Market Alert: Nvidia Faces Subpoena Threat; Euro Slumps to 18-Month Low

By / / Breaking News

This update was written automatically with AI from market data and news wire reports, and published without review by a person.

Key Takeaways

  • Nvidia (NVDA) CEO Jensen Huang faces a potential congressional subpoena if he fails to respond to the House Select Committee on the Chinese Communist Party by the end of business today regarding alleged ties to a suspected Chinese intelligence asset.
  • The Euro (EUR/USD) tumbled 0.61% to $1.1097, marking its lowest level against the U.S. Dollar since May 2025, driven by "sticky" U.S. inflation data and political instability in the Eurozone.
  • UK Treasury Permanent Secretary James Bowler confirmed an official investigation into a Bloomberg leak of bank tax information that triggered a significant rally in banking shares prior to the official budget announcement.
  • Palantir (PLTR) CEO Alex Karp signaled a potential political pivot, stating he is open to backing a Democratic presidential candidate in 2028 despite reaping billions in contracts under the current administration.

Nvidia CEO Under Fire Over National Security Concerns

House China Panel Chair John Moolenaar has issued a stern ultimatum to Nvidia (NVDA) CEO Jensen Huang, setting a deadline of end-of-business today for a response to inquiries regarding his interactions with a suspected Chinese intelligence asset. The committee is investigating reports of Huang's relationship with Alice Huang, a former executive at Singapore-based Megaspeed, which U.S. intelligence has reportedly identified as a PRC asset.

Lawmakers are demanding a closed-door briefing to determine if privileged information or preferential access to advanced chips was compromised. While Nvidia’s board conducted an internal review on November 9 finding no evidence of security breaches, Moolenaar dismissed the findings as insufficient. Failure to comply with today's deadline will likely result in formal subpoenas from the joint committee.

Euro Hits 18-Month Low Amid Dollar Strength

The Euro fell to its weakest level in over a year and a half on Wednesday, dropping below the $1.11 threshold. The decline follows a U.S. Consumer Price Index (CPI) report that indicated inflation remains stickier than anticipated, fueling expectations that the Federal Reserve will maintain a hawkish monetary stance.

Concurrently, the common currency is facing downward pressure from political and fiscal challenges in France and Spain. Analysts note that the widening yield spread between U.S. and European bonds continues to favor the Greenback, with the Euro now down more than 4% over the last 12 months.

UK Launches Probe into Market-Moving Budget Leak

The UK government has launched a formal investigation led by the Government Security Group into how sensitive bank tax details were leaked to the media. Hours before the October 28 budget, Bloomberg reported that the Bank Corporation Tax Surcharge would be less severe than feared, causing shares of major lenders like Barclays, Lloyds, and NatWest to surge.

Treasury Permanent Secretary James Bowler acknowledged a "necessary widening" of knowledge within the government prior to the budget but insisted no external bodies were briefed. Dame Meg Hillier, chair of the Treasury Committee, criticized the move as part of a "doom-loop of dead-end investigations," expressing skepticism that a culprit will be identified.

Palantir’s Alex Karp Eyes 2028 Democratic Support

In an exclusive interview, Palantir (PLTR) CEO Alex Karp revealed he is open to supporting a Democratic candidate for the 2028 presidential election. This marks a notable shift for the executive, who has recently been closely aligned with the current administration's "Trump 2.0" policies and has seen his company's valuation swell to over $70 billion on the back of government defense contracts.

Karp, who describes himself as a lifelong "progressive," suggested that the Democratic Party has "corrected" enough in 2026 to potentially win back his support. He emphasized that Palantir's AI products are inherently progressive by strengthening Western lethal capabilities, though he remains a vocal critic of "woke" excesses within Silicon Valley.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. We are not financial professionals. The authors and/or site operators may hold positions in the companies or assets mentioned. Always do your own research before making financial decisions.
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