Elon Musk

Hyperliquid

Trader

<a href="https://www.thestreet.com/crypto/markets/analysts-rank-16-year-old-chip-firm-61-places-above-nvidia" rel="noopener noreferrer nofollow">Nvidia</a> (Nasdaq: NVDA) cofounder and CEO <a href="https://www.thestreet.com/crypto/markets/traders-open-9-1-million-in-nvidia-shorts-as-ceo-admits-to-affair" rel="noopener noreferrer nofollow">Jensen Huang</a>&nbsp;decided to<a href="https://nvidianews.nvidia.com/news/nvidia-announces-ceo-transition" rel="noopener noreferrer nofollow"> step down</a>&nbsp;days after <a href="https://www.thestreet.com/crypto/markets/traders-open-9-1-million-in-nvidia-shorts-as-ceo-admits-to-affair" rel="noopener noreferrer nofollow">admitting&nbsp;</a>to an <a href="https://nvidianews.nvidia.com/news/a-message-to-our-company" rel="noopener noreferrer nofollow">affair</a> with a woman the U.S &nbsp;intelligence officials believe to be a Chinese spy.&nbsp;
The relationship with Alice Huang, a former executive at Nvidia customer Megaspeed, has put Nvidia’s most powerful figure at the center of a national security probe.
<a href="https://www.thestreet.com/crypto/markets/traders-open-9-1-million-in-nvidia-shorts-as-ceo-admits-to-affair" rel="noopener noreferrer nofollow"></a>
It was last week that Huang admitted to having the affair in an internal memo to Nvidia employees. The company's board <a href="https://nvidianews.nvidia.com/news/statement-from-nvidia-board-of-directors" rel="noopener noreferrer nofollow">said</a> it&nbsp;had no reason to believe that either national security or NVIDIA secrets were compromised, but is nonetheless launching an investigation.
The top executive, 63, was Nvidia’s largest shareholder, owning about 3.6% of the company, and is one of the richest people in the world.
During his tenure, Nvidia became the world's most valuable company as the chipmaker cashed in on the AI boom. The company's high powered&nbsp;graphics processing units (GPUs) with&nbsp;billions of transistors have become the engine of the AI revolution.
Tech tycoon Elon Musk came out in his support&nbsp;yesterday&nbsp;and <a href="https://x.com/elonmusk/status/2120688743111971293" rel="noopener noreferrer nofollow">said</a> it "would be an honor" to hire him.
Huang has stepped down as president, CEO, and a board member,&nbsp;effective immediately.&nbsp;CFO Colette Kress will take over as interim CEO.
The company will report its third-quarter fiscal 2027 financial results on Nov. 17.
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<h2 id="trader-betting-long-on-nvidia-loses-millions">Trader betting long on Nvidia loses millions</h2>
As Huang's affair came to light, a crypto trader <a href="https://x.com/lookonchain/status/2120485995376443459" rel="noopener noreferrer nofollow">opened</a>&nbsp;a fivefold leveraged long position on Nvidia perpetual futures worth $24.2 million and a twice-leveraged long on SanDisk (Nasdaq: SNDK)&nbsp;perpetual futures&nbsp;worth $12.7 million&nbsp;on Hyperliquid on Nov. 11.
Next, the trader closed their SanDisk long and bet all on Nvidia, <a href="https://x.com/lookonchain/status/2120691030047826079" rel="noopener noreferrer nofollow">increasing</a> the long on its perpetual futures to $30.67 million despite an unrealized loss of $2.6 million.
The blockchain analytics platform Lookonchain disclosed the whale's positions.
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 Binance founder backs Trump's move to bring Hyperliquid to the U.S. (1:48)
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The crypto trader chose <a href="https://www.thestreet.com/crypto/markets/hyperliquid-climbs-roundtable-100-as-ice-plans-market" rel="noopener noreferrer nofollow">Hyperliquid</a> for the bets. A decentralized crypto exchange, it lets traders buy and sell high-leverage perpetual futures of stocks, commodities, etc.
The&nbsp;blockchain-based&nbsp;exchange gained immense popularity among oil traders looking for a 24/7 exchange during the U.S.-Iran war. But it now invites traders of all kinds whether they are trading cryptocurrencies or perpetuals.
A perpetual future, as the name suggests, is a contract without any expiry date&nbsp;that allows traders bet on whether an asset's price will surge or drop without owning it itself.
The exchange's <a href="https://app.hyperliquid.xyz/trade/xyz:NVDA" rel="noopener noreferrer nofollow">xyz</a> markets list these contracts for traditional assets such as U.S. stocks like Nvidia.
<blockquote class="twitter-tweet">
 Whale 0xc8b5 has finally given up, closing his long on 190,952 <a href="https://x.com/search?q=%24NVDA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$NVDA</a> ($30.67M) at a $2.45M loss.<a href="https://t.co/bMkaNC9hh5" rel="noopener noreferrer nofollow">https://t.co/bMkaNC9hh5</a><a href="https://t.co/Db9Wdm8UpT" rel="noopener noreferrer nofollow">pic.twitter.com/Db9Wdm8UpT</a>— Lookonchain (@lookonchain) <a href="https://x.com/lookonchain/status/2120843308545269983?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 12, 2026</a>
</blockquote>
The crypto trader highlighted by&nbsp;Lookonchain <a href="https://x.com/lookonchain/status/2120843308545269983" rel="noopener noreferrer nofollow">closed</a> his long&nbsp;$30.67 million position on Nvidia hours before Huang's resignation, losing&nbsp;$2.45 million&nbsp;on the audacious trade.
<figure><a href="https://app.hyperliquid.xyz/trade/xyz:NVDA" rel="noopener noreferrer nofollow"></a>
 <figcaption>
 Nvidia contract, Source: Hyperliquid
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</figure>
The Nvidia contract on Hyperliquid was trading at $161.23 at the time of writing, nearly 30% down from a month ago.
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If you follow our market coverage, don’t miss the <a href="https://roundtable100.com/tab/rankings" rel="noopener noreferrer nofollow">Roundtable 100</a>. Updated every Friday, it's a power ranking of the 100 most investable tech stocks, including digital assets. Check out the latest <a href="https://roundtable100.com/" rel="noopener noreferrer nofollow">RTB 100</a> rankings at <a rel="noopener noreferrer nofollow">roundtable100.com</a>.
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Trader loses millions after Nvidia CEO Jensen Huang steps down

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