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Next edition in 295 min Nov 13, 2026, 09:00-16:00 Lisbon
Premarket Alpha Midday Alpha
Daily Alpha Midday Alpha by Buzzberg Research

What changed since premarket

Washington widened its Nvidia scrutiny as Bessent questioned more than $4 billion of Megaspeed sales, while supply-chain executives reportedly see no order cuts. CoreWeave reportedly seeks a Meta-backed loan, and October PPI rose 6.5% year over year, slightly below forecasts.

Main narratives

day change
01

Bessent says firing Huang does not let Nvidia off the hook over more than $4 billion of chip sales to Megaspeed

Treasury Secretary Scott Bessent questioned whether Nvidia knew its client or prevented leakage to "obvious pass-through shell companies," according to headlines reposted on X. Commerce Secretary Howard Lutnick has agreed to testify voluntarily before the Senate Banking Committee on December 10, per FOX Business. A Reuters review separately identified more than $3 billion in Chinese computing projects built around Nvidia's restricted processors.

NVDA -3.1%
02

Four upstream chip executives reportedly see no Nvidia order cuts, while Dan Ives values the stock at $225 a share without Huang

Four senior executives in the upstream semiconductor supply chain said Nvidia orders remain unchanged for 2027, with mass-production orders looking ahead to 2028, per a post by @pequityresearch. BofA said Western Digital's management sees no change in customer orders. On Bloomberg, Dan Ives put Nvidia's value at $225 per share without Jensen Huang versus $300 with him, while staying constructive on its long-term AI position.

NVDA -3.1% · WDC -6.3%
03

CoreWeave reportedly seeks a $4 billion Meta-backed loan at about 7.5%, while Nscale discloses more debt and heavier reliance on Nvidia

@stocksavvyshay says CoreWeave is seeking a $4 billion loan backed by Meta contracts at about 7.5%, well below the 16% yield on its unsecured bonds but above the 5.9% it secured in March. @FinnStockinger says Nebius prepayments now cover over 100% of the capex for contracted capacity, up from 50-60% a quarter ago. Nscale said in a pre-IPO filing that it needs more cash and has significantly increased its debt.

CRWV -7.8% · NBIS -9.5% · META +1.8%
04

October PPI rose 0.3% on the month versus 0.4% expected, but producer prices are still up 6.5% from a year earlier

Headline PPI rose 0.3% month over month against 0.4% expected and 6.5% year over year against 6.6% expected, with core PPI up 5.0% year over year, in line, per @draikotrading. Spot gold extended gains after the data, last up 0.5% at $3,894.57 an ounce. BofA's Michael Hartnett told investors to stay risk-off until the 10-year Treasury yield falls below 4.5%, oil drops below $70 and the dollar weakens.

