Update, 12 November 2026, 16:40 UTC: Justice Department probes. Multiple US Justice Department probes threaten to sweep up Nvidia, according to two administration officials, Semafor reported at 16:23 UTC. One of those probes, on antitrust grounds, is focused specifically on the chipmaker, the officials told Semafor, while two other inquiries focus on Megaspeed and Supermicro. Semafor reported that there is no indication the DOJ would seek to charge Nvidia criminally at this time, and that Nvidia and the DOJ did not provide a comment; Megaspeed and Supermicro did not immediately respond to its request. These are probes, not findings. Semafor did not say what conduct the antitrust probe examines, what stage it is at, or whether it is the investigation already on record: a DOJ antitrust investigation into Nvidia’s Groq licensing deal was reported on 10 September, 63 days ago by our count (our piece), and Reuters reported DOJ questions on the Hugging Face deal on 28 October (our piece). Nvidia’s latest 10-Q says it has received “broad requests for information from competition regulators in the European Union, the United States, the United Kingdom, China, and South Korea”, five jurisdictions by our count.
Update, 12 November, 19:20 UTC: one more date. Nvidia will hold a company meeting on Wednesday 18 November at 9 a.m. Pacific, 17:00 UTC by our conversion, according to a staff email from Colette Kress obtained by CNBC: “we will host a company meeting on November 18 at 9am PT.” FirstSquawk, citing the WSJ, reported the meeting at 18:58 UTC. It falls on the same day as the House chairs’ requested briefing date, 6 days from today by our count.
Update, 13 November, 00:55 UTC: two Senate dates. Senate Banking Committee Chairman Tim Scott (R-S.C.) has asked former Nvidia chief executive Jensen Huang and Commerce Secretary Howard Lutnick to testify. The committee’s Republican account wrote that Scott “has requested that NVIDIA CEO Jensen Huang appear on December 3 and Commerce Secretary Lutnick on December 10”, and Reuters reported that Scott sent letters on Thursday. By our count, 3 December is 20 days from today and 10 December is 27 days, both after the 17 November results and the 18 November company meeting. Separately, Sen. Ron Wyden and Rep. Richard E. Neal, the ranking members of Senate Finance and House Ways and Means, wrote to Lutnick on 12 November that “we are beginning an investigation” and asked Commerce to preserve records on the Section 232 semiconductor investigation and tariffs, Nvidia export license applications and communications with and regarding Nvidia (letter, PDF). These are requests, not findings. Read our full story.
Update, 12 November 2026, 16:30 UTC: a new Washington date. According to Mast, former Nvidia chief executive Jensen Huang agreed on Wednesday night to testify before Congress, after several top lawmakers threatened a subpoena, House Foreign Affairs Chairman Brian Mast told reporters at the US Capitol, Bloomberg reported at 16:13 UTC. Bloomberg TV’s Annmarie Hordern wrote on X that Mast gave the timing as “before Thanksgiving”, which falls on 26 November, 14 days from today by our count. The committee, the date and whether the session is public or closed-door were not on the Foreign Affairs or China Select Committee press-release pages at about 16:20 UTC. It is not established whether the session replaces the requested 18 November briefing below. Read our full story.
Nvidia’s board accepted the resignation of Jen-Hsun Huang as president, chief executive officer and a director on 11 November, according to a Form 8-K accepted on EDGAR at 13:52 UTC on 12 November, and named finance chief Colette M. Kress interim chief executive. The next fixed date is Tuesday, 17 November, 5 days away by our count, when Nvidia reports third-quarter results “as previously scheduled”.
Two Washington dates follow inside 6 days: a 17 November confirmation deadline in a senators’ records letter to the administration, and the 18 November briefing date three House chairs requested. Nvidia shares opened at $150.00 at 14:30 UTC, 13.7% below Wednesday’s $173.73 close, about $572 billion of market value on 24.1 billion shares, by our arithmetic (Yahoo Finance data).
Business Pill · Concentration Explained
An evergreen Business Engineer explainer on concentration, the general idea behind a business where a few people, products or positions account for most of the value. It teaches the concept only and does not discuss this story.
Go deeper: Nvidia’s allies and rivals, mapped. Six of the eight AI developers we map use Nvidia GPUs and another chip family, by our count from filings and releases, and about 80% of Nvidia’s $63.4 billion of listed stakes sits in Intel and SpaceX, by our arithmetic: Nvidia’s Allies and Rivals Mapped: 6 of 8 AI Firms Mix Chips.
