Huang Renxun has left Beijing, and NVIDIA has not disclosed whether Huang Renxun met with the DeepSeek founder.

NVIDIA CEO Jensen Huang held approximately 870 million NVIDIA shares as of March 23, 2026, accounting for 3.58% of the company’s total outstanding shares. Valued at NVIDIA’s early-October share price of $231.49, this stake is worth roughly $201 billion. Forbes data shows Huang’s current net worth is around $200 billion, with his personal wealth primarily derived from NVIDIA holdings. Huang is NVIDIA’s largest known individual shareholder. However, under U.S. SEC rules, individual investors holding less than 5% of shares are not required to disclose their stakes, so it is possible that undisclosed individual shareholders hold more than Huang. NVIDIA’s major institutional shareholders holding over 5% of its shares include BlackRock and Vanguard, with stakes of 7.43% and 7.31% respectively. Huang co-founded NVIDIA in 1993. Before NVIDIA’s first stock split in 1999, he held around 2.9 million shares, representing 9.9% of the company. Had he retained all those shares to date, adjusted for stock splits, he would hold nearly 2.8 billion shares, indicating he has since continuously sold off some of his holdings. Additionally, Huang can earn NVIDIA stock through performance awards. NVIDIA paid him a total compensation of $35.5 million in fiscal 2025, consisting of a $1.5 million base salary, a $3 million cash bonus, and approximately $31 million in equity awarded in the form of 936,800 performance stock units (PSUs).

According to a Wall Street Journal (WSJ) report, U.S. equities saw a sharp divergence in September. While the S&P 500 index remained broadly stable and the Nasdaq 100 rose 3%, nearly 80% of stocks in the S&P 500 declined, with an average drop of around 5%. Only two sectors—technology and communication services—out of the 11 major sectors posted gains. In the same period, the Russell 2000 index fell 5%, while the 50 largest-capitalization stocks rose 2%. Stocks that advanced in September were generally linked to AI or data center supply chains. Meanwhile, the U.S. 10-year Treasury yield surged from 4.7% to 5.3%. Non-AI firms face a "triple pressure" from interest rates, energy prices, and competition for staff, equipment and capital from AI companies. UBS Chief Economist Arend Kapteyn said U.S. capital expenditures are "effectively zero" when excluding AI tech firms. As financing costs rise, corporate credit spreads have also widened: spreads on CCC-rated low-grade bonds rose more than 1 percentage point in September, exceeding levels recorded during last year’s U.S. tariff shocks. Additionally, Wall Street’s expectations for corporate earnings growth have cooled. Goldman Sachs Head of Asset Allocation Research Christian Mueller-Glissmann noted that earnings and their forecasts grew rapidly in the first half of this year, but earnings growth momentum has weakened since the summer. The report argues that if Treasury yields and oil prices stay at high levels, sectors outside AI may continue to face pressure, corporate earnings growth will slow, and concerns over credit risk could rise further.

Solana ecosystem project Stonk announced early today the launch of its "Community Coins" mechanism. Users holding specified Solana community coins will be eligible to earn holder rewards from new meme coins paired with these community coins going forward. Per the rules, each meme coin issued under "Community Mode" allocates 33% of its holder rewards to eligible community coin holders, while the remaining 67% goes to holders of the meme coin itself. The first batch of participating community coins includes USELESS, PENGU, ZCAT, ANSEM, and NEET. Stonk noted that users holding top Solana meme coins can participate in the related reward distribution.

According to WSJ, data from institutions including Goldman Sachs shows that U.S. equity CTA (trend-following quantitative fund) positions have seen sharp adjustments recently. Rubner Research notes that the Z-score of these positions has dropped from +2.35 at the end of August to -0.80, a swing of over 3 standard deviations in a month, indicating that previously accumulated long positions have been significantly liquidated. Meanwhile, U.S. companies have authorized around $1.3 trillion in stock buybacks this year, with some repurchase programs set to restart after October 15 as the Q3 earnings blackout period ends. Historical data shows that buyback activity typically intensifies further in November. On the seasonal front, Rubner data shows that since 1930, the S&P 500 has averaged a 5.6% gain in the fourth quarter of U.S. midterm election years, outperforming the 2.9% average for all years' Q4. In tech stocks, Nasdaq 100 futures are approaching the key resistance level of 31,200 points, while the Philadelphia Semiconductor Index (SOX) has broken through near-term resistance and is closing in on its all-time high. Goldman Sachs projects that bond issuance by hyperscale cloud providers could reach $420 billion by 2027, though their interest expenses as a share of earnings remain low. Morgan Stanley data shows these companies have net leverage of around 0.4x, with cash equal to roughly 132% of their debt. Additionally, Goldman Sachs noted that previously lowered pricing expectations for traditional storage and High Bandwidth Memory (HBM) are starting to recover, while JPMorgan pointed out that semiconductor hardware earnings prospects remain solid, with strong demand for TSMC's AI accelerators. Another key variable for the fourth quarter remains crude oil. Goldman Sachs believes the global crude oil inventory buffer has thinned significantly, and a $100 per barrel oil price is not inconsistent with current supply-demand balance.

Beating AI News Flash: Local time October 3, David Robinson, head of OpenAI’s Security Systems Team, has resigned. An OpenAI spokesperson confirmed that Robinson left the company last week. Prior to his departure, he oversaw the company’s policy planning efforts and contributed to AI security transparency work, including developing and releasing model "system cards".

According to Forbes, U.S. President Donald Trump told Time magazine in an interview that "a certain level of inflation will also pay off debt very quickly," sparking market debate over whether the U.S. can reduce its real debt burden through nominal economic growth and inflation. The outlet notes that U.S. federal debt has surpassed $40 trillion, more than doubling over the past decade, while interest payments have climbed steadily after Federal Reserve rate hikes. Trump, Treasury Secretary Scott Bessent, and Elon Musk have all previously cited technology-driven economic growth as a critical solution to debt pressure. Meanwhile, Bitcoin’s price has rallied roughly 300% from its 2023 low, but remains about 30% below its 2025 all-time high of $126,000. Markets have recently refocused on the "debasement trade"—a strategy where investors hedge against fiat currency purchasing power erosion by allocating to assets like gold and Bitcoin. Forbes cited Bitfire Research’s analysis, which argues that Bitcoin’s long-term value as a hedge against fiat depreciation remains valid, though short-term prices may still be swayed by interest rate policies and U.S. dollar liquidity. Additionally, the Federal Reserve’s preferred inflation gauge, the PCE index, shows U.S. prices rose 3.4% year-over-year, still above the Fed’s 2% target. Markets assign a roughly 70% probability that the Fed will hold interest rates steady at its late-October policy meeting.