Jensen Huang’s exit from Nvidia raises a question over the Nvidia investment in Anthropic: 10 billion USD of shares the chipmaker agreed to buy at the IPO price. It also turns next week’s Anthropic IPO into a test of confidence for the whole AI industry. Orders run about six times above the shares on offer, which points to a strong debut for the developer of Claude, and the crisis at the largest AI chip supplier adds a new unknown.
TL;DR
- Nvidia reports on 17 November, and the first ANT trade is expected on 19 November.
- Jensen Huang resigned as Nvidia CEO on 12 November, after a scandal and a board investigation into reports that he was the target of a foreign intelligence effort.
- The change at the top adds uncertainty to Nvidia’s 10 billion USD commitment to Anthropic. The IPO itself does not depend on it.
- Demand for the IPO is about six times the supply. The first trades will show whether it holds.
- Anthropic runs Claude on four chip families, which limits its reliance on any single vendor.
Last updated: 13 November 2026
This post covers why the Anthropic IPO became a barometer for AI stocks, what is known about Huang’s exit and what it means for Nvidia’s money and chips. The filed terms are in our post on the Anthropic IPO date, and the full story of the listing is in our Anthropic IPO guide.
Why the Anthropic IPO Became a Barometer for AI Stocks
Until recently, the main question around the Anthropic IPO was the share price. Now the question is bigger: will investors keep putting large sums into AI after the shock at Nvidia?
On 12 November Nvidia announced that Jensen Huang had resigned as president, chief executive officer and board member, effective immediately. He co-founded the company 33 years ago and ran it ever since. Chief Financial Officer Colette Kress became interim CEO and keeps her CFO role until a permanent successor is named. For the market, this is the loss of one of the loudest advocates of spending on AI infrastructure.
Next week leaves investors little time to catch their breath. Nvidia reports its quarterly results on 17 November, and Anthropic shares are expected to start trading two days later. Reuters says the new shares will serve as a real-time barometer of sentiment toward AI stocks, which have swung hard in recent weeks on doubts about whether the massive spending can last.
Nvidia and Anthropic: the dates that matter
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8 NovemberBoard review
Nvidia’s board launches an independent investigation after reports about Huang.
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12 NovemberHuang resigns
CFO Colette Kress becomes interim CEO.
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17 NovemberNvidia results
Third quarter of fiscal 2027, conference call at 2 pm Pacific time. -
Around 18 NovemberIPO pricing
Filed range 70 to 78 USD a share.
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Around 19 NovemberFirst ANT trade
Nasdaq Global Select Market, ticker ANT.
The IPO dates come from the plan in the 10 November filing and can still move.
What Led to Jensen Huang’s Exit From Nvidia
Huang’s resignation followed a scandal in which his private life turned into a national security question. Reuters traces it to an October 2025 New York Times report that linked him to Alice Huang, a former executive at Singapore-based Megaspeed, an official Nvidia cloud partner with priority access to its chips. Later reports said US intelligence officials believed she was acting on behalf of Chinese intelligence, and Beijing has denied that she is a spy. Washington has also investigated Megaspeed over suspicions that it helped China obtain advanced chips restricted by US export controls, according to media reports. Pressure grew on 11 November, when the New York Times reported a second relationship, with an Nvidia vice president who reported to Huang.
On 8 November the Nvidia board launched an independent investigation after reports that Huang had been the target of a foreign intelligence effort. At the time the board said it had no reason to believe that national security or Nvidia secrets were compromised, and it expressed confidence in Huang. Four days later he resigned. Nvidia’s announcement gives no reason for the decision.
The shock reaches well beyond one company. Huang was one of the main backers of large AI investments, and under him Nvidia put its growing cash back into cloud providers, suppliers and AI labs, Reuters notes. Our post on Nvidia’s deal with OpenAI shows how such money comes back as chip orders. His exit comes as investors ask for more proof that the industry’s spending will turn into steady profit.
What Happens to the Nvidia Investment in Anthropic
The scandal reaches Anthropic directly. According to the updated prospectus, Nvidia agreed to buy about 10 billion USD of Class N shares at the IPO price in a separate private placement worth 26 billion USD. That is about 38.5% of the placement.
Class N private placement, billion USD
Mandeep Singh of Bloomberg Intelligence wrote before the resignation that a leadership transition could lead Nvidia’s board to reassess the size, timing or strategic rationale of the commitment, Business Insider reports. In his view, any delay or reduction could weaken an important signal of support for Anthropic’s valuation, while commitments from Google and other strategic investors might limit the impact on financing. As of 13 November, there is no official word that the investment is cancelled or cut.
