Two high-profile events put investor confidence in AI to the test: Nvidia’s earnings report and Anthropic’s planned IPO. Nvidia is due to report Tuesday, with analysts expecting 90% earnings growth on $109 billion in fiscal third-quarter revenue. The report may offer clues about demand for AI data centers and suppliers. Anthropic, the company behind Claude, plans to price its shares on November 18 and begin trading November 19 under ticker ANT. It aims to raise as much as $64.4 billion by selling 825 million shares, at a valuation of up to $1.4 trillion. Its filing says revenue rose 1,206% to $33.2 billion in the nine months through September, while its operating loss narrowed to $1.3 billion from $5.2 billion a year earlier. OpenAI, expected to go public early next year, will have a prominent comparison point.
Nvidia is also navigating a leadership change. Jensen Huang stepped down as president, CEO and director after 33 years, and interim CEO Colette Kress will lead the company through its earnings report while retaining her CFO duties. The board says operations, customer commitments and the product roadmap will continue without interruption. Nvidia shares fell after the announcement, which followed revelations about two extramarital affairs, including one involving a suspected Chinese spy. Traders have taken sharply different positions: one opened a $5.44 million leveraged short, while open interest in Nvidia tokenized-stock contracts rose about sevenfold in a week to more than $600 million. A weak Anthropic debut could also weigh on other AI stocks. US retail sales data due Tuesday adds another gauge of consumer health and inflation.
Separate reporting raises questions about Nvidia hardware procurement in China. Radio Free Asia says Shandong Computing Center, also known as the National Supercomputing Center Jinan and listed on the US Entity List since 2021, included RTX 5090 graphics cards and DGX Spark systems in a June 2026 government bid. The notice did not specify quantities and listed only “RTX 5090,” leaving unclear whether it meant the standard card or the China-specific RTX 5090 D. A Tianjin company won the bid; the report says its website language, locations and client list matched those of a previously sanctioned Nvidia partner. US rules require a Commerce Department license for controlled transfers, generally presumed denied.
Other AI developments span research, hardware and healthcare. Researchers’ DISCERN memory framework preserves conflicting and outdated information, then resolves it when an AI agent answers or abstains. It scored 0.924 on abstention F1 and 0.861 on overall correctness on the 310-question ENT-310 benchmark, and led the full LoCoMo benchmark with 0.663 correctness. Vuzix, meanwhile, reported third-quarter sales of $714,000, down 38.5% and below the $1.30 million forecast, as it phased out older smart glasses. It is testing Causeway, an optical interconnect for moving data between chips and racks in AI data centers, and says more than 10 companies are in discussions.
Funding and regulation are also shaping AI’s practical uses. Zus Health raised $33 million to build connected patient-data infrastructure and applications for AI-powered clinical workflows. Finite State raised $27 million in Series C funding to expand its AI-driven security platform, which checks software and firmware in connected devices for known and zero-day vulnerabilities and supports compliance with regulations and standards. The FDA finalized Class II classifications for four devices, including Hologic’s AI-assisted Genius Digital Diagnostics System for cervical cytology and BrainSee, software that predicts outcomes for people with mild cognitive impairment. The classifications open a 510(k) pathway for similar products.
Market signals remain mixed beyond the headline IPO and earnings events. AI hardware stocks rebounded sharply in one reported session, while several funds with large positions in optical-module and chip companies rose far less than those holdings; industry insiders cautioned that one day’s returns do not establish whether managers sold shares, and said risk controls may explain the gap. In the Treasury market, Nvidia had lost nearly 30% of its market value during a turbulent month, while the 10-year Treasury yield moved back above 5% and Treasury prices steadied.
Key Takeaways
- Analysts expect Nvidia to report 90% earnings growth on $109 billion in fiscal third-quarter revenue.
- Anthropic plans to begin trading as ANT on November 19, seeking up to $64.4 billion from 825 million shares at a valuation of up to $1.4 trillion.
- Anthropic reported revenue growth of 1,206% to $33.2 billion for the nine months through September; its operating loss narrowed year over year, though it posted a $536 million operating loss in the September quarter.
- Jensen Huang stepped down from Nvidia after 33 years; interim CEO Colette Kress is leading the company through its earnings report, and the board says operations and product plans will continue uninterrupted.
- Radio Free Asia reported a sanctioned Jinan computing center sought Nvidia RTX 5090 cards and DGX Spark systems in a 2026 procurement bid; the quantity and exact RTX 5090 model were not specified.
- DISCERN, a memory framework for AI agents, scored 0.861 on overall correctness on ENT-310 and 0.663 on the full LoCoMo benchmark.
- Vuzix reported third-quarter sales of $714,000, down 38.5%, while developing Causeway optical interconnects for AI data centers and discussing the technology with more than 10 companies.
- Zus Health raised $33 million for connected clinical data infrastructure; Finite State raised $27 million to expand its AI-driven connected-device security platform.
- The FDA finalized Class II classifications for four devices, including Hologic’s AI-assisted cervical cytology system and BrainSee, which predicts outcomes for people with mild cognitive impairment.