The key insight: As we read it, the 8-K settles who runs Nvidia for now but leaves its calendar in place: results on 17 November as previously scheduled, a records-confirmation deadline the same day and a requested House briefing date on 18 November, all within 6 days, by our count.
The press release filed with the 8-K says Nvidia will report third-quarter fiscal 2027 results on Tuesday, 17 November, at about 1:20 p.m. Pacific time, followed by its earnings call at 2 p.m. Pacific: 21:20 and 22:00 UTC, by our conversion.
The bar is Nvidia’s own outlook. Its CFO commentary of 26 August says: “Revenue is expected to be $108.0 billion, plus or minus 2%.” It adds: “We are not assuming any Data Center compute revenue from China in our outlook.” Gross margins are guided at 74.0%, plus or minus 50 basis points.
The $108.0 billion midpoint is 12.2% above the $96,221 million of second-quarter revenue, by our arithmetic, as set out in our preview of the third-quarter guide. The 8-K is signed by Kress as interim chief executive officer, executive vice president and chief financial officer.
Five dated decisions and deadlines after Nvidia’s 12 November 8-K: third-quarter results on 17 November (Exhibit 99.1; guide from the 26 August CFO commentary), the Warren–Coons records-confirmation deadline on 17 November, the House chairs’ requested briefing date of 18 November, the end of the 119th Congress at noon on 3 January 2027 (Twentieth Amendment), the 12 January Rule 14a-8 deadline and the 24 February to 26 March nomination window (2026 proxy). Days out from 12 November are our count.
Dates 2 and 3: Washington on 17 and 18 November
Sen. Elizabeth Warren and Sen. Christopher Coons wrote to Commerce Secretary Howard Lutnick, Secretary of State Marco Rubio and White House Chief of Staff Stephen Miller in a letter dated 11 November. They asked the three to preserve records on exports of Nvidia’s advanced AI chips to China and to “confirm in writing by November 17 that preservation directives have been issued across your respective offices”. The deadline falls on the administration, not on Nvidia, as set out in our piece on the records letter.
Three House chairs, Brian J. Mast, John Moolenaar and Eric A. Crawford, wrote to Nvidia on 4 November. The letter is addressed to the company’s founder and chief executive and reads: “We formally request that you appear in room 2172 of the Rayburn House Office Building on November 18, 2026, to brief our committees.” It asked for acceptance or an alternative date by 11 November.
Reuters reported, citing a person familiar with the discussions, that the three House Republicans are unlikely to allow Nvidia’s general counsel to answer the questions in the chief executive’s place, as set out in our piece on the subpoena threat. The letter was addressed before the 8-K changed the title; how the committees treat the 18 November date now is not stated in the documents we read.
The next six days at Nvidia, in UTC: the 8-K accepted on EDGAR at 13:52 on 12 November; the $150.00 opening price at 14:30, 13.7% below the 11 November close (Yahoo Finance, delayed; our arithmetic); the Warren–Coons letter’s 17 November confirmation deadline, which gives no hour; results at about 1:20 p.m. and the call at 2 p.m. Pacific on 17 November, 21:20 and 22:00 UTC by our conversion; and the 18 November briefing date requested in the House chairs’ 4 November letter.
Date 4: 3 January, When This Congress Ends
The terms of the current House end at noon on 3 January 2027 under the Twentieth Amendment, 52 days from today by our count. ABC News reported that a subpoena would likely expire when House Republicans lose control of their committees in January, and that Democrats would need to issue a new one.
Reuters noted that lawmakers need support from colleagues to issue a subpoena and that the rules vary by committee. A request for a briefing and a records-preservation letter are requests, not findings.
Date 5: The 2027 Annual Meeting Deadlines
Nvidia held its 2026 annual meeting on 24 June 2026, where shareholders elected ten director nominees “to hold office until the 2027 Annual Meeting of Stockholders”. The 2026 proxy statement says Rule 14a-8 proposals for the 2027 meeting must be submitted “on or before January 12, 2027”, 61 days from today by our count.
Director nominations under the proxy access bylaw, and other nominations or business, must arrive “not later than the close of business on March 26, 2027, and not earlier than February 24, 2027”: 104 to 134 days out, by our count. Proxy access is open to a holder, or a group of up to 20, “who has owned at least 3% of the voting power of our outstanding capital stock for at least three continuous years”. The proxy sets different windows if the 2027 meeting is held well before or after the anniversary of the 2026 meeting.
The Open Search and the Filings Rule
The release says the board “is initiating a search for a permanent Chief Executive Officer and will consider internal and external candidates”, and that Kress will serve as interim chief executive “until a permanent successor has been named”. Neither the 8-K nor the release gives a timetable for the search.
