Jensen Huang, CEO of Nvidia Corp., during the Taiwan Semiconductor Manufacturing Co. (TSMC) sports day in Hsinchu, Taiwan, Saturday, November 8, 2025.
Lam Yik Fei | Bloomberg | Getty Images
The head that wears the crown is worried.
Actions of the artificial intelligence czar Nvidia fell 2.6% on Tuesday as signs of unrest continued to spread across his kingdom.
During the month, Nvidia faced concerns about high valuations and an argument from “The Big Short” investor Michael Burry that companies might be overestimating the lifespan of Nvidia’s chips. This accounting choice inflates profits, he said.
The pressure intensified last week in the form of a potential challenger to the crown. Google on November 18, announced the release of its new Gemini 3 AI model – so far so good, given that Nvidia isn’t in the business of designing large language models – powered by its in-house AI chips – er–Oh.
And Monday in the United States, Metaa potential kingmaker, appeared to signal that it plans not only to lease Google’s custom AI chips but also use them for its own data centers. It seemed like Nvidia felt the need to respond to some of these rumors.
The chipmaker said on social media platform X that its technology is more powerful and more versatile than other types of AI chips, including so-called ASIC chips, such as Google’s TPUs. Separately, Nvidia released a private memo to Wall Street disputing Burry’s allegations.
Power, whether in politics or semiconductors, requires a delicate balance.
Remaining silent can shroud those in power in a cloak of untouchability, projecting confidence in their authority – but also a certain distance. Disbursement to address unrest can alleviate uncertainty, but also, paradoxically, signal insecurity.
For now, the crown belongs to Nvidia – and so does its weight.
What you need to know today
And finally…
Lights are turned on at skyscrapers and commercial buildings in the City of London, United Kingdom, Tuesday, November 18, 2025. British business leaders have urged Chancellor of the Exchequer Rachel Reeves to cut energy costs and avoid increasing the tax burden on British businesses as she prepares this year’s Budget.
Bloomberg | Bloomberg | Getty Images
UK autumn budget arrives
The lead-up to this year’s UK autumn budget has been different from the norm as many different tax proposals have been floated, flagged, disclosed and withdrawn in the weeks and months leading up to Wednesday’s statement.
It’s also harder to gauge what we’ll actually get when Finance Minister Rachel Reeves finally reveals her spending and tax plans for the year ahead.
—Houx Ellyatt
