% buy. That is a mixed finish, not a broad liquidation signal.

The important distinction was underneath the headline. NYSE finished $147.4 million to buy, while Nasdaq showed $154.7 million to sell. The S&P 500 reading was a modest $22.4 million sell. Nasdaq’s 69.9% dollar sell lean and 65.6% symbol sell lean were much more decisive than the all-market total.

The minute snapshots show how unsettled the auction was. Net buying reached about $1.1 billion at 3:53, flipped to roughly $1.2 billion selling at 3:55, and remained about $485.0 million to sell at 3:59 before the final near-flat reading.

Information Technology was the main drag at $169.4 million net selling, with Health Care adding $48.1 million. Consumer Discretionary’s $100.9 million buying and Energy’s $97.6 million buying supplied the offset. McDonald’s led individual buys at $74.9 million; Micron and Broadcom led sells at $51.4 million and $50.2 million.

Today’s watch is whether technology selling broadens or those offsetting sectors continue to absorb it.

Want to follow the auction pressure behind this recap? Explore the MIM’s live imbalance snapshots and sector view.

How the NYSE and Nasdaq auctions work

How to read the MIM

Don’t trade the open alone. Join us live in The Pit for free, follow the conversation, and bring your questions.

Today, Thursday, November 12: Tom Incorvia brings Market Profile to The Pit at 9:15 a.m. ET.

Watch Live: https://www.youtube.com/watch?v=udpZpb9pHmI

Economic Calendar

Earnings Calendar

Polaris Trading Group

Polaris Trading Group approached yesterday’s November 11 session as Cycle Day 3, with David emphasizing acceptance around a defined pivot and staying aligned with the dominant force. The morning roadmap gave way to a much higher set of references as the rally extended. By the afternoon, the room was discussing large options strikes, a possible temporary top and a new fulcrum rather than treating the original targets as a ceiling.

The opening framework

• The early bull script required acceptance above 7545, plus or minus five points. Its upside roadmap was 7575, 7585 and 7595. These were conditional objectives in the posted plan.

• Acceptance below the same 7545 area activated the bear script, with 7535, 7525 and 7515 as successive downside references. The shared pivot made the distinction between acceptance and a brief price probe central to the setup.

• The structural map identified 7540 as the prior value-area high edge, 7504 as the low edge and 7518 as the prior point of control. The Cycle Day 1 low was listed at 7381. David described these references as magnets rather than forecasts.

Overnight extension changed the conversation

• At 8:54 a.m. ET, David reported that overnight price had fulfilled the Cycle Day 3 penetration target at 7614.50. The next range target remained 7621. Two minutes later, he described the cycle’s advance as approximately 235 points and called it a super-cycle.

• By 9:07 a.m., attention had turned to possible resistance near 7621, where the cycle range target coincided with a gamma reference. That was a location to assess the response, rather than an instruction to sell automatically.

• At 9:54 a.m., David defined the working sandbox as 7595–7615. The room’s focus had moved well above the original 7545 decision area, while retaining nearby levels for managing the morning rotation.

Afternoon momentum and the strike map

• At 1:23 p.m., David described price as melting back up and largely erasing the earlier midterm-related decline. By 1:57 p.m., he said the session continued to one-time-frame higher, while identifying 7678 as the previous month’s value-area low.

• At 1:59 p.m., he put the cycle’s total traverse at roughly 290 points. The significance in the room was the extended distance already covered, alongside the continuing upward structure.

• The tone became more tactical around 2:05 p.m., when David identified 7670 as a large strike zone and a possible temporary top. At 2:08 p.m., he described an unwind of zero-day calls.

• At 2:48 p.m., the afternoon fulcrum shifted to 7650. That was the final substantive price reference in the retrieved discussion, giving the afternoon a new decision area below the possible top zone.

Execution and risk

• The standing instructions remained selective: take only Triple-A setups, manage dollar risk and keep hard stop-losses on the exchange. David specifically warned against chasing, predicting, and trying to catch falling knives.

• The room also discussed whether the Veterans Day bond-market closure would imply smaller ranges. That discussion remained a question about conditions; it did not replace the price-based plan or establish a quiet session in advance.

• The practical thread was consistent from morning to afternoon: use the current structure, recognize when an extended move reaches a new reference and stay aligned with the dominant force. The posted sequence supplied a changing map, with 7621, then 7670/7678 and finally 7650 taking prominence as the day developed.

DTG Room Preview

The DTG group is preparing for a volatile session, watching technology-sector relative strength, the economic calendar and the ES response around its downtrend channel. Its morning plan uses conditional resistance and support references rather than a directional whale bias.

Backdrop and catalysts

• Crude oil and Middle East developments are secondary watch items. The group also highlights jobless claims at 8:30 a.m. ET and existing-home sales at 10:00 a.m., with Cisco and Applied Materials reporting after the close.

• The preview lists five Fed speakers through the afternoon, along with oil inventories and the federal budget balance. It describes overnight large-trader volume as light and mixed, with no whale bias.

ES structure and tactical references

• The DTG group’s short-term downtrend channel puts resistance at 7650/45, followed by 7705/00 and 7886/81. Its downside trendline references are 7313/10 and 7217/12.

• The posted map places the 200-day moving average at 7723 and the 50-day moving average at 7455.50. The group is watching whether the upper channel continues to reject price or gives way to renewed acceptance above it.

• The preview describes volatility as very high. The two supplied charts below preserve the group’s trendline and profile context.