Nvidia CEO steps down. Bitcoin falls below the $70,000 mark

By JustMarkets 

The decline in US stock indices clearly demonstrated a reallocation of capital within the technology sector and the return of macroeconomic pressure from the bond market. By the end of the day, the Dow Jones (US30) fell by 0.36%. The S&P 500 (US500) declined by 0.35%. The technology-heavy NASDAQ (US100) closed Thursday down 0.30%.

The key shock of the day was the immediate resignation of long-time Nvidia CEO Jensen Huang. Nvidia shares opened 14% down but recovered most of their losses by the close, finishing the session lower by 4.3%. The scandal revolves around his relationship with Alice Huang, a former senior executive at Singapore-based Megaspeed International, a company US intelligence agencies suspect of having ties to China’s Ministry of State Security. Amid a US Department of Justice investigation into the alleged smuggling of Nvidia chips into China, with nearly $5-7.5 billion worth of equipment reportedly passing through Megaspeed, the board of directors appointed Chief Financial Officer Colette Kress as interim CEO. The market immediately began pricing in the loss of Nvidia’s leadership continuity, triggering a sharp rotation within the semiconductor sector. Competitors and developers of custom AI accelerators posted strong gains on expectations of greater order diversification among hyperscalers. AMD shares gained 5.9%, Broadcom rose 5.5%, and Alphabet advanced 1.6% on news of increased investment in its proprietary Tensor Processing Units (TPUs).

Bitcoin (BTC/USD) fell more than 3%, dropping below $70,000 and reaching its lowest level since mid-August. Accelerating US inflation in October, rising oil prices, and discussions within the Federal Reserve about a potential 50-basis-point rate hike in December pushed US Treasury yields higher, sharply increasing the opportunity cost of holding a non-yielding asset. The situation was further aggravated by a shift in the political landscape following the Democrats’ victory in the November 3 midterm elections. Democratic control of both chambers of Congress beginning in January 2027 threatens to stall liberal digital assets legislation and bring tighter regulatory oversight. Pressure has also intensified due to substantial institutional capital outflows, with US spot Bitcoin ETFs losing more than $2.5 billion in less than two weeks. An additional blow to corporate demand came from MSCI’s decision to remove Strategy (MSTR), the largest corporate holder of Bitcoin, from its indices effective November 30.

In Europe, Germany’s DAX (DE40) gained 0.41%, France’s CAC 40 (FR40) closed up 0.34%, Spain’s IBEX 35 (ES35) declined by 0.31%, and the UK’s FTSE 100 (UK100) finished the trading session higher by 0.25%.

The Swiss franc (CHF) weakened, falling below 0.83 per US dollar (equivalent to the franc itself dropping below $1.20, to 1.1971 USD per CHF), approaching its weakest level since May 2025. Strong US inflation and labor market data reinforced expectations of another Federal Reserve rate hike in December, with markets pricing in roughly a 13% probability of a larger 50-basis-point move. Against this backdrop, the Swiss National Bank’s decision to keep its policy rate at 0%, the lowest among major developed economies, has made the franc the primary funding currency. SNB Chairman Martin Schlegel confirmed that inflationary pressures in Switzerland remain contained, while most economists have pushed back expectations for the first Swiss rate hike until late 2027. The regulator welcomes a gradual weakening of the franc as a tool to combat deflationary risks but remains prepared to counter excessive appreciation.

The rebound in WTI oil prices on Thursday reflects the rapid return of a geopolitical risk premium after excessive optimism earlier in the week. Donald Trump’s statement that the United States no longer needs a deal with Iran undermined hopes for a swift diplomatic resolution. At the same time, Tehran’s hardline stance, including Supreme National Security Council Secretary Mohsen Rezaei’s refusal to remove enriched nuclear materials from the country and new incidents involving supertankers damaged by mines in the Strait of Hormuz, reminded traders that shipping in the region remains dependent on military escorts.

In Asia, Japan’s Nikkei 225 (JP225) fell by 0.70%, China’s FTSE China 50 closed 0.46% higher, Hong Kong’s Hang Seng (HK50) declined by 1.26%, and Australia’s ASX 200 (AU200) ended Thursday down 0.07%.

The mixed performance of Chinese markets on Friday reflects growing investor caution ahead of next week’s summit between Donald Trump and Xi Jinping in Shenzhen. The controversy surrounding Jensen Huang’s resignation and the investigation into Nvidia chip smuggling has significantly increased the risk of another round of US technology sanctions, prompting traders to lock in profits ahead of the talks and rotate into companies focused on domestic technological self-sufficiency.

S&P 500 (US500) 7,592.40 -26.98 (-0.35%)

Dow Jones (US30) 52,297.09 -189.40 (-0.36%)

DAX (DE40) 26,771.88 +109.11 (+0.41%)

FTSE 100 (UK100) 10,863.09 +27.62 (+0.25%)

USD Index 103.19 +0.28 (+0.27%)

News feed for: 2026.11.13

• Eurozone GDP (q/q) at 12:00 (GMT+2) – EUR (MED)
• Eurozone Trade Balance (m/m) at 12:00 (GMT+2) – EUR (MED)
• US Producer Price Index (m/m) at 15:30 (GMT+2) – USD (HIGH)
• US Natural Gas Storage (w/w) at 17:30 (GMT+2) – XNG (HIGH)

By JustMarkets

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.