Crypto Morning Brief: Jensen Huang Resigns from NVIDIA Presidency and Other Positions Effective Today; U.S. to Expand Export Controls on NVIDIA AI Chips

Author: TechFlow

Yesterday's Market Dynamics

Anthropic Pre-market Price 33% Above Pricing Range, Largest Short Continues to Add Positions

According to on-chain analyst Yu Jin's post, after Anthropic set its pricing range of $70 to $78 per share (corresponding to a market cap of $1.26 trillion to $1.405 trillion), the largest Anthropic short seller on Hyperliquid has continued to add positions. The short position value has reached $70.5 million, with unrealized profits of approximately $1.41 million.

Currently, the Hyperliquid pre-market contract prices ANT at approximately $104, about 33% higher than the upper limit of the issuance range at $78. Yu Jin also provided two addresses suspected to be related to this short seller (0xecc8..., 0x0b42...).

In the background, Anthropic plans to issue 825 million shares at $70 to $78 per share, raising approximately $64 billion at the upper limit; the company previously stated it expects to finalize the offering price next Wednesday and begin trading next Thursday, with the IPO receiving multiple oversubscriptions. The pre-market price is significantly above the issuance range. If ultimately priced at the upper limit, the short seller's paper losses will continue to accumulate.

Tencent Launches AI Companion App E-CY (E-Cross Dimension), Featuring Virtual Companions like a 19-Year-Old Female College Student

On November 12, Tencent's AI gaming companion app "E-CY" (E-Cross Dimension) is undergoing its "Vitality First Test," positioned on its official website as "Your Exclusive AI Gaming Partner."

The initial test introduces four female AI companion characters. "Xia Xia" is designed as a sophomore majoring in New Media and Communication, while the other three feature personas such as an esports female commentator and a Cantonese cuisine chef; male character access slots have been reserved but are not yet open.

The product runs as a Windows client. AI characters can recognize the player's game screen, providing real-time chat about match situations, item builds, and playstyles. It supports text, voice, and real-time calls, and is currently compatible with games such as *League of Legends*, *Valorant*, *CS2*, and *Black Myth: Wukong*.

Additionally, E-CY supports cross-chatting with mobile QQ and offers features like desktop pets and wallpapers. Officials stated that all consumption during the first test period is limited-time free, and charging methods for the official launch have not yet been announced.

Nvidia: CEO Jensen Huang Resigns as President, Chief Executive Officer, and Board Member Effective Immediately

On November 12, according to Bloomberg, Nvidia's board has dismissed CEO Jensen Huang following reports of his two extramarital affairs, one involving a woman suspected of espionage on behalf of China. Nvidia CFO Colette Kress has been appointed interim CEO.

Huma Co-founder Discloses Early Liquidity Provider Wallet Was Hacked, Approximately 12 Million HUMA Tokens Sold Off

Huma co-founder Richard Liu posted on X addressing recent HUMA price volatility, stating the team was surprised by the drop exceeding expectations and has launched an investigation.

The investigation found that on October 22, an early liquidity provider's (LP) wallet was hacked, leading to the subsequent sale of approximately 12 million HUMA tokens acquired via airdrop. Meanwhile, from November 2 to 7, the total market perpetual contract open interest for HUMA increased from about 620 million to 1.1 billion contracts. Perpetual contract trading volume reached 7 to 10 times that of spot trading, and funding rates have remained negative since November 4.

Richard Liu emphasized that the Huma Foundation and affiliated entities have not participated in any HUMA trading over the past three months, nor do they plan to sell tokens during the upcoming unlock period. There is currently no evidence suggesting misconduct by partnered market makers. The team plans to hold an AMA around November 19-20 to address community questions.

US Plans to Expand Export Controls on Nvidia AI Chips, Restricting Chinese Companies from Accessing Computing Power via Overseas Data Centers

According to The Information, the U.S. Department of Commerce is drafting new export control rules. It plans to implement stricter AI chip export licensing requirements for countries including Singapore, Malaysia, Thailand, Indonesia, Brazil, Norway, and South Africa, aiming to restrict Chinese AI companies from renting computing power from Nvidia's Blackwell and newer generation chips via local data centers.

