United States Daily Briefing

Nvidia shares slid 4.3% after CNBC reported the board launched an investigation into CEO Jensen Huang's undisclosed relationship with an alleged Chinese intelligence operative. Silicon Valley and the Trump administration publicly rallied around Huang, but institutional holders moved first — the stock erased roughly $120B in market cap intraday before recovering half. The governance discount is not yet fully priced for a name trading at 35x forward earnings; expect volatility until a board timeline is disclosed.

AMD surged 13.26% after Q3 results beat consensus by 18% at the revenue line, with data-center GPU revenue tripling year-over-year. The beat directly absorbed the bearish narrative that a slower AI buildout would pressure the chip stack — AMD's diversified customer base (hyperscalers plus sovereign AI programs) proved the thesis. Q4 guidance came in above Street, suggesting demand pull-through is broadening well beyond the NVDA monoculture.

Tuesday 08:30 ET brings the week's macro linchpin. CNBC flags consensus at 2.6% y/y headline, 3.2% core — either a tick up would stress the Fed's December cut narrative. FedWatch December 25bp cut probability has slipped from 72% to 61% over the past week, while January hold odds are rising. A hot print could flip the equity-bond correlation back negative and test S&P support at 5,750.