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Next edition in 304 min Nov 11, 23:00 - Nov 12, 09:00 Lisbon
Premarket Alpha
Daily Alpha Premarket Alpha by Buzzberg Research

What matters before the open

Nvidia is working with an outside firm on possible CEO replacements as Gavin Baker argues for a shareholder vote; Jukan says Rubin volume shipments slipped to 2027 while Blackwell orders rose; Commerce is reportedly finalizing a rule on Chinese remote chip access; Foxconn raised its outlook for all four segments.

Main narratives

day change
01

Nvidia is working with an outside firm on possible CEO replacements, and its board reportedly favors CFO Colette Kress as interim CEO if Huang is ousted

Per @DeItaone, Nvidia is working with an outside firm to find a possible new CEO and weighs naming a temporary CEO before holding a wider search. Nvidia's board seems to favor CFO Colette Kress as interim CEO if Jensen Huang is ousted, per Semafor via @pequityresearch. Gavin Baker argued shareholders should be able to vote on Huang if anything happens before the investigation is finished, noting the stock fell 8% after hours on the WSJ report.

NVDA -5.5%
02

Jukan says Rubin volume shipments slipped to 2027 and Nvidia raised Blackwell orders, after a rumored 30% Nvidia order cut that Jukan said looks like FUD

Per @jukan05, a rumor circulated in Taiwan that Nvidia cut its order volume by 30%, and AI-related stocks sold off from CCL and PCB makers to foundries; Jukan said the 30% figure makes no sense and looks like FUD. Jukan says Rubin has been delayed again, was told motherboard warpage caused the latest delay, and that volume shipments slipped to 2027 while Nvidia increased Blackwell orders. One source said a rumored 30% CCL order cut was false.

NVDA -5.5%
03

Commerce is reportedly finalizing a rule to block Chinese AI firms from remotely accessing advanced AI chips through data centers in other countries

A report quoted by @jukan05 says the Commerce Department is finalizing a long-awaited rule that will prevent Chinese AI firms from remotely accessing advanced AI chips through data centers in other countries. @jiahanjimliu notes the bulk of China's Nvidia GPU access is not in China but in Southeast Asia. Senators Warren and Coons asked the administration to preserve records on Nvidia chip exports to China, and Chinese AI stocks tumbled, per Bloomberg.

NVDA -5.5%
04

Foxconn raised its outlook for all four major product segments, and Siemens reported €34.77 billion of orders against €27.52 billion expected

Hon Hai reported Q3 revenue of NT$3.02 trillion against NT$2.85 trillion expected and net income of NT$77.52 billion against NT$70.26 billion, per @FirstSquawk. Foxconn said full-year visibility has improved since its August call, raised its outlook for all four major product segments and expects AI server rack shipments to grow by high double digits quarter on quarter in Q4. Siemens also raised its mid-term outlook.

