36Kr 8 AM Daily Brief: Jensen Huang All-Staff Letter Confirms Extramarital Affair, BYD Execs Respond to Maserati Acquisition Rumors, Anthropic Valuation Slashed to $1.2T-$1.3T

Nvidia's board of directors has announced the launch of an independent investigation.

Today's Hotspot Guide

Meta's Chief Strategy Officer Resigns to Join AI Inference Startup Fireworks
Anthropic Plans to Launch Its IPO Roadshow This Week
Tesla Will Gradually Discontinue the Cybertruck, with Sales Reaching Only 10% of the Expected Volume
The Central Bank Has Increased Its Gold Holdings for 24 Consecutive Months, Notching the Largest Purchase in Nearly Two Years
Protests Erupt in Multiple European Countries, Demanding a Suspension of Data Center Construction
A Large Number of Popular Applications Still Remain Unadapted for iPhone Duo

TOP 3 Major News

Jensen Huang Releases Apology Letter to All NVIDIA Employees Admitting Extramarital Affair: I Am Deeply Sorry

Beijing time November 9, Jensen Huang, CEO of NVIDIA, recently sent an apology letter to the company's employees, admitting that he was unfaithful to his wife, and publicly apologized to his family, company employees, the board of directors and shareholders for this. According to The Verge reports, the NVIDIA board of directors has announced the launch of an independent investigation. Huang emphasized in the letter that he will continue to fully devote himself to his work at NVIDIA and strive to regain the trust of employees, the board of directors and shareholders. The full text of Jensen Huang's apology letter is as follows:

To all colleagues at NVIDIA:

I owe my family, and all of you, an apology.

I was unfaithful to my wife. My actions have hurt her and our children. There is no excuse for what I have done. I am deeply sorry.

My family has always given me love and support. They deserved my honesty and loyalty, but I failed them and undermined the life we built together. I am willing to take full responsibility for my actions and the harm they have caused, and accept the criticism I receive as a result.

To my wife and family: I love you. I know that a single apology cannot make up for the mistakes I have made. I hope our family can slowly heal from this pain, and that over time, I can earn back your trust.

To all colleagues at NVIDIA, including partners I have worked with for decades, as well as our board of directors, partners and shareholders around the world: you deserved a better version of me.

Leading NVIDIA has been the honor of my lifetime. My responsibility is to serve you and be someone you can trust. But I have not lived up to that responsibility.

I will still devote myself fully to my work at NVIDIA and strive to regain your trust.

Regarding the national security concerns raised by recent news reports, the NVIDIA board of directors has launched an independent investigation. I support this investigation and will fully cooperate with it.

I love our country, and I love our company. I am committed to protecting NVIDIA and supporting the national security of the United States. I am proud and grateful to be an American.

My family should not bear any responsibility for my choices. The responsibility is mine. I sincerely ask everyone to respect their privacy.

—— Jensen Huang

BYD Executive Responds to Maserati Acquisition Rumors: We Have Blazed Our Own Path

Li Ke, Executive Vice President of BYD, responded to repeated media questions about the Maserati acquisition rumor during the Yangwang U9 Xtreme Speed Record Celebration in Abu Dhabi: "Maybe a few years ago we would have been more interested. But now we have blazed our own path and are moving in the right direction. Besides, the fastest car in the world right now is ours." This statement means that at least at the current stage, the possibility of BYD acquiring Maserati is very low.

The news went viral last May, when Li Ke said that long-established brands like Maserati were "very attractive", but made it clear at the same time that no substantive acquisition process had been launched. (Sina Tech)

After a massive sell-off of tech stocks, Anthropic's valuation has been slashed again

On November 7, after the massive sell-off in tech stocks, some investors began to lower their valuation expectations for artificial intelligence company Anthropic. Not long ago, this AI company was still preparing for its IPO with a target valuation of 2 trillion US dollars. However, according to relevant stakeholders, even a valuation of 1.5 trillion US dollars is now full of uncertainty. One investor even stated bluntly that this figure is somewhat "stretched".