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 +0.8σ
NVDA -3.1% · AMD -10.3% · CBRS +10.3%
196 posts 102 voices base 96.1
Crypto Assets +0.8σ
BTC -3.9% · HYPE +1.9% · ETH -3.9%
+2 more ETHFI — · ZEC —
48 posts 28 voices base 37.5
Bonds & Rates +0.6σ
TLT -0.2% · US10Y — · ZB=F —
+2 more ZB — · ZT —
11 posts 9 voices base 8.8
Crypto Miners +0.6σ
DGXX +3.2% · MARA -3.8% · CIFR -6.7%
+3 more WULF — · HUT — · RIOT —
8 posts 6 voices base 5.7
Equity Indexes +0.4σ
SPY — · QQQ -1.5% · ES=F —
+14 more SPX — · EWY — · ES — · VOO — · QQQM — · RSP — · VGK — · INDA -0.5% · ACWX -0.3% · SCHD — · VT — · MGK — · SP500 — · IWD —
76 posts 40 voices base 63.9
Payments & Fintech +0.2σ
NU +11.2% · SOFI -0.9% · TOST +4.8%
+5 more PAYTM — · MA — · AXP — · INTR — · AFRM —
10 posts 9 voices base 7.7
NeoCloud -0.0σ
NBIS -9.5% · IREN -8.2% · CRWV -7.8%
+2 more BRUN — · SLNH —
48 posts 29 voices base 48.9
Hyperscalers -0.1σ
MSFT +0.2% · GOOGL -1.1% · AMZN -0.7%
+2 more META +1.8% · ORCL -2.2%
57 posts 23 voices base 63.4
Networking & Photonics -0.2σ
LITE -5.4% · CSCO -5.8% · COHR -8.3%
+13 more AAOI — · ALMU — · GLW — · AXTI -7.4% · NOK — · SIVE — · CIEN — · FN — · CRDO — · MTSI — · POET — · VIAV — · WYFI —
22 posts 16 voices base 25.4
Thematic ETFs -0.3σ
SMH -3.7% · SOXX -4.4% · SQQQ +4.8%
+11 more SKYY — · XLK — · NVDL — · GRID — · DTCR — · IBIT — · ITB +0.5% · KBE +0.2% · PKX — · XLF — · TQQQ —
28 posts 23 voices base 30.7
Commodities -0.3σ
GLD +0.4% · USO — · GOLD +0.4%
+5 more WTI — · SILVER — · GLTR — · CL — · SLV —
23 posts 15 voices base 26.3
Autos & EV -0.3σ
TSLA -1.9% · RACE +1.4% · NIO -3.9%
+2 more GM — · WRD —
18 posts 9 voices base 20.9
AI ASIC -0.4σ
AVGO -5.1% · MRVL -6.0% · ARM -5.6%
+2 more QCOM — · ALAB —
12 posts 11 voices base 17.1
Consumer Electronics -0.4σ
AAPL +0.9%
9 posts 9 voices base 11.1
Positioning Market Radar →

Buying / adding

2 positions · 3 voices

Nvidia dip

Retail investors bought a net $111 million of Nvidia stock in the first half-hour of trading, the biggest opening bid on record for the stock, per Vanda data cited by @FoftyPawlow. A r/wallstreetbets poster who sold Nvidia at $160 bought back in at $169.

@foftypawlow Alpha #636 7 smart
https://t.co/uU2lFnKyuA > Fofty Pawlow (@FoftyPawlow) > Retail Investors Bought Net $111 Mln Worth of Nvidia Stock in the First Half-Hour
Reddit — r/wallstreetbets
Sold NVDA at $160, just bought back in at $169 I panicked now I’m getting FOMO
NVDA
7d before-11.0%
since call -3.1%

Selective / waiting

2 positions · 2 voices

S&P 500 bottom

Morgan Stanley's Mike Wilson says the correction is in its final stage but may need another index-level drawdown before a durable bottom, and would treat sharp selloffs as buying opportunities.

Morgan Stanley
The adjustment that began in June is already progressing considerably beneath the surface. However, I believe that the S&P500 index, which is composed of high-quality stocks, may still have parts that have not yet fully adjusted. Until that runs its course, I do not think we can say the adjustment is complete. What we really should be asking is how far things must deteriorate before the situation improves. Our firm has positioned this adjustment as a transition point to a typical mid-cycle. The change in the earnings forecast revision rate peaked exactly as expected, about one year after the bottoming out of the economic cycle. And the market showed the same kind of reaction as always. Operating leverage and financialtranslated from Japanese

Fading / not buying

3 positions · 3 voices
YouTube
16 videos · 20h 11m YouTube guests split Nvidia's problem into export-compliance exposure and CEO succession, while Morgan Stanley's Mike Wilson says the index may need another drawdown. Open the desk →
X
1763 posts Supply-chain executives reportedly see no Nvidia order cuts, while Serenity (@aleabitoreddit) argues Kress's leadership is negative for Nvidia-centric financing. Open the desk →
Reddit
267 threads On Reddit, one poster rebought Nvidia after a panic sale while another argued its margins could compress, alongside single-stock theses on Iovance, Elite Pharmaceuticals and ZEEL. Open the desk →
Substack
8 letters Nonconsensus argues an old-school capex boom explains limited output gains better than AI productivity, while QTR asks whether Nvidia will restate earnings. Open the desk →