Closing Time: The chip king slipped a step

Good afternoon. The company at the center of the AI boom spent Tuesday paying for a scandal it cannot seem to get ahead of, while the labs it supplies kept shipping products and lining up money for the biggest listing of the year.

Microsoft overtook Nvidia as the world’s second-most valuable company during Tuesday’s session, the first time that has happened since June 2025, Reuters reports. Nvidia was down more than 6% at one point on uncertainty over the AI outlook and the investigation into whether CEO Jensen Huang was the target of a foreign intelligence effort.

The chipmaker clawed back a little into the close and finished down about 5.5%, which was enough to keep it roughly neck and neck with Microsoft rather than clearly behind it. The bigger number is the one that has piled up since the weekend: Nvidia has now shed more than $400 billion in market value since the revelations about Huang first broke.

The reporting that moved the stock today goes to the heart of the business. Alice Huang, the businesswoman alleged to be gathering information for Beijing, used her relationship with Jensen Huang to help move roughly 240,000 H100, H200 and A100 chips worth at least $7.5 billion into China, according to The Information, as relayed by Reuters, which could not independently verify the report. The company at the center of the network told The Information it obtained its Nvidia partner status lawfully and denied doing business with her.

That is why the story has stopped being about one executive’s personal life. If the reporting holds up, it becomes a question about export controls, partner vetting and how the most important supplier in AI decides who gets its chips.

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The Wire

The latest headlines from our live AI news feed.

OpenAI launches verified Business Agents and Business Hub in ChatGPT — Reuters

Microsoft passes Nvidia in market value for first time since June 2025 — Reuters

Anthropic launches Claude Sheets, Meetings and Whiteboards ahead of IPO, taking on Microsoft and Google — Bloomberg

Amazon and Google stakes in Anthropic could be worth $411 billion at top of IPO range — Reuters

Nvidia spy scandal gives fresh momentum to China chip-export bills in Congress — Yahoo Finance

See all of The Wire →

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Anthropic wants Claude in your next meeting. The company announced Claude Meetings, which lets the assistant join Google Meet calls as a participant, take notes, answer questions in the chat and start on assignments while the call is still going, Axios reports. It also launched Claude Whiteboards and Claude Sheets in beta, a clear move onto turf owned by Microsoft and Google just as it heads out on its IPO roadshow.

OpenAI made its own play for the business world. ChatGPT is rolling out verified Business Agents that represent a brand and can help shoppers compare products, along with a Business Hub where companies can claim their profiles and see how often they show up in ChatGPT answers, The Verge reports. It starts in beta with eligible U.S. e-commerce and online service businesses.

The world’s most important chip foundry is now buying into its biggest customers. TSMC’s board approved investing up to $500 million in Anthropic common shares at the IPO price and up to $500 million in OpenAI preferred stock, according to TSMC’s board resolutions. The same meeting signed off on about $40.9 billion in new capital spending.

The bill for the power race is showing up in earnings, too. SoftBank swung to a net loss of 1.12 trillion yen, about $7 billion, in its fiscal second quarter, including a $3.7 billion hit from changing its plans for power generation equipment it had bought in advance for U.S. AI data centers, CNBC reports. The company still values its OpenAI stake at $99.6 billion against $54.6 billion invested.

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Markets

Here is how a basket of AI-linked names traded in Tuesday’s U.S. cash session.

Biggest winners

Biggest losers

Prices are from Tuesday’s U.S. trading session, November 10, 2026, versus Monday’s close.