- Reports describe uneven fund gains during an AI hardware rally and a volatile month for markets, with Nvidia down nearly 30% over that period and the 10-year Treasury yield back above 5%.
Nvidia Earnings and Anthropic IPO Set Up Two Big AI Tests
Nvidia will report earnings next week, while Anthropic is expected to begin trading after its IPO. Investors are watching both events for signs of whether the AI boom can continue. Rising interest rates and questions about Nvidia’s support for other AI companies have added uncertainty. The article also highlights upcoming earnings from Home Depot, TJX Companies and Palo Alto Networks, along with portfolio changes that included buying Constellation Brands and Kimberly-Clark and selling shares of Eaton, Cardinal Health and TJX.
Nvidia Earnings and Anthropic IPO Put AI Stocks to the Test
Nvidia’s quarterly results on Tuesday and Anthropic’s expected IPO debut two days later will test investor confidence in AI stocks. Nvidia’s longtime CEO Jensen Huang stepped down on Thursday, leaving interim CEO Colette Kress to lead the company through its report. Analysts expect Nvidia to post 90% earnings growth on $109 billion in revenue for its fiscal third quarter. Anthropic aims to raise up to $64.4 billion by selling 825 million shares, at a valuation of up to $1.4 trillion. Investors are also watching US retail sales data for signs about consumer health and inflation.
Nvidia Results and Anthropic IPO Could Test AI Stock Enthusiasm
Nvidia reports earnings on Tuesday, and Anthropic, the company behind the Claude chatbot, is expected to begin trading on Thursday. Investors will use the events to judge whether enthusiasm for AI stocks is weakening and whether high company valuations can hold. Anthropic’s IPO could value the company at up to $1.4 trillion and raise as much as $64.4 billion by selling 825 million shares. A weak debut could pressure other AI companies’ stock prices, while Nvidia’s results may shape views of demand for AI data centers and related suppliers.
Nvidia Leadership Change Puts AI Bets in Focus as Traders Split
Jensen Huang stepped down as Nvidia’s president, CEO and director after 33 years, ahead of the company’s Nov. 17 earnings report. Colette Kress will keep her CFO duties during the transition, and Nvidia’s board expects operations, customer commitments and its product roadmap to continue without interruption. One onchain trader opened a $5.44 million leveraged short on Nvidia before Huang’s departure was announced, while other traders placed bets on Anthropic ahead of its expected IPO. Anthropic plans to set its share price on Nov. 18 and begin trading on Nov. 19, with a planned range of $70 to $78 per share. Trading in Nvidia’s tokenized stock contract also grew, with open interest rising about sevenfold in a week to more than $600 million.
Nvidia Earnings and Anthropic IPO Face Investors’ AI Trade Doubts
Investors will watch Nvidia’s earnings on Tuesday and Anthropic’s expected IPO debut two days later for signs of whether the AI trade is losing strength. Nvidia’s shares fell after Jensen Huang stepped down as CEO on Thursday following revelations about two extramarital affairs, including one involving a suspected Chinese spy. Interim CEO Colette Kress will lead Nvidia as analysts expect 90% earnings growth on $109 billion in fiscal third-quarter revenue. Anthropic’s IPO could value the company at up to $1.4 trillion and raise as much as $64.4 billion by selling 825 million shares. A US retail sales report due Tuesday will also offer clues about consumer health and inflation.
Sanctioned Jinan Center reportedly sought Nvidia AI hardware
Radio Free Asia found that Shandong Computing Center, also known as the National Supercomputing Center Jinan, included Nvidia RTX 5090 graphics cards and DGX Spark systems in a 2026 equipment procurement bid. The center has been on the U.S. Entity List since 2021, and U.S. rules require a Commerce Department license for transfers of controlled items. The bid listed only “RTX 5090,” so it is unclear whether it meant the standard card or a China-specific RTX 5090 D model. The purchase notice called for “one batch” but did not state how many units it included.
Sanctioned Jinan center bid for Nvidia chips through Tianjin firm
Radio Free Asia reported that Shandong Computing Center, also known as the National Supercomputing Center Jinan, listed Nvidia RTX 5090 graphics cards and DGX Spark systems in a June 2026 government procurement bid. The center has been on the U.S. Entity List since 2021, and transfers of items controlled by U.S. export rules require a Commerce Department license that is generally presumed denied. The winning bidder was a Tianjin firm whose website language, locations and client list matched those of a previously sanctioned Nvidia partner. The report says the procurement notice did not specify the number of products in the requested “one batch.”
DISCERN improves how AI agents manage changing memories
Researchers introduced DISCERN, a memory framework for AI agents that keeps conflicting and outdated details instead of merging or deleting them, then resolves them when answering questions. It builds a time-aware record of facts and guides an agent to answer or abstain when evidence is weak. On the ENT-310 benchmark, which contains 310 questions, DISCERN scored 0.924 on abstention F1 and 0.861 on overall answer correctness, ahead of the tested comparison systems. On the full LoCoMo benchmark, it also led in overall answer correctness, scoring 0.663 compared with 0.638 for the next-best system.
