What happened
Jensen Huang resigned as Nvidia's CEO, with the announcement made on Thursday, November 12, and CFO Colette Kress taking over as interim chief executive while retaining her CFO duties, according to a report by Exame. The Brazilian outlet reports that before the resignation, banks coordinating Anthropic's IPO were already discussing pricing the offering above the indicated $70-to-$78-per-share range. The resignation now casts doubt on that negotiation in two ways: investor appetite for AI shares, which helps determine how much Anthropic can charge, and the continuity of Nvidia's planned $10 billion investment in Anthropic, part of a $26 billion private placement alongside roughly $10 billion from Google and smaller amounts from AMD, Broadcom, Micron, Microsoft and TSMC. Exame reports that, so far, neither company has announced any change to the terms of the investment.
Exame reports that Huang's resignation was announced on Thursday, November 12, and that Colette Kress became interim CEO on that date while continuing as CFO until the board chooses a permanent successor. Before the resignation, the outlet says banks coordinating Anthropic's IPO were already discussing charging more than $78 per share, above the indicative range published by the company behind Claude.
According to Exame, Anthropic began investor presentations on Tuesday, November 10, offering 825 million shares at $70 to $78. On Wednesday, November 11, Bloomberg reported that orders already exceeded the available shares several times over, citing people familiar with the operation, and the Financial Times reported that banks were weighing a price above the announced range. Exame notes these figures come from other outlets' reporting and people described as familiar with the deal, not from official confirmations.
Nvidia's planned $10 billion investment is part of a $26 billion private placement with seven companies, Exame reports: Nvidia and Google at roughly $10 billion each, plus AMD, Broadcom, Micron, Microsoft and TSMC with smaller amounts. Under the prospectus terms cited by Exame, placement participants pay the same per-share price set in the IPO, the placement is conditioned on completion of the public offering, and the final price determines how many shares fit within Nvidia's planned contribution. Exame states that neither company has announced any change to these terms.
Exame reports that Nvidia shares fell as much as 13% in early trading on Thursday, briefly pushing its market value below $4 trillion, and were down about 5% at $165.05 by late morning in New York, according to Yahoo Finance. The outlet also says Nvidia had already lost roughly $430 billion in market value over the two sessions before the resignation. Among AI infrastructure companies, CoreWeave and Nebius — which rent computing capacity using Nvidia chips — fell the most, while Broadcom and AMD, which are also set to invest in Anthropic, rose.
Citing the prospectus, Exame reports Anthropic had revenue of about $17 billion in the third quarter, twelve times higher than a year earlier, with an operating loss of $567 million driven by purchases of computing capacity. The company plans to price on November 18 and begin trading on Nasdaq on November 19 under the ticker ANT, subject to regulatory approval.
Why it matters
Anthropic's IPO is one of the largest capital raises in the AI sector, with 825 million shares offered at $70 to $78 — up to roughly $64 billion at the top of the range — and more than $90 billion in total when combined with the private placement, according to figures cited by Exame. Nvidia occupies an unusual dual position: it is both a prospective investor in Anthropic and a supplier of chips for the infrastructure on which Claude runs, alongside processors from Google and Amazon. Exame reports that each additional dollar in the final share price adds about $825 million to the gross offering, of which roughly $801 million would go to Anthropic, which is issuing most of the shares. A reduced Nvidia commitment would shrink private-placement proceeds regardless of the public price. The episode also tests whether the market treats Huang's exit as a Nvidia-specific succession issue or a sector-wide AI concern — a distinction Exame says will show up directly in Anthropic's final IPO price.
The scale of the raise is exceptional: Exame calculates the public offering at up to roughly $64 billion at the top of the range, and more than $90 billion combined with the $26 billion private placement. Any change to Nvidia's $10 billion commitment would directly reduce the total proceeds regardless of where the public offering prices.
Nvidia sits on both sides of the transaction, as Exame notes: it is a prospective Anthropic investor and also one of the chip suppliers for the infrastructure on which Claude runs, alongside Google and Amazon processors. Investor confidence in Nvidia therefore affects both Anthropic's funding and its supply chain.
Exame quotes Felipe Molina Costa, a corporate law specialist and operating director at Altura Assessoria Empresarial, saying the effect depends on how investors read the crisis: if it is seen as a Nvidia succession question, Anthropic can keep the interest it has been attracting; if the concern spreads across the AI sector, charging above the range becomes harder. These are the lawyer's assessments, not independently confirmed outcomes.
Leonardo Duque of Duque Advogados told Exame that turbulence could push investors toward other companies in the sector, but that a larger raise does not by itself guarantee a more solid debut. Bruno Boris of Bruno Boris Advogados said the market will refocus on Nvidia's results as the transition proceeds, with the company's fiscal third-quarter report due Tuesday, November 17 — one day before Anthropic's pricing decision.
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What to watch next
Exame reports that Anthropic plans to set its IPO price on Wednesday, November 18, and begin Nasdaq trading on Thursday, November 19, under the ticker ANT, pending regulatory approval. Nvidia is scheduled to report fiscal third-quarter results on Tuesday, November 17, one day before the pricing decision, which Exame describes as the first test of how the market absorbs the leadership transition. Key open questions include whether Nvidia confirms its $10 billion commitment on the terms in the prospectus, whether the final price lands above $78 — which Exame frames as the market separating the Nvidia crisis from the Anthropic thesis — and who the Nvidia board selects as permanent CEO.
The final IPO price, expected Wednesday, November 18: Exame frames a price above $78 as the signal that the market has separated the Nvidia crisis from the Anthropic investment thesis.
Nvidia's fiscal third-quarter results on Tuesday, November 17, which Exame describes as the first test of the transition, and any indication of a permanent CEO successor.
Whether Nvidia formally confirms it will complete the $10 billion commitment on the prospectus terms; Exame reports no change has been announced so far, and lawyers quoted by the outlet say investors are likely to demand clear signals that the commitment stands.
Regulatory approval for the Nasdaq listing, which Exame lists as a condition for the November 19 trading debut under the ticker ANT.