It is learned that the valuation range currently under discussion among potential investors has dropped to 1.2 trillion to 1.3 trillion US dollars, and some investors are even considering pushing the valuation down to 1.1 trillion US dollars. In early October this year, investors once offered a maximum reasonable valuation of 2 trillion US dollars for Anthropic. (National Business Daily)

AI at the Cutting Edge

Bernstein: OpenAI's computing power infrastructure expenditure may reach 614 billion U.S. dollars by 2030, lower than the widely cited market figure of 750 billion U.S. dollars

Bernstein analyst Mark Moerdler estimates that the cumulative infrastructure expenditure corresponding to OpenAI's disclosed computing power cooperation agreements may reach 614 billion U.S. dollars by 2030, which is significantly lower than the widely cited 750 billion U.S. dollars in the market. This calculation assumes that all identified contracts are executed as planned, but actual expenditures may be reduced or postponed due to delays in data center construction, project cancellations and adjustments to hardware procurement arrangements. (Sina Finance)

Meta's Chief Strategy Officer Resigns to Join AI Inference Startup Fireworks

Dave Wehner, Meta's Chief Strategy Officer, confirmed on Friday that he will leave the company to serve as the Chief Financial Officer of Fireworks, an AI inference startup. Wehner joined Facebook in 2012 as Vice President of Corporate Finance and Business Planning, was promoted to Chief Financial Officer in 2014, served in that position for more than eight years, and moved to the position of Chief Strategy Officer in 2022. (CLS)

Anthropic to Kick Off IPO Roadshow This Week

Citing people familiar with the matter, media reports that Anthropic PBC plans to launch the formal promotion for its initial public offering (IPO) this week to market to potential investors. This IPO roadshow is held after two weeks of drastic fluctuations in tech stocks. Previously, investors responded to the huge AI spending plans announced by Amazon and Google, as well as the Democratic Party's overwhelming victory in the midterm elections. Tech stocks rebounded on Friday, but still closed down 3% for the whole week. Anthropic is continuing to advance its listing plan, planning to list in the week of November 16 before the US Thanksgiving holiday. The market previously expected that the company would raise more than 80 billion US dollars at a valuation of 1.5 trillion US dollars, but recent market concerns about AI-related stocks and spending may prompt it to seek a lower valuation.

Big Companies / Major Events

Tesla to gradually phase out Cybertruck production, sales hit only 10% of the initial expectation

Tesla CEO Elon Musk posted on social platform X that the company will gradually wrap up the production of the Cybertruck electric pickup at the Texas Gigafactory around the middle of next year, to free up production capacity for the output expansion of the Cybercab model.

In terms of market performance, there is a huge gap between the actual sales of Cybertruck and its planned target. Elon Musk once predicted at the 2023 shareholders' meeting that the annual sales of this vehicle could reach 250,000 to 500,000 units after the production capacity is fully ramped up. Tesla does not separately disclose the delivery data of this model. According to industry estimates, the delivery volume of Cybertruck in the third quarter of this year is about 7,000 to 8,000 units, equivalent to an annual sales volume of about 30,000 units, which is only about 12% of the originally planned annual production capacity of 250,000 units. (Kuai Technology)

Nasdaq is about to enter the era of 23-hour trading

According to the official announcement released by Nasdaq, the bourse plans to officially launch the "23/5" trading system on December 6 local time, which will support 23-hour non-stop trading 5 days a week, with only a one-hour daily trading break from 20:00 to 21:00 Eastern Time. This marks a major reform in Nasdaq's trading mechanism since its establishment in 1971.

The newly added overnight trading session runs from 21:00 Eastern Time to 4:00 the next day, which corresponds to 10:00 to 17:00 Beijing Time under the winter schedule, exactly covering the core trading hours of the A-share market. This means that Asian investors no longer need to stay up late waiting for the New York market to open after the release of Fed policies, the outbreak of geopolitical conflicts or the announcement of individual stock-related news. (Red Star News)

