TcheBit — Morning TLDR, 12/11
Nvidia CEO Drama, MSCI Dumps Strategy, ETF Money Keeps Leaving
Nvidia’s board is weighing the removal of CEO Jensen Huang amid misconduct reports, per the WSJ. MSCI will drop Strategy from its US index by November 30, forcing an estimated $2.8 billion in selling. Bitcoin ETF outflows hit a fifth straight day, driven almost entirely by BlackRock’s IBIT.
Nvidia board weighs removing Jensen Huang as CEO
Nvidia’s board is considering ousting CEO Jensen Huang, who has led the company’s AI push, according to the Wall Street Journal. Reports of personal misconduct, including allegations of extramarital affairs, have surfaced, though nothing is officially confirmed. For a company so tied to the AI trade, leadership uncertainty at the top is the kind of story the market prices fast.
MSCI removes Strategy from US index, forcing an estimated $2.8 billion in selling
MSCI is dropping Strategy, the largest Bitcoin holder, from its MSCI USA Index by November 30, which should trigger roughly $2.8 billion in forced share selling. The exclusion comes from a new MSCI test that screens out companies without significant operating assets. Strategy, formerly MicroStrategy, runs a software business but is heavily Bitcoin-backed, so it no longer clears the bar. Index-driven selling of the biggest BTC treasury holder is a liquidity event worth watching.
Japan approaches a third straight hike, a first since 1989
The Bank of Japan may raise rates at its December 17-18 meeting, taking the policy rate to 1.25% after hikes in June and September. It would be Japan’s third consecutive hike, something not seen since 1989. The case for tightening got stronger from surprise inflation data: producer prices rose 7.1% in October, beating expectations, while import prices jumped 24.8% in yen terms. A weaker yen is raising costs for businesses and keeping the pressure on the BOJ.
Trump approved Nvidia chip diversion crackdown on Nov. 5
President Trump approved a crackdown on companies diverting Nvidia AI chips to China on Nov. 5, his third such action this year, Axios reports. Treasury Secretary Scott Bessent pushed Commerce Secretary Howard Lutnick to enforce controls, and the decision came out of a meeting with Trump. Lutnick warned the move could trigger a trade war, but Trump signed off anyway, with Musk present during the consultation.
Bitcoin ETF outflows hit day five, with BlackRock doing most of the damage
US spot Bitcoin ETFs bled $299.8 million on Wednesday, extending the outflow streak to five days. BlackRock’s IBIT accounted for nearly all of it, losing $269.7 million in a single session. That follows a $405.3 million outflow from IBIT on November 2. Most other funds show no activity, so the selling is concentrated, and BTC is missing one of its key buyers.
