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Morning edition · Friday, 13 November 2026 · 08:30 CET

Minus 14%, then minus 4.3%: Nvidia loses its founder, and the market keeps its nerve

Jensen Huang resigned and Nvidia's rivals rose; the heavier move was a ten-year Treasury yield back above 5.1%. Also: a budget settled after 3am, a pipeline around Hormuz under fire, wind that kept its word on your power price, drought in the Mid-South and an antibiotic-resistance ledger that slows but does not turn.

Morning 08:30 · Evening 17:30 · Sunday 10:00, Berlin time

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MARKETS · LEAD Chart

Minus 14%, then minus 4.3%: Nvidia loses its founder, and the market keeps its nerve

Jensen Huang resigned on Thursday. Nvidia's shares fell as far as 14% and closed down 4.3%; its rivals rose; by Friday morning Tokyo and Seoul were higher. The louder story may be the bond market.

On Thursday Nvidia's board announced that its co-founder Jensen Huang had resigned as chief executive with immediate effect, after days of reports about his private life, including an affair with a woman whom US authorities suspect of spying for China. Chief financial officer Colette Kress takes over on an interim basis while the company looks for a permanent successor. It is the kind of headline that is supposed to end a boom.

**What the tape actually said.** Nvidia's shares fell as much as 14% during the session, the steepest such fall since the DeepSeek scare of 27 January 2025, according to CNBC TV18. Dip buyers then arrived, and the stock closed down 4.3%. Its competitors rose: Advanced Micro Devices gained 5.9% and Broadcom 5.5%. The S&P 500 fell 0.35% to 7,592.40, the Nasdaq Composite 0.39% to 25,366.09 and the Dow 0.36% to 52,297.09. A semiconductor index ended only 0.5% lower. Reuters notes that after its slide from the 6 October record, Nvidia trades at about 12 times expected earnings, its lowest valuation since 2012.

Markets & Macro · 3 min · Read the piece →

Desk notes

End of edition · added

Before you close the tab

One thing you can do this week

This weekend, when the heating is on anyway, look at the small device on each radiator and note what it shows: a display, a number, or only a sealed glass tube. Write the readings on the back of last year's heating statement. It takes five minutes, and when the next statement arrives you will be reading it against your own notes rather than against a feeling.

A habit, not advice.

What went right

At Culbin Forest in Moray, 18 volunteers have moved 3,400 one-flowered wintergreens, one of Britain's rarest wildflowers, away from a shoreline where 2 to 3 metres of land had collapsed into the sea 1. In the UK the plant survives at just seven sites, only three of them with healthy populations, according to Plantlife Scotland 1. Volunteers cut out whole sections of soil so the fungi the plant depends on travelled with it 1. "Any survival will be a success," said Iain Macdonald of NatureScot 1. The money came from the Scottish government's nature restoration fund 1. A spade, a soil block and a public fund are not glamorous; they are how a species gets a second address.

The day in one sentence

A founder resigned in an afternoon, the bond market moved more than the chip index, and the budget committee worked past 3am; on Friday the weight sat with the dull numbers.

In euros at home

By the end of 2026 most heat cost allocators in buildings with central heating or hot water and at least two flats must be readable remotely; from 1 January 2027 that is mandatory for the majority of such buildings, the Verbraucherzentrale Bayern says 2. If the remote-readable devices are missing, tenants may cut the consumption-based share of their heating bill by 3%, and by a further 3% if the required monthly consumption information is missing or incomplete; the two cuts can be combined 2. The statement must also arrive no later than twelve months after the billing period ends 2. Desk arithmetic: on every €100 of consumption-based heating costs, the two cuts together come to €6.

Rules as summarised by Verbraucherzentrale Bayern on 4 Nov 2026; your statement and building decide what applies. Nothing here is advice.

Small words

Heizkostenverteiler (heat cost allocator)

The small device on a radiator that records how much of the building's heat that radiator used, so the bill can be split by use rather than by floor space alone 2. A remote-readable one sends its figures without anyone ringing your doorbell.

Sources for this section

  1. Rare wildflowers at risk of falling into sea rescued from eroding Scottish coast — The Guardian, 11 Nov 2026, 06:00 CET
  2. Frist läuft: Bis Ende 2026 müssen Heizkostenverteiler fernablesbar sein — Verbraucherzentrale Bayern, 4 Nov 2026

Commentary for information only. Not investment, legal, tax, medical or political advice. "Desk arithmetic" is our own calculation from the cited figures.

Charts and data in this edition