Other analysts expect the deal to stand. Harrison Rolfes of PitchBook told Business Insider that the investment has nothing to do with Huang’s personal control. Kunjan Sobhani of Bloomberg Intelligence, who covers Nvidia, also expects the company’s commitments to stay in place.
The structure of the deal protects the IPO from an automatic breakdown. The prospectus states that the completion of the offering is not contingent on the completion of the private placement. The link runs the other way: the placement closes only after the IPO and once certain conditions are met, including approval by Anthropic’s stockholders. Trouble with Nvidia could change the amount raised and the mood of buyers, and on its own it does not close Anthropic’s road to the exchange.
For scale: at 78 USD, the top of the range, the base IPO and the placement together come to 90.35 billion USD, so Nvidia’s part is about 11% of the total.
Compute Access Is the Longer-Term Risk
A longer-lasting risk concerns access to computing power. Part of Anthropic’s capacity comes through cloud providers that run Nvidia chips. The prospectus lists three such agreements, worth about 206 billion USD in total.
Agreements for compute on Nvidia GPUs, billion USD
Spending commitments over terms that run into 2029 (SpaceXAI), 2033 (Nscale) and 2034 (Lambda). Source: Anthropic S-1/A of 10 November.
Nscale and Lambda rely on Nvidia’s support for financing, according to Business Insider. Rolfes expects the current deals to stay and new ones to come in more slowly, because requests will now pass through Nvidia’s internal processes and no longer through a direct call to Huang. Sobhani also expects future rounds of deals to slow, since Huang was central to dealmaking. The full list of Anthropic’s compute deals is in our post on Anthropic compute commitments.
Anthropic’s strong point is its multi-chip approach. The prospectus says Claude is trained and served across four chip families, AWS Trainium, Google TPUs, Nvidia GPUs and AMD GPUs, which reduces dependence on any single vendor. On 12 November, shares of AMD and Broadcom, which compete with Nvidia and both take part in the Anthropic placement, rose about 6% each, Reuters reported.
Why the First ANT Trades Matter for the Whole AI Market
Next week investors get two tests in a row: Nvidia’s report on 17 November and the expected start of ANT trading on 19 November. It will be Nvidia’s first report without Huang at the helm, and Sobhani expects it to give more clarity on what comes next.
Early demand looks strong. Orders run about six times above the shares on offer, Bloomberg reported on 12 November. Large investors are competing for access to the developer of Claude despite the crisis at Nvidia. The same demand has already created a grey market, where the chance to get Anthropic shares before trading starts is itself for sale.
After the opening, the nature of demand can change. Holders who received shares without sale restrictions can take profits, and new buyers will have to decide whether the market price is still attractive. Our post on the Anthropic IPO lockup shows who can sell from the first trading day.
Points to watch next week:
- 17 November. Nvidia’s results and any comment from the new management on its commitment to Anthropic.
- Around 18 November. The final IPO price against the filed range of 70 to 78 USD.
- First trading day. The ANT opening price against the IPO price.
- Any day. A statement from Nvidia or Anthropic on the size or timing of the 10 billion USD purchase.
Conclusion
Jensen Huang’s exit gave the Anthropic IPO a meaning that reaches beyond one company. Even if Nvidia revisits its 10 billion USD commitment, six times more orders than shares and an active grey market give Anthropic grounds to count on other investors ready to fill the gap. The reaction to ANT shares will show how strongly the market believes in further AI growth and whether investors are ready to keep funding the industry through the crisis at Nvidia.
FAQ
Is the Nvidia investment in Anthropic still going ahead?
As of 13 November there is no official word that it is cancelled or cut. The prospectus shows Nvidia agreed to buy about 10 billion USD of Class N shares at the IPO price. Bloomberg Intelligence says the new management could reassess the size, timing or rationale, while a PitchBook analyst expects the deal to go through.
Does the Anthropic IPO depend on Nvidia’s money?
No. The prospectus says the completion of the offering is not contingent on the private placement. The placement depends on the IPO closing and on conditions such as stockholder approval.
When does Anthropic stock start trading?
The first trade is expected around 19 November 2026 on the Nasdaq Global Select Market under the ticker ANT, with pricing around 18 November. The dates come from the plan in the 10 November filing and can still change.
Who runs Nvidia after Jensen Huang?
Chief Financial Officer Colette Kress is interim CEO and stays CFO until a permanent successor is named. Reuters reports that Nvidia is considering internal and external candidates.
How dependent is Anthropic on Nvidia chips?
Anthropic trains and serves Claude on four chip families: AWS Trainium, Google TPUs, Nvidia GPUs and AMD GPUs. Its agreements for compute on Nvidia GPUs with SpaceXAI, Nscale and Lambda come to about 206 billion USD over several years.
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