Oil prices plummet by more than 16% in one week

According to the closing price of international oil prices on November 6, the light crude oil futures for December delivery on the New York Mercantile Exchange were quoted at 90.83 US dollars per barrel; the London Brent crude oil futures for delivery in January 2027 were quoted at 98.32 US dollars per barrel. The main contract of WTI crude oil futures fell by 12.76% over the week; the main contract of Brent crude oil futures fell by 16.42% over the week, hitting the largest decline since 2020. (CCTV Finance)

Over 76 million yuan worth of Nvidia's cargo was stolen, and no suspects have been apprehended by the police so far

US media reported on the 6th that the police in Oakland, California, the United States are currently investigating a cargo theft case involving tech enterprise Nvidia. The stolen items are AI chips and computer hardware, with a value as high as 11.4 million US dollars (about 76.1 million yuan). Analysts pointed out that this is likely a carefully planned theft targeting high-tech enterprises.

Case details show that a truck loaded with Nvidia's cargo departed from Oakland, California on August 29 this year, and was originally scheduled to be transported to Fort Worth, Texas. The pickup process complied with the original arrangement, but the truck eventually lost contact, and the victim reported the case to the police on September 13. Police tracking results show that the truck made multiple stops on the way, with each stop lasting for several hours, before it finally went missing in San Bernardino County in southeastern California.

Up to now, no suspects have been apprehended by the police. Experts also noted that the selling price of this batch of chips outside the US is nearly twice that in the US mainland, so the possibility that the stolen goods have been transported out of the country cannot be ruled out. It is reported that this is not the first time that Nvidia has encountered a cargo theft incident. (CCTV Finance)

SSE: The total market value of listed companies on the Shanghai Stock Exchange exceeds 65 trillion yuan

According to the latest data released by the Shanghai Stock Exchange, as of now, there are more than 2,300 listed companies in total on the Shanghai bourse, with a total market value of over 65 trillion yuan. Among them, there are nearly 100 leading A-share listed companies with a market value of over 100 billion yuan, with a combined market value exceeding 34.8 trillion yuan. Among the leading companies on the Shanghai Stock Exchange, technology manufacturing enterprises are accelerating their growth in fields including artificial intelligence, integrated circuits, and advanced manufacturing, becoming an important force driving the high-quality development of the capital market. (CCTV News)

Data shows that Samsung Electronics will become the first South Korean enterprise with cash assets exceeding 200 trillion Korean won

Industry data released on Sunday shows that driven by the AI chip super cycle, Samsung Electronics is expected to become the first South Korean enterprise whose cash assets break through 200 trillion Korean won (about 146.6 billion US dollars). According to estimates, the chip giant's cash and cash equivalents reached 214.8 trillion Korean won as of the third quarter, an increase of 24.8 trillion Korean won from 190 trillion Korean won three months ago. This scale is almost twice the 108.5 trillion Korean won recorded at the end of the third quarter of 2025.

As of the end of September, the company's total assets reached 791.8 trillion Korean won, an increase of 32.4 trillion Korean won compared with the previous quarter. Market observers estimate that Samsung's current cash reserves are sufficient to support the upper limit distribution scale of its landmark shareholder return plan announced in August. The chip giant previously stated that it will allocate 90 trillion to 110 trillion Korean won for shareholder returns in 2026. (Sina Finance)

Elon Musk Accuses SoftBank of Breaching Gas Turbine Order Contract

As the AI infrastructure construction wave was caught in "mid-term election anxiety" this week, a startling allegation from Elon Musk once again put Masayoshi Son and SoftBank Group in the eye of the storm on Friday. On Friday US Eastern Time, Elon Musk, CEO of Tesla and SpaceX, made a bombshell statement on social platform X: "SoftBank is defaulting on its gas turbine order."

Musk made this statement when replying to X user Katie Miller. Miller's post reposted media reports that ING Group is planning to sell a data center loan portfolio with a total value of about 500 million US dollars in a single transaction. (CLS)

The central bank has increased its gold holdings for 24 consecutive months, recording the largest monthly purchase in nearly two years

The gold reserve has maintained the growth momentum, and its monthly increment has hit a new stage high. On November 7, data from the central bank showed that China's gold reserves reached 78.3 million ounces at the end of October, rising by 830,000 ounces month on month. This marks the 24th consecutive month of gold purchase, and the increment has hit a new high since China resumed gold buying in November 2024.