AI hardware rally raises questions about fund managers’ trades
AI hardware stocks rebounded sharply on Wednesday, but several funds heavily invested in optical modules and chips gained much less than their top holdings. E Fund Information Industry Mixed Fund, managed by Zheng Xi, rose 2.88%, while holdings such as Eoptolink and Zhongji Innolight gained more than 10%. GF Xincheng Mixed A, Essence New Return, Manulife Revival Mixed and Ping An Strategy Pioneer Mixed showed similar results, leading to speculation that managers had reduced their positions early. Industry insiders said one day’s fund performance is not enough to confirm trading decisions and suggested the moves may reflect risk controls.
Anthropic plans November 19 IPO trading under ticker ANT
Anthropic, the company behind Claude, is set to begin trading on Thursday, November 19, under the ticker symbol ANT. Its public filing of an S-1 prospectus sets up a major test for AI company stocks and could offer a comparison for OpenAI, which is expected to go public early next year. Anthropic said revenue for the nine months ending September 30 grew 1,206% to $33.2 billion. Its operating loss for that period fell to $1.3 billion from $5.2 billion a year earlier, though it reported a $536 million operating loss in the September quarter after recording operating income of $974 million in the June quarter.
Vuzix sales fall as it targets AI data centers with optical technology
Vuzix reported third-quarter sales of $714,000, down 38.5% and well below the forecast of $1.30 million, in results posted November 12, 2026. Product sales fell 45% as the company phased out older smart glasses models. Vuzix has developed Causeway, an optical interconnect designed to help move data between chips and racks in AI data centers. Evaluation units have gone out, and the company is in talks with more than 10 companies. Vuzix reported $9.2 million in cash.
Zus Health raises $33 million to build connected data systems for clinical AI
Zus Health raised $33 million to build infrastructure for AI-powered clinical workflows. Rather than focusing mainly on AI tools, the company is building a connected patient data layer that those tools can use. Its products include a platform for developing clinical workflows and a system that connects patient data across healthcare systems. Zus plans to use the funding to develop its applications and build a team with expertise in AI and healthcare. The investors and the company’s CEO are not named in the article.
FDA adds four devices to Class II, including AI cervical screening software
FDA orders published November 5 and 6 finalized four new Class II device classifications. The devices include Hologic’s Genius Digital Diagnostics System, an AI cervical cytology system that flags areas of interest, software that predicts outcomes for people with mild cognitive impairment, and two vibration devices. The classifications open the 510(k) pathway for similar products. The article identifies BrainSee and the Osteoboost Belt among the devices.
AI-driven market swings reshape Treasury trading for a month
The article describes how the AI trade affected the Treasury market over the past month. Nvidia shares gained in premarket trading, though the chipmaker had lost nearly 30% of its market value during the turbulent month. Futures pointed to a subdued start for major stock indexes. U.S. Treasury prices were steadier after the 10-year yield moved back above 5%.
Finite State raises $27 million to secure connected devices with AI
Finite State raised $27 million in Series C funding led by The O.H.I.O. Fund, with participation from CIBC Innovation Banking, Energy Impact Partners, Energize Capital and National Grid Partners. Its AI-driven platform checks software and firmware in finished connected devices, including vehicles, medical devices and utility systems, for known and zero-day vulnerabilities. The company says the funding will expand its global operations and speed up development of the platform’s autonomous capabilities. Finite State also aims to help manufacturers meet rules such as the EU Cyber Resilience Act, FDA premarket cybersecurity requirements, UNECE R155 and R156, and IEC 62443.
Sources
- Next week brings 2 big tests of the AI trade, and a handful of portfolio earnings
- Nvidia results, Anthropic IPO pose tests for tumultuous AI trade
- Nvidia Earnings And Anthropic’s IPO Put The AI Trade To The Test
- Jensen Huang Exit Splits the AI Trade: Onchain Whales Short Nvidia, Long Anthropic
- Nvidia results, Anthropic IPO pose tests for tumultuous AI trade
- Exclusive: US-sanctioned Jinan Supercomputing Center still gets Nvidia AI products
- US-Sanctioned Jinan Supercomputing Center Still Gets Nvidia AI Products
- DISCERN: Preserve at Write, Resolve at Read for Persistent LLM-Agent Memory
- AI Hardware Stocks Surge but Funds Lag Behind; Zheng Xi and Other Managers Suspected of Trimming Early
- Anthropic IPO: Claude maker to begin trading on Thursday, Nov. 19
- Can Vuzix (NASDAQ:VUZI) Shift Into AI Data Centers After Third-Quarter Sales Drop 38.5%?
- Zus Health secures $33M to build the infrastructure for AI-powered clinical workflows
- FDA Finalizes Class II Status For AI Pap Slide Tool, Dementia-Risk Software, Two Vibration Devices
- How the AI Trade Hijacked the Treasury Market for a Month
- Finite State Announces $27M in Funding to Help Device Makers Fight the ‘Vulnpocalypse’ with AI-Powered Product Security
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