The Money Letter

Iran’s hardline Kayhan daily has named US and NATO sites in 7 European countries as possible targets if the war restarts: 🇬🇧 Britain 🇩🇪 Germany 🇮🇹 Italy 🇦🇱 Albania 🇬🇷 Greece 🇷🇴 Romania 🇨🇾 Cyprus Iran’s security chief says any base used to attack Iran becomes a target. Follow for more 👀

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Gamers just lost the last man at Nvidia who still fought for them. Everyone is laughing at the Jensen memes. Nobody should be laughing about what happens to your next graphics card. Jensen Huang is OUT. Resigned Thursday, effective immediately. CFO Colette Kress is now interim CEO. Look at what the new bosses see: → $89.0 billion of Nvidia's $96.2 billion in its last reported quarter came from AI data centers → Gaming GPUs: about 8% of sales in 2025, down from about 35% in 2022 → AI chips: about 65% operating margin. Graphics: about 40% And gaming was already being cut, The Information reported in February: → NO new gaming GPU planned for 2026, the first year in nearly 3 decades → Scarce memory going to AI chips first → RTX 50 production scaled back → The RTX 50 refresh and the RTX 60 both delayed My call: Jensen was the only reason Nvidia still built cards for normal people. He built Nvidia over 33 years and never let go of gaming. With him gone, nobody at the top has a reason to fight for gamers. The money is in pros and AI. Treat the RTX in your PC like GOLD. Most tech accounts are stuck on the memes. I'll track every move Nvidia makes on GeForce. Follow me.

NVIDIA'S BOARD SAID IT HAD "CONFIDENCE" IN JENSEN HUANG. 4 DAYS LATER, HE IS GONE AND $NVDA IS BLEEDING. This is not what you're being sold. 4 days ago, Nvidia's board stood in Huang's corner, on the record. It said: "The Board has confidence in Jensen and his leadership team." THAT SAME WEEK: Huang announced to staff he had been "unfaithful", and the board opened a probe. The woman, Megaspeed executive Alice Huang, was allegedly passing information to China's spy agency. The New York Times released a report claiming a SECOND affair, with an Nvidia executive. Huang never denied the first affair. But he stayed CEO. Lawmakers have ALREADY demanded he go. Sen. Kevin Cramer: "As a matter of his own conscience, he should resign." The WSJ reported the board was preparing to OUST him. Today, Huang resigned as President, CEO and member of the Board, effective IMMEDIATELY. The CFO is now interim CEO. The board is drafting a candidate list to make it permanent. That's about 10% of all of Nvidia's value, gone before the opening bell. On top of the nearly 7% that already vanished in the 3 sessions after his confession. Here's the part the headlines skip: The board spent 4 days publicly backing the man who had run Nvidia since 1993. Then, per The Verge, it responded by becoming the board that ousted him. That's not a resignation. That's an ouster. Nvidia reports earnings on November 17 without its founder. I'll break down every number first, so follow me.

if you'd like to understand Russia's level of wealth, here you go. the area in blue has a larger GDP than the area in red (yes, really)

One Chinese warship near Taiwan is noise. More than 100 warships and coast guard ships closing around it, with no warning, no name and no end date, is a pattern. And every one of them points at the same goal: cutting Taiwan off from the world by sea and air. Navy: the carrier Liaoning took a strike group deep into the Pacific, between Taiwan and Guam. Navy: the Fujian, China's newest carrier, sailed out of its Hainan base heading east. Air force: 49 military flights around Taiwan in a single day. Coast guard: ships moved in with the navy to close a tight ring around the island. Drones: Chinese WZ-7 spy drones flew twice in one day through the gap between Okinawa and Miyako. Japan scrambled fighter jets. China announced and named its last 4 big drills around Taiwan. This one has no name, no notice and no end date. That's 2 of China's 3 carriers and at least 4 of its 10 missile cruisers at sea. Ships from 3 separate military commands at once, something that rarely happens. Now look at what all of it is propping up: 4 Chinese task forces sit between Taiwan and Guam, right on the route US help would take. The moment that line holds, Taiwan doesn't get rescued. It gets cut off. Taiwan's security chief Joseph Wu put the count at more than 100 Chinese navy and coast guard ships at sea. Japan's prime minister Takaichi said last year that a war over Taiwan could be a "survival-threatening" situation for Japan. A Taiwan war is no longer a theory. And Japan is not watching from the outside. If this ring snaps shut one day, you'll wish you had followed me from this week.

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IRAN JUST TOLD EUROPE: IF A US JET TAKES OFF FROM YOUR SOIL TO STRIKE IRAN, THAT BASE GETS HIT. Today, Iran's security chief Mohsen Rezaei said Tehran will target US military bases in European countries: "Wherever American planes take off from, we will regard it as a threat against us." This is not what you've been told. Yesterday, a US Air Force spokesman went on the record with CBS. He said: "U.S. military aircraft are hosted in accordance with access, basing, and overflight agreements with our Allies and partners." THAT SAME WEEK: The US flew 10 KC-135 tankers out of RAF Mildenhall to Germany, Spain and Scotland. Wall Street Journal sources blamed a threat from Iran. A US official told CBS of "credible threats" against UK bases. But the Air Force refused to say more. Rezaei warned every country that hosts US forces: do NOT cooperate with an attack. The hardline daily Kayhan had ALREADY named US and NATO sites in Cyprus, Greece, Romania, Albania, Italy and Britain. An Iranian lawmaker named Italy and Germany outright. Rezaei then threatened to hit "some islands they think our missiles cannot reach." In March, Iran fired 2 missiles at Diego Garcia — an island base roughly 4,000 km from Iran. That's DOUBLE the 2,000 km limit Iran once called self-imposed. Here's what no one is telling you: The US launched strikes on Iran from British runways. Iran responded by becoming the threat over every country that hosts US jets. That's not a basing agreement. That's a target list. Briefing rooms filter this war. I don't. Follow me for the parts they leave out.

Iran's Guards say two oil tankers just hit naval mines and caught FIRE in the world's most important oil lane. 37 ships attacked there in October alone. The most of the entire war. 10 more already in November. Even the Saudi pipeline that bypasses Hormuz was hit by a drone in September. So a Saudi escape plan is back: The SALMAN CANAL. A man-made sea route cut across Saudi Arabia. Tankers could skip Hormuz completely. Estimated price tag: about $140 BILLION. Now in planning with local and foreign engineers. Build time: about 4 YEARS of nonstop work. Before the war, about 20% of the world's oil and LNG went through that one strait. Hormuz is still under attack and this canal plan is back in play. Follow me so you catch the next move first.

NVIDIA'S CROWN JEWELS ARE SITTING IN BEIJING RIGHT NOW. I have a friend who works in the chip industry. He told me this week: "Everything has been leaked to China. They will be making these chips within a year." That's when I knew this "nothing was compromised" line was theater. Here's what happened in the last 5 weeks: → Nvidia "assured" everyone that no secrets were compromised, right after its CEO admitted the affair → U.S. officials say Alice Huang was funneling information to BEIJING → China used the CEO's own lover to walk around every export ban Washington built → Hedge funds were STILL dumping NVDA AFTER the board promised a full review The Nvidia that says nothing leaked and the China that is already building the chips are TWO DIFFERENT WORLDS. One set of secrets. Each Chinese factory free to copy it. Each with Nvidia's own blueprint. Wall Street understood immediately. Wall Street didn't pause. It sold. It kept selling. If the company's own CEO can't enforce the secrecy, the "nothing was compromised" line doesn't exist. The real crisis hasn't even started yet. Repost this before it gets buried, and follow me for the next part of the Nvidia story.