Closing Time: The chip leak reached the cabinet
The Associated Press reports that Treasury Secretary Scott Bessent said Treasury, Defense, State and the U.S. Trade Representative had pushed for months to put Megaspeed, the Singapore-based Nvidia customer at the center of the Jensen Huang affair, on the government’s entity list.
Good afternoon. The scandal that cost Nvidia its founder is no longer just a company problem. On Friday it became a fight inside the president’s cabinet over who let the chips slip through.
Treasury Secretary Scott Bessent said Treasury, Defense, State and the U.S. Trade Representative had pushed for months to put Megaspeed, the Singapore-based Nvidia customer at the center of the Jensen Huang affair, on the government’s entity list. The decision belongs to Howard Lutnick’s Commerce Department, and it has not acted, the Associated Press reports.
Bessent also made clear that Huang’s exit does not settle the matter for Nvidia. He said he is frustrated by the “leakage” of advanced chips into China and questioned whether the company did enough to avoid selling to obvious pass-through shell companies, according to the Washington Post.
The investigation is spreading across Asia at the same time. Malaysia’s trade ministry is working with customs to learn whether chips imported by Megaspeed’s Malaysian unit were shipped onward, and Singapore charged a fifth person over purchases of 917 servers that may contain Nvidia accelerators, CNA reports. Megaspeed has hired a U.S. law firm to audit its GPU inventory.
Beijing is already pushing back on what comes next. China’s foreign ministry warned Washington against new chip export controls in the wake of the scandal, days before an expected Trump–Xi meeting, CBS News reports.
Chip stocks felt it. AMD fell about 9%, Broadcom about 5% and Nvidia about 2% on Friday.
The Wire
The latest headlines from our live AI news feed.
Anthropic's IPO is about six times oversubscribed, Bloomberg reports — Bloomberg Law
Malaysia and Singapore widen Nvidia chip probes as fifth person charged over 917 servers — CNA
Anthropic sued for trademark infringement over its 'Mythos' AI model — Reuters
Bessent blames Lutnick's Commerce Department for Nvidia chip 'leakage' to China — AP
OpenAI launches ChatGPT Wallet, letting its dots AI agents pay for purchases — CNBC
OpenAI wants its agents to carry your card. The company launched ChatGPT Wallet, built with American Express, Mastercard and Visa, which lets its dots agents complete purchases without ever seeing your real card number, CNBC reports. Every purchase needs your approval through a security check such as Face ID, and it is rolling out first to U.S. ChatGPT Pro subscribers.
Anthropic’s most closely watched model now has a legal fight over its name. Mythos, a Virginia software company that serves nonprofits, sued Anthropic in federal court, arguing the Mythos model name infringes its trademark and will confuse customers, Reuters reports. The U.S. Patent and Trademark Office had already given Anthropic’s trademark applications an initial refusal in October.
SpaceX’s AI group is narrowing its bets. It laid off roughly 60 people from the team behind Grok Imagine, its image and video generator, leaving a handful of staff to keep the product running while the company focuses on coding tools and agents, The Information reports.
Markets
Biggest winners
| Ticker | Name | Price | Day |
|---|---|---|---|
| APP | AppLovin | 409.10 | +3.92% |
| META | Meta | 641.69 | +2.90% |
| ADBE | Adobe | 243.08 | +1.90% |
| NOW | ServiceNow | 102.26 | +1.59% |
| PATH | UiPath | 13.26 | +1.22% |
Biggest losers
| Ticker | Name | Price | Day |
|---|---|---|---|
| NBIS | Nebius | 115.88 | -9.92% |
| AMD | AMD | 534.06 | -8.75% |
| BBAI | BigBear.ai | 1.90 | -7.97% |
| FN | Fabrinet | 327.24 | -7.51% |
| DELL | Dell | 344.28 | -7.24% |
Prices are from Friday’s U.S. trading session, November 13, 2026, versus Thursday’s close.