Pang Ming, a member of the China Chief Economist Forum, believes that the central bank's 24 consecutive months of increase in gold reserves reflects the policy orientation of continuously optimizing the structure of international reserve assets. The current international economic and financial environment still faces great uncertainties. Gold has both risk-aversion attributes and reserve asset attributes, forming a good risk hedging relationship with the monetary assets in foreign exchange reserves. Continuously increasing gold holdings helps enhance the diversification of international reserve assets, and improve the stability and anti-fluctuation capacity of the overall reserve portfolio. (Yicai)

ByteDance Considers Expanding Brazil Data Center Project

Citing sources familiar with the matter, Bloomberg stated that ByteDance is discussing expanding its data center layout in Ceará, a state in northeastern Brazil, and looking for developers for the second phase of the Pecém Port park. The potential construction scale may exceed the first phase that is currently under construction. The existing first phase is developed by Omnia under Patria Investments, with an investment of about 10 billion US dollars, an IT capacity of about 200 megawatts, a total power demand of about 300 megawatts, and 20 planned data computer rooms, which is expected to start operation in 2027. In terms of power supply, Omnia has signed a 20-year wind power purchase agreement with Brazilian renewable energy enterprise Casa dos Ventos. (Guancha.cn)

US Tech Stocks Enter the Era of "Cheaper Than the Broader Market" for the First Time in Nine Years

Keith Lerner, Chief Investment Officer of Truist Wealth, wrote in a report released this week that the current forward price-to-earnings ratio of the S&P 500 technology sector stands at around 17x, which is lower than the forward P/E level of the broader market (18x) for the first time since 2017. At the peak in October 2025, the forward P/E ratio of this sector once hit as high as 32 times. (Sina Finance)

Binance Appoints Justin Yek as New CFO

Binance has appointed Justin Yek as its new CFO, and Kaiser Ng has left the company to start his own business. (Sina Finance)

Australian home sales rise, showing initial signs of property market recovery

Australia's home sales volumes and auction clearance rates are picking up, bringing hopes of recovery to the property market that has been stuck in a slump this year due to rising interest rates. Data from property research institution Cotality shows that the number of auctions held in Australian capital cities last week rose 1.2% month-on-month to 1734, and it is expected to exceed 2000 in the coming week. After falling to a six-year low last week, the clearance rate rebounded by 4.3 percentage points to 51.5%. Cotality noted that the nearly 10 percentage point increase in the clearance rate of Melbourne alone drove this round of data warming. This set of data brings a glimmer of optimistic signal: against the background of buyers entering the market at low prices, this Australian property market downturn, which is likely to be the most severe in decades, may have hit the bottom. (Sina Finance)

Protests Erupt in Multiple European Countries, Demanding Suspension of Data Center Construction

A wave of protests against data center construction is spreading across many parts of Europe. On local time Saturday, people from multiple countries took to the streets to express their concerns over the energy consumption, environmental damage and social impacts that may be brought by the rapid expansion of data centers. It is reported that more than 100 civil organizations and rights groups from 15 European countries participated in this joint action, protesting against the rapid expansion of highly energy-intensive data centers, and calling for a suspension of all new large-scale data center projects before a clearer regulatory system is established. (CLS)

"Tiangong" to welcome its first foreign astronaut, Pakistani payload specialist to participate in the Shenzhou 24 mission

According to the China Manned Space Engineering Office, one Pakistani astronaut will participate in the Shenzhou 24 manned spaceflight mission as a payload specialist. After completing a short-term on-orbit flight, he will return aboard the Shenzhou 23 manned spacecraft. This is the first joint flight of Chinese and foreign astronauts in the history of China's manned space program, and the Chinese Space Station will welcome its first visiting foreign astronaut.