Themes of the session

?
Z-score shows how far this edition's mention count is above or below the theme's own average across 20 comparable earlier editions. +2.7σ means mentions are 2.7 standard deviations above that average — simply, the theme is being mentioned much more often than usual. It measures attention, not bullishness or expected return. Themes need at least 8 posts; gold begins at +2σ, and σ is hidden when history is too thin.
AI Compute +8.7σ
NVDA -5.5% · AMD +4.0% · CBRS -0.1%
486 posts 202 voices base 56.8
Personal Care +5.2σ
PG +0.0% · 192820.KS +5.3% · 161890.KS -0.9%
+4 more 241710.KQ — · UL — · KMB — · 483650.KS —
8 posts 5 voices base 1.9
PCB/Substrates +3.7σ
007810.KS +2.5% · 222800.KQ +1.9% · 007660.KS +2.6%
+6 more 356860.KQ +8.2% · 323280.KQ +0.0% · 160980.KQ +0.0% · 008060.KS — · 353200.KS — · ROG —
8 posts 9 voices base 2.6
Streaming +3.0σ
035900.KQ +16.5% · NFLX -0.7% · SPOT +0.5%
+2 more DIS — · FOXA —
16 posts 13 voices base 4.0
Clean Energy +2.0σ
BE -1.7% · TE +0.5% · TATAPOWER.NS —
+5 more VWDRY — · FRVO — · FPS — · 009830.KS — · ADANIGREEN.NS —
14 posts 12 voices base 6.5
Payments & Fintech +1.5σ
SOFI -0.6% · TOST +0.0% · IMXI +0.0%
+5 more WU — · XYZ — · CHYM — · AFRM — · PYPL —
8 posts 6 voices base 4.0
Retail & Mobility +1.1σ
BABA -4.3% · JD -1.1% · KSS +0.0%
+13 more EBAY — · MHK — · BBY — · CROX — · FIGS — · SN — · VFC — · GME — · M — · W — · ETSY — · SHOP — · MELI —
14 posts 10 voices base 8.8
AI ASIC +1.0σ
AVGO +3.0% · QCOM -1.7% · ARM -1.8%
+4 more SNPS — · 2454.TW -3.5% · CDNS — · MRVL -2.1%
23 posts 20 voices base 14.8
Consumer Electronics +0.3σ
AAPL -0.1%
9 posts 9 voices base 7.0
Oil & Gas +0.3σ
CVX -0.0% · XOM +0.2% · WDS +0.0%
+2 more ET — · RELIANCE.NS —
8 posts 7 voices base 6.7
Software & SaaS +0.2σ
PLTR -1.4% · ZETA -1.2% · U -1.3%
+8 more IOT — · CRM — · micro1 — · SNOW — · ADSK — · BSY — · PCOR — · CSU.TO —
14 posts 11 voices base 12.9
Internet Platforms +0.2σ
035420.KS -6.4% · TCEHY +0.0% · RDDT -1.0%
+4 more GDDY — · MEESHO.NS — · BIDU — · SNAP —
10 posts 11 voices base 8.3
NeoCloud +0.1σ
CRWV -5.6% · NBIS +0.1% · IREN -3.5%
+2 more SHAZ — · APLD —
37 posts 31 voices base 35.2
Space +0.1σ
SPCX — · RKLB -1.7%
13 posts 12 voices base 11.8
Positioning Market Radar →

Buying / adding

2 positions · 4 voices

Selective / waiting

2 positions · 2 voices

US equities: Wilson waits for a final leg lower

Morgan Stanley's Mike Wilson would treat a final selloff as a buying opportunity and favors quality names that have already underperformed.

Morgan Stanley
[music] Reading the winds of history onmarket Welcome to the market. In this podcast, we bring you Morgan Stanley's recent [music] considerations regarding financial market trends. In this episode [music], our Chief Investment Officer and U.S. Chief Equity Strategist Mike Wilson discusses whether the end of this stock market correction is now in sight [music], and what could be a trigger to change the flow. This episode was recorded in New York on October [music] 26th. If you would like to listen in English [music], please click the URL listed in the description.translated from Japanese

Fading / not buying

2 positions · 2 voices
YouTube
26 videos · 36h 49m Bloomberg and TBPN weighed Nvidia's leadership crisis against AI demand, while Mike Wilson and Ruchir Sharma framed correction and rate risks. Open the desk →
X
2200 posts Jukan relayed a source denying a rumored 30% CCL order cut, Gavin Baker argued for a shareholder vote on Huang, and Serenity called Huang practically irreplaceable. Open the desk →
Reddit
842 threads Reddit split between Nvidia dip buyers and posters weighing key-person risk, while single-stock threads covered Heidmar, Nokia and 5N Plus. Open the desk →
Substack
11 letters Campbell exited a long Taiwan dollar versus Indian rupee trade, Rooster Global disclosed buys of SLC and DNL, and Gaetano wrote that CoreWeave's results helped the AI trade. Open the desk →