Markets Espresso: Yaar ne hi loot lia ghar yaar ka ft. Nvidia shareholders

Detailed summary

There is only one man who has been at the centre of attention this week. At one point, Jensen Huang couldn’t get enough of the spotlight; now he can’t escape it! Indian memers are having a field day, and the FIIs’ newfound love for India isn’t even being spoken about! Read more in this week’s Markets Espresso!

Hello there, Espresso Lovers! The Diwali festivities are done; we are back to the grind, and it almost feels as if, for all the chilling we did during those 5-7 days, the news flow since Tuesday has made up for all of that, just to ensure that we do not get carried away with all the laziness!

It feels good when your optimism pays off, doesn't it? Around the same time last month, our Espresso spoke about the underperforming largecaps and how investors have only faced disappointment since the Nifty topped in September 2024, and how the only way forward will be higher. Since then, the Nifty is up over 3,000 points, the Nifty Bank is at the cusp of a record high, ICICI Bank is already at record highs, and most other largecaps are up between 10% and 20% over the last few sessions. To all those who stuck around, your patience has just started to pay off.

But this week has only been about one man and his antics. Jensen Huang's fall from grace has been faster and swifter than anyone that comes to mind, not even Lance Armstrong! The face of the AI revolution has now become the face of scandal, speculation, gossip and endless scrutiny of how things eventually ran at Nvidia, which, from a nondescript start-up supplying gaming chips, became the most valuable company in the world in a matter of years. As Arshad Warsi mocked Ajay Devgan in Golmaal Returns (2008): "Man of the house se, man out of the house. Pent house se tent house!" Talk about falling off a cliff? Yup, exactly that.

For a man who did subah ka nashta in one country, jetted off to have dopehar ka khana in another, and had raat ka dinner in a third country, now finds himself out of the company he co-founded 33 years ago. From private jets, Huang will now have to spend the near future addressing congressional hearings, court subpoenas, and multiple investigations involving national security, considering one of his many (yes, it wasn't only one) affairs was with a woman whom US intelligence claims is a Chinese spy.

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Opening of the article, excerpted from CNBC-TV18. To read the rest, open the article on the publisher's site.