In February 2025, China and Pakistan signed the Cooperation Agreement on the Selection, Training of Pakistani Astronauts and Their Participation in China Space Station Flight Missions in Islamabad, officially launching the selection process for Pakistani astronauts. After strict screening and assessment through three stages of primary selection, re-selection and final selection, two Pakistani backup astronauts were selected. After completing all training in China and passing the assessments, one of them will carry out the manned spaceflight mission, and the other will serve as the backup astronaut for the mission. (CCTV News)

California's billionaire tax ballot referendum is likely to be rejected, and the nationwide advancement of the billionaire tax has suffered a setback

DDHQ predicted on the X platform that California voters are expected to reject the nation's first proposition targeting billionaires, bringing this extremely expensive and highly divisive political battle in California's history to an end. Proposition 40 was originally planned to impose a one-time 5% wealth tax on the assets of billionaires residing in California at the beginning of 2026, with most of the tax revenue used to supplement funding for the healthcare system. Statistics show that after around 71% of the votes have been counted, only 46% of voters support the proposition, while 54% are against it. The failure of the proposition has dealt a major blow to relevant attempts to tax huge wealth across the United States. Supporters originally hoped that California would provide a model for similar movements in other regions of the United States. However, the proposition was opposed by a multi-party coalition, including tech billionaires, Democratic Governor Gavin Newsom, and organizations such as Planned Parenthood Affiliates of California, and ultimately failed to pass. (Sina Finance)

A large number of popular apps are still not adapted for iPhone Duo

Apple announced that only two weeks after the launch of its foldable iPhone Duo, more than 100,000 applications have completed optimization. All these applications are developed based on the SDK of iOS 27.1 and above, can fully adapt to the full-width display of both the inner and outer screens, and have completed adjustments for the vertical control layout of the status bar. All adapted applications carry the exclusive "Made for iPhone Duo" label in the App Store for users to identify conveniently. Susan Prescott, Apple's Vice President of Global Developer Relations, stated that developers' response speed to iPhone Duo exceeded expectations, and thousands of optimized applications are still being launched on the App Store every day. The non-adapted list covers leading applications in multiple fields including Google Workspace, Microsoft Teams, Starbucks, Steam, Uber Eats, YouTube Music, PayPal and more. (Sina Finance)

Musk: SpaceX is expected to achieve an annualized revenue of 100 billion U.S. dollars in December

Musk estimates that SpaceX's revenue in the fourth quarter will grow by "roughly" 70% compared with that in the third quarter, and it is expected to reach an annualized revenue of 100 billion U.S. dollars in December. Musk still predicts that SpaceX's annualized revenue will exceed 500 billion U.S. dollars in December 2027. (CLS)

Large Company Earnings Reports

Berkshire Hathaway: Operating profit for the third quarter hit 12.71 billion USD, and the company repurchased 9.6 billion USD worth of shares in the third quarter

Berkshire Hathaway posted a revenue of 105.647 billion USD in the third quarter, compared with 94.972 billion USD in the same period a year earlier. Its operating profit for the third quarter stood at 12.71 billion USD, down 5.8% year on year. The net profit attributable to shareholders in the third quarter was 22.112 billion USD, versus 30.796 billion USD in the same period of the previous year. The net earnings per Class A equivalent common share in the third quarter reached 15,502 USD. The net investment income in the third quarter was 9.407 billion USD, compared with 17.311 billion USD in the same period last year. As of September 30, the company's cash holdings in the third quarter amounted to 356.9 billion USD. Its cash reserves rose from the previous quarter to 377.4 billion USD, hitting a new all-time high. The company repurchased 9.6 billion USD worth of shares in the third quarter. (CLS)

Cool Products

Sony PS6 may be released in 2027

During Sony's earnings call for the second quarter of fiscal year 2026, the company delivered its first relatively clear official statement on the development progress of PlayStation 6. The company's Chief Financial Officer pointed out that the R&D work of the next-generation console platform is advancing steadily, and the overall pace is consistent with the established plan. According to the current arrangement, relevant investments will be concentrated in fiscal year 2027 (i.e. from April 2027 to March 2028), and the company will strive to achieve key breakthroughs and substantial progress within this fiscal year. In addition, Sony has completed negotiations with major suppliers and confirmed the procurement scale of memory chips required for the next fiscal year, and the volume is sufficient to support the expected hardware shipment target. (Sina Finance)

Compiled by | HE Yuting