Mr. Lao Du’s Diary, Day 3254

2026.11.12

1️⃣ Musk posts a meme, and the squirrel coin jumps 10%

First, what is $PNUT ? PNUT is a squirrel coin on Solana, short for Peanut the Squirrel. It’s a standard meme coin with no real fundamentals—its price rises and falls entirely based on attention.

On Tuesday, Musk posted a meme about the Epstein list on X, criticizing the government for not going after the people on it. After he posted it, PNUT rose more than 10% in 24 hours.

Here’s the funny part: the richest man posts a meme mocking people, and the coin goes up first. Meme coins run on attention, and Musk’s X is the biggest money printer of all. Last week, he posted the Chinese phrase “牛逼,” and just 7 seconds later, someone had minted a coin called “牛逼.” People who bought in more than doubled their money. This time was no different: as soon as the meme appeared, money started flowing into the squirrel.

There’s nothing for us to envy here. It can rise 10% fast, and fall back even faster. Meme coins are lottery tickets, and most people who pile in end up holding the bag. Just watch the spectacle—don’t take it seriously.

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2️⃣ Is Jensen Huang about to be fired? Board meets through the night

First, here’s what happened. Nvidia fell 4.3% on Monday and more than 6% on Tuesday, wiping out around $470 billion in market value over two days. It started with a November 10 report by The Information: Jensen Huang’s connections with Alice Huang helped facilitate at least $7.5 billion in Nvidia chip sales to Chinese companies. Nvidia has hired former acting U.S. Attorney Joon H. Kim and the law firm Wachtell to conduct an independent investigation. There’s also a closed-door congressional briefing on November 18.

The latest development came early this morning: Reuters reported that Nvidia’s board met late Wednesday night to decide whether to remove Jensen Huang. After the news broke, NVDA fell more than 8% in after-hours trading, while NVDA perpetual futures on Hyperliquid dropped nearly 12%, to around $161.

Here’s the interesting part: an affair is a private matter, but a $7.5 billion chip deal isn’t. Which one is the market punishing? And here’s the bigger question: Jensen Huang is Nvidia’s soul. Would the board really dare to oust him? If they did, would Nvidia still be Nvidia?

U.S. stocks were actually up. On Wednesday, the S&P 500 rose 1.3% and the Nasdaq gained 1.6%. CoreWeave’s earnings beat expectations, and the AI trade rebounded. NVDA even closed up 3% that day, at $173.73, but a piece of after-hours news wiped out those gains. Bitcoin hasn’t joined in either, still hovering around $73,600. U.S. spot BTC ETFs saw $95 million in net outflows on Tuesday, marking a fourth straight day. BlackRock’s IBIT accounted for $78 million, its eighth consecutive trading day of outflows, bringing its seven-day total to $1.064 billion.

The impact on crypto is this: even the AI narrative can be disrupted by personal matters. When NVDA wobbles, the whole AI sector and crypto market wobble with it. Meanwhile, money is still flowing out of Bitcoin ETFs, and the 200-day moving average at $73,190 is still right underfoot. If it holds, that’s the bottom.

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3️⃣ Kept an eye on Nvidia all day; haven’t sold my H100 yet

I kept an eye on Nvidia all day. I still haven’t sold my H100, and I really hope it doesn’t drop again. When NVDA falls, secondhand H100 prices wobble too. Chips are hard assets, but when the market gets spooked, buyers hold back and sellers get nervous first.

After watching it all day, the stock closed up 3% and I’d just breathed a sigh of relief—then came the after-hours news that the board might fire Jensen Huang, and it fell more than 8%. I’ll have to hold on to this H100 a little longer.

Today is November 12, 2026. The outlook remains cautiously optimistic. $73,190 is the key level; if it holds, that’s the bottom. $NVDA Let’s hope the board news doesn’t send the market tumbling again tonight. We’ll look back and see in a month.

The two coins I’m bullish on: $BTC—if it holds $73,190, that’s the bottom; a slowdown in ETF outflows could bring a rebound. $PNUT—Elon’s memes are its fundamentals. There could still be short-term volatility as long as attention hasn’t faded, but it’s a lottery ticket, so don’t bet big.