Under the proposed rules, chip purchasers in these countries must disclose the end-users and specific applications of the chips, and submit to ongoing monitoring, to prevent Chinese companies from circumventing U.S. export restrictions through remote access to overseas data centers or chip transshipment.

The measure remains in the proposal stage, with the specific implementation timeline and final scope of application yet to be clarified.

U.S. Congress Prepares to Issue Subpoena to Nvidia CEO Jensen Huang

On November 12, two key Republican members of the U.S. House of Representatives stated on Wednesday local time that Congress is prepared to issue a subpoena to Nvidia CEO Jensen Huang. (Jinshi)

Musk Replies to Suggestion of Hiring Huang Ren-xun: "It Would Be an Honor"

Prominent financial account Zero Hedge published a post suggesting Tesla CEO Elon Musk hire Nvidia CEO Jensen Huang. Musk subsequently replied, "It would be an honor."

Previously, The Wall Street Journal reported that Nvidia's board is considering removing Huang, sparking market attention regarding his future whereabouts. However, Musk's reply does not indicate that formal negotiations regarding employment have begun between the two parties, and no related hiring arrangements have been confirmed as of now.

SlowMist Cos warns of potential security risks in new version of Telegram, recommends users postpone updates

SlowMist founder Cos posted on X stating that the new version of Telegram supports embedding "Apps" in messages, but this functionality lacks sandbox isolation protection. The QuickJS JavaScript engine used could become an attack vector for malicious code execution.

Cos noted that as AI technology enhances vulnerability discovery and exploitation capabilities, these new features may introduce unnecessary security risks. Therefore, he recommends users postpone updating Telegram.

Nvidia Former CEO Jensen Huang Agrees to Testify Before Congress

According to Jinshi Data and CNBC reporting, Nvidia (NVDA.O) former CEO Jensen Huang agreed to testify before Congress before Thanksgiving Day (November 26).

OpenAI Secures $15 Billion Funding Round, Company Valuation Reaches $1.25 Trillion

According to CNBC: OpenAI has secured $15 billion in funding, bringing its valuation to $1.25 trillion.

Today's Market Overview

Recommended Reading

TSMC Hit with Ransom Demands for 3 Bitcoins, Hackers Sell 6.9GB of Employee Data on Dark Web, Is It Another Familiar Supply Chain Attack?

https://www.techflowpost.com/article/35333

TSMC faces a new round of data extortion. On November 12, hackers publicly sold a batch of 6.9GB of alleged TSMC data on underground forums such as DarkForums and BreachForums, involving approximately 46,000 current and former employees. The asking price is 3 bitcoins (approximately $220,000), with threats to leak the data for free if unsold within a week. Hackers also released samples of 499 records, containing 19 fields including names, ID numbers, addresses, private phone numbers, bank accounts, and emergency contacts.

TSMC subsequently confirmed that some employee information was indeed leaked, but emphasized that there is currently no evidence showing its own IT systems or wafer manufacturing equipment were breached. The leaked data came from a partner external cloud service provider and does not involve chip production operations or client trade secrets.

This recalls the 2023 incident where LockBit extorted $70 million under the name of TSMC, only to find out the actual target was its hardware supplier, Qinghao Technology. Both incidents point to the same issue: hackers are bypassing the security defenses of large enterprises and instead targeting outsourcers, cloud providers, and third-party systems. The weak links in corporate security may not lie in their internal networks, but rather in partners within the supply chain that are hardest to regulate.

Podcast Notes | Behind-the-scenes Tracking Before Huang Ren-xun's Infidelity Scandal: Questions on Circular Financing, Mistakes in China Sanctions, and the Successor Dilemma

https://www.techflowpost.com/article/35332

This article compiles Bloomberg Originals' European tracking interview with Nvidia CEO Jensen Huang, covering topics such as the AI bubble, circular financing, U.S.-China chip competition, AI safety, and the question of Nvidia's succession.

