Market-moving news for Friday, November 13, 2026

What happened

Bloomberg reported on Friday, Nov 13, that documents it reviewed trace smuggled Nvidia AI chips to a Shanghai data center linked to Alice Huang, the woman at the center of the scandal that forced Nvidia CEO Jensen Huang's resignation on Nov 12. According to the report, Aperia Cloud Services — a Singapore-based official Nvidia Cloud Partner — purchased 22 servers from Dell containing Nvidia H800 chips, which are banned for sale to China. The hardware ended up with Shanghai Longteng Intelligent Computing, a company Alice Huang founded about a decade ago (her sister Huang Yu later took over as majority owner), and was installed at the Yangtze River Delta Project, a Shanghai AI facility with ties to Alice Huang's company Megaspeed. Filings show a Longteng subsidiary pledged 193 servers as loan collateral in January 2025, valued at about $73 million (485 million yuan), including the 22 Dell H800 servers plus 52 Super Micro units equipped with restricted Nvidia H100 or H200 chips and 119 Gigabyte units. Bloomberg noted the filings do not specify how the chips were obtained or whether Alice Huang was personally involved in the procurement, and she has not been part of Longteng since 2017. Nvidia declined to comment on the report; Supermicro said it sold the identified servers in line with US export rules; Aperia has denied wrongdoing. Separately, Fortune reported Nov 12 that the US Attorney's Office in Manhattan is investigating whether Huang-linked entities took part in alleged efforts to move Supermicro hardware containing Nvidia GPUs into China, and Singapore's police and customs authorities have opened investigations into Megaspeed and Alice Huang.

What happened

Rothschild & Co Redburn downgraded Broadcom (AVGO) to Neutral from Buy on Friday, November 13, and slashed its price target by a third, to $398 from $595 — leaving only about 9% upside from Thursday's $364.36 close. Broadcom shares fell as much as 7.3% intraday and closed down 4.76% at $347.01. The downgrade landed amid a broad Friday chip selloff: AMD tumbled 9% to lead S&P 500 decliners, Marvell fell nearly 5%, Intel and Micron each dropped 2.5%, Applied Materials fell 3% despite beating earnings, and the iShares Semiconductor ETF (SOXX) dropped nearly 4%. Nvidia fell another 2%, taking its weekly loss to 13%, while Dell dropped 7%, Cisco fell 6% despite a strong earnings beat, and Nvidia-backed CoreWeave and Nebius fell 6% and 10%. The S&P 500 closed down 0.4% and the Nasdaq 0.9%, though both still posted weekly gains of 2.5% and 2.3%.

What happened

On Friday, Nov. 13, HSBC analyst Frank Lee downgraded Nvidia from Buy to Hold and slashed the price target from $365 to $170 — only about 2.3% above Thursday's $166.19 close — saying the shares will stay under pressure until Nvidia announces a formal succession plan and the new CEO demonstrates execution. Lee also warned the risk of further U.S. tightening of chip export controls cannot be ignored; under HSBC's bear case, if curbs cut fiscal 2028 revenue 11%, EPS could fall to $13.57, about 13% below HSBC's base forecast of $15.65. The same day Barclays cut its Nvidia target to $210 from $275 while keeping an Overweight rating. Nvidia shares fell about 3% in late Friday trading, extending a slide that has the stock on its sixth straight weekly loss — its longest streak since October 2012 — down roughly 14% this week with about $650 billion of market value erased. The Philadelphia semiconductor index fell 6% Friday, with AMD down 10% and Broadcom down 7%.

What happened

Equities research analysts at Gordon Haskett downgraded The TJX Companies (NYSE: TJX) from an "accumulate" rating to a "hold" rating in a note issued to investors on Friday, November 13, 2026, as reported by Briefing.com. The firm set a $130.00 price objective on the off-price retailer's stock, which implies about 4.4% downside from the previous close. TJX shares opened at $135.95 on Friday, down 0.4%.

What happened

The U.S. Bureau of Labor Statistics released October producer price data at 8:30 AM ET on Friday, November 13. Headline PPI for final demand rose 0.3% month over month, below the +0.4% consensus and well below September's +1.4% (revised up from +1.3%). Year over year, headline PPI rose 6.5%, slightly below the 6.6% consensus but up from 6.3% in September — the highest annual reading since November 2022. Core PPI (excluding food and energy) rose 0.3% month over month, exactly in line with consensus and down from +0.8% in September (revised from +0.7%), and was up 5.0% year over year, in line with estimates and unchanged from September.

What happened

Wells Fargo lowered its price target on TJX Companies (TJX) to $135 from $140 and maintained an Equal Weight rating on the shares, TheFly reported on the morning of November 13, 2026. The firm said it is cautious heading into TJX's fiscal Q3 results, does not believe the Marmaxx division has turned the corner, and sees room for the stock's valuation to keep contracting back toward historic levels given the trajectory of the business.