👀 Investors Want Jensen Back

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In case you’ve been living under a rock, Jensen Huang no longer runs Nvidia. 🫠

The man in the leather jacket, the face of the AI boom, resigned on Thursday.

And now some very rich people want him back. Like, this weekend.

Here's the chaos.

Huang stepped down as a spy scandal involving him intensified.

Nvidia shares slid 6% as investors weighed what life after Jensen looks like.

Then Trump called Huang on Tuesday and urged him to keep fighting for his job, per two people briefed on the call.

Trump had kept backing him as the controversy grew. Two days later, Huang was out. So much for the pep talk.

On Friday, two heavyweight investors wrote to Nvidia's board asking it to slow down. Then they posted the letter on X, because 2026.

Their ask: don't rush to replace Jensen, and keep "the potential return of Jensen Huang" on the table.

They concede that if he's barred after all the facts come out, "that is the Board's prerogative."

But they argue the founder has earned "a deliberate process." AKA please don't print the new CEO's business cards yet.

Then Elon Musk showed up, because of course he did.

On Saturday morning, Musk warned Nvidia will hit supply chain issues without Huang.

His reasoning: many of Jensen's deals "were a handshake with Jensen, not a written contract."

"Without Jensen, at least some of those critical deals will be lost," he added.

He'd know. Musk says whenever he asked Jensen for compute or faster components, "he always came through." The purchase order showed up later.

Musk was responding to SemiAnalysis CEO Dylan Patel, who told CNBC's "Squawk Box Asia" on Nov. 12 that Nvidia's grip on the AI chip supply chain is set to weaken.

And on Friday, Musk said he'll sign a petition circulating to get Huang reinstated. The world's loudest poster has joined the HR department.

Wall Street has a name for this: key-person risk. It's what you get when a company's value is tangled up with one human.

If Musk is right, the risk goes well beyond vibes. Handshake deals don't show up in a filing, so if some disappear, investors may only find out when supply gets tight.

Meanwhile, big shareholders and Musk are pulling hard toward Jensen, with the President reportedly in his corner too.

Until the board picks a lane, expect headlines and volatility. Watch who gets named, how fast, and whether "former CEO" turns out to be a temporary title.

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Gold has shed about $290 an ounce since Tuesday.

That's almost 7% gone in a few trading days. On a single 1kg bar, roughly $9,300 just evaporated.

And the $4,000 floor everyone was leaning on? It snapped.

Friday itself was weirdly calm. Gold finished basically flat, up less than 0.1%.

The reason: a softer-than-expected October producer price reading and steadier oil cooled inflation nerves for a day.

Gold got a breather. A short one.

Fed officials are openly backing a possible 50-basis-point rate hike next month. That's a double-sized hike, the central bank version of braking with both feet.

Gold hates this. The maths is simple:

When the safe option pays 5%, holding a rock that pays 0% starts to feel expensive.

Wall Street calls it opportunity cost. Gold bugs call it a bad week.

Commerzbank's Carsten Fritsch flagged the real worry: ETF investors might start dumping as prices weaken.

If they do, he expects prices to fall further. Selling feeds selling, and everyone starts eyeing the exit at once.

The odd part? Fritsch points out rate expectations haven't climbed much since Tuesday, and bond yields are still below early-October levels.

So the selloff looks a lot bigger than the rate moves behind it. Markets love a dramatic overreaction.

Not everyone is panicking. Saxo Bank's Ole Hansen says don't confuse short-term weakness with long-term fundamentals.

His two reasons:

But even Hansen admits those buyers probably can't stop more short-term pain if yields and the dollar keep rising.

Right now, gold is basically trading as a bet on the Fed. Rate hikes, a strong dollar and 5% yields are its kryptonite.

If you hold gold or silver, next month's Fed decision and the 10-year yield are steering the ship, more than any chart pattern.

The long-term buyers haven't gone anywhere. They're just in no rush to catch a falling knife.

One router just grounded America.

Friday's nationwide ground stop wiped out thousands of flights, with cancellations rolling into Saturday.

The culprit, according to Transportation Secretary Sean Duffy? A router that started spamming the network with 1,000+ connection attempts every few seconds.

That's the networking version of a toddler hitting "refresh" on every screen in the house at once.

The trouble started during an upgrade moving the air traffic control comms system from copper wires to fiber.

That upgrade included a router change by L3Harris Technologies $LHX ( ▲ 0.19% ), which manages the system.

Once the router went rogue, controllers had trouble talking to planes and disruptions to their radar feeds. Two things you'd ideally like working at 30,000 feet.

Duffy says they're still working out whether it was user error, an installer slip by L3Harris, or just a faulty router.

Until a replacement exists, his summary was blunt: "I'm stuck with L3Harris, who owns this network."

The legacy system is called the FAA Telecommunications Infrastructure (FTI). According to L3Harris, it covers:

45,000 flights a day works out to roughly one takeoff every two seconds. All of it leans on a network that's still partly copper.

FAA Administrator Bryan Bedford didn't sugarcoat it: "It will continue to break until we fix it."

The copper-to-fiber switch is about 70% done. So the house is mid-renovation, and someone just tripped over the extension cord.

Duffy wants $50B from Congress to build a modern air traffic control system. That's roughly $150 for every person in America.

Money has been tight. An earlier $30B request got trimmed by the House, then trimmed again by the Senate.

Bedford says there isn't even enough funding to maintain the old system properly.

About $12.5B has been spent on modernisation so far.

Meanwhile, AT&T $T ( 0.0% ), Verizon $VZ ( ▼ 0.41% ) and Lumen $LUMN ( ▼ 1.92% ) are working with the FAA on a replacement for FTI.

L3Harris now has its name on a national travel meltdown. That's an awkward place to be when your client is the federal government and the cause is still under investigation.

The telecom trio could land a very large customer if Congress actually writes the cheque. Key word: if.

Airlines take the hit every time this happens: cancellations, rebookings, angry passengers. And the FAA is openly saying more breakdowns are coming until the upgrade is finished.

The bigger picture? Infrastructure spending just got its loudest, most annoying sales pitch yet.

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