Facing external skepticism that Nvidia's commitment to invest approximately $500 billion is merely creating artificial demand by investing in AI startups and then having them purchase Nvidia chips, Huang responded that the company has invested nearly $100 billion over the past five years, leveraging at least five times that amount in external capital. He emphasized that Nvidia's stake in related projects remains below 20%, and it will not serve as the lead investor. Regarding the Chinese market, he rarely admitted that U.S. chip restrictions on China represent a "difficult-to-reverse mistake," arguing that China is not America's enemy and both sides still need to maintain cooperation in the field of AI safety.

On AI safety, he opposes halting research entirely due to the risk of models going out of control, but stresses that agents must undergo strict sandbox isolation, real-time monitoring, and least-privilege management. Regarding future succession, he clearly stated he will not pass the CEO role to his children, hoping successors will compete based on merit, and even expressed a preference for the next CEO to already come from within Nvidia.

What stands out most in the article is Huang's defense of Nvidia's business model: he hopes the market believes AI computing demand stems from genuine technological transformation rather than prosperity manufactured by capital cycles. However, near-trillion-dollar industrial investments, customers' heavy reliance on Nvidia, and the lack of a clear successor are making the company's systemic risks increasingly noteworthy.

Beyond Musk's Support for Huang: Computing Power Costs More Than Favors

https://www.techflowpost.com/article/35329

This article analyzes the commercial interests behind Musk's public support for Huang. Facing the infidelity scandal surrounding Huang and the Nvidia board's investigation, Musk responded on social media when asked about recruiting Huang, stating, "It would be my honor." The article argues that this is not merely mutual appreciation between elites, but that the two companies' computing power interests have long been deeply intertwined.

On one hand, data centers for SpaceX and xAI explicitly utilize Nvidia architecture. Musk recently finalized a roughly $40 billion GPU finance lease agreement, with relevant equipment expected to begin delivery in the first half of 2027. On the other hand, through early investment in xAI, Nvidia holds approximately 122.8 million shares of SpaceX, valued at over $21 billion on the books as of the end of the second quarter. The two parties have formed an interwoven relationship of procurement, financing, and equity investment.

Furthermore, both men share common interests in the political ecosystem of the Trump administration. Musk has contributed over $291 million to political organizations supporting Trump, while Nvidia needs to navigate pressures from U.S. chip export controls and congressional investigations.

The core viewpoint of the article is: Musk's support for Huang is driven less by personal friendship and more by the computing supply chain controlled by Nvidia. In the AI arms race, Huang's departure or retention concerns not only Nvidia, but could also impact chip deliveries, computing expansion, and long-term investment strategies for SpaceX and xAI.

Through Jensen Huang, I See Their Malice Toward Chinese People

https://www.techflowpost.com/article/35326

This article uses the recent infidelity scandal involving Huang as a starting point to discuss the identity dilemma faced by Chinese elite professionals in the U.S. tech and political power structures. The author argues that while Huang must face normal accountability for marital misconduct, corporate governance issues, and potential conflicts of interest, some media and social platforms have expanded the incident into an identity trial against Asian groups. They even create racial stereotypes through homophonic puns on Asian surnames and narratives linking Asian women to espionage.

The article further traces the long-standing conflict between Huang and U.S. hawks regarding China. In 2025, he openly criticized chip restrictions on China, believing that China lags behind the U.S. in chip technology by only a few nanoseconds, and opposed cutting off the Chinese market. Since then, some hawks have continuously attacked him. As investigations related to Nvidia's export controls escalate, the author argues that personal scandals have also become opportunities for political forces to weaken his lobbying influence regarding China.

The article concludes by raising a deeper question: Despite possessing world-leading chip technology and a vast commercial empire, Huang lacks media platforms capable of influencing public opinion. When crises occur, he can only passively accept definitions imposed by other media.

The core argument is: Criticizing Huang's personal mistakes is entirely reasonable, but commercial accountability should not turn into ethnic judgment. Even if a Chinese entrepreneur achieves world-class commercial success, it does not mean they can escape the impacts of geopolitics and identity bias.