Insider filings follow SEC rule text. Rule 16a-3 says a Form 4 “must be filed before the end of the second business day following the day on which the subject transaction has been executed”. After a director or officer leaves, Rule 16a-2(b) says later transactions are subject to section 16 only if “Executed within a period of less than six months of an opposite transaction subject to section 16(b) of the Act that occurred while that person was a director or officer”.
The latest Form 4 we found from the former chief executive is accession 0001197649-26-000012, filed 18 September for 16 September. A Form 5 is due “within 45 days after the issuer’s fiscal year end” from anyone subject to section 16 during that year, except as the rule provides; with the fiscal year end EDGAR lists as 31 January, that is 17 March 2027, by our arithmetic. Holdings are set out in our piece on the stake.
Schedule 13D applies under Rule 13d-1(a) to a beneficial owner of “more than five percent of the class”. The 2026 proxy lists the former chief executive at 3.58% of shares as of 23 March 2026, below that line by our arithmetic.
Where Nvidia Sits in the Index
S&P Dow Jones Indices lists Nvidia second among the S&P 500’s top 10 constituents by index weight as of 30 October, and gives 37.3% as the top 10’s combined weight. The index rebalances quarterly, in March, June, September and December, per the same page.
At the $150.00 open, Nvidia’s 24.1 billion shares were worth about $3.62 trillion, against about $4.19 trillion at Wednesday’s close, by our arithmetic. Board steps up to the filing are set out in our report on the 8-K and our explainer on how a board removes a CEO.
The Structural Read
As we read the guide, the 17 November report is measured against the $108.0 billion revenue outlook Nvidia set on 26 August, before the board steps of November set out in our report on the 8-K.
As we read the Washington dates, both requests were written before the 8-K: the House letter to the company’s then chief executive and the senators’ letter to the administration; the related Singapore case is set out in our piece on the Singapore probe.
NVIDIA press release, Exhibit 99.1, 12 November 2026
“The Board is initiating a search for a permanent Chief Executive Officer and will consider internal and external candidates.”
Three Implications
FOR SHAREHOLDERS Results on 17 November at about 21:20 UTC, by our conversion; Rule 14a-8 proposals for the 2027 meeting by 12 January, and nominations between 24 February and 26 March, per the 2026 proxy.
FOR THE BOARD A search for a permanent chief executive that will consider internal and external candidates, per the release, with an interim chief executive who remains chief financial officer.
FOR WASHINGTON A 17 November confirmation deadline for three administration offices, an 18 November briefing date requested by three House chairs, and the end of this Congress on 3 January, 52 days out by our count.
The framework says of Layer 9, Governance: “Layer 9 answers to geopolitics, not to engineering.”
As we read it, most of the dates ahead for the company the framework places at the silicon layer are set in Washington or by its proxy rules rather than by its product calendar. The framework predates the filing and does not discuss it.
What Is Not Established
The 8-K and the release do not state a reason for the resignation, a search timetable or the speakers for the 17 November call. We make no claim about the matters under review, and we do not rank or predict candidates.
Rule text describes when filings are due, not whether any trade will happen. Opening prices are from a delayed 1-minute bar. We did not contact Nvidia for this piece.
This Week In The AI Supercycle
The Great Convergence of Capital, Power, and Geopolitics
This week’s issue: for two years the AI build-out was priced as a supply story, and last week as a credit story. This week it was priced as a permission story, and the answer arrived as a cost, not a ban.
Nvidia’s next fixed date is its 17 November results, 5 days out, against a $108.0 billion revenue guide. The Warren–Coons confirmation deadline falls the same day, the House chairs’ requested briefing date is 18 November, this Congress ends 3 January, and the 2027 proxy deadlines run from 12 January to 26 March, by our count.
A note on sourcing. We read Nvidia’s Form 8-K and Exhibit 99.1 in full on SEC EDGAR; the outlook and summary table of its 26 August CFO commentary; the request passages of the House chairs’ 4 November letter and the Warren–Coons 11 November letter; the 2027 deadline section and ownership table of the 2026 proxy and the 2026 vote-results 8-K; SEC Rules 16a-2, 16a-3 and 13d-1 (text via Cornell LII); the header of the latest Form 4; and the S&P Dow Jones Indices S&P 500 page.
Prices are delayed Yahoo Finance quotes. Reuters and ABC News reports are as cited in our earlier coverage. Day counts, conversions, market values and percentages are our arithmetic. Under our editorial policy this piece covers governance, markets and policy only, names no private individuals and does not rank or predict candidates. We did not contact Nvidia.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
