Jensen Huang forced to forfeit $108 million in equity awards

According to outage tracking site Downdetector, Microsoft (MSFT.O) suffered a widespread service outage on Thursday (Eastern Time), affecting thousands of users across multiple regions. The disruption began shortly before 2 a.m. Beijing Time on the 13th, impacting Microsoft 365 and Outlook. Meanwhile, users of Amazon Web Services (AWS) and Google (GOOG.O) also reported service interruptions on the platform. A Microsoft spokesperson stated: “We have noted the situation and are currently investigating the reported Microsoft 365 outage, which is primarily centered on Exchange Online.” Microsoft initially posted on its “Microsoft 365 Status” social media account that the connection issues may stem from “overload of some infrastructure across multiple regions”. Later, the company found that the increased load was caused by “some servers being unexpectedly unavailable, which put additional pressure on the remaining infrastructure.”

Cisco Systems reported first-quarter revenue of $18.5 billion, beating analysts' consensus estimate of $18.13 billion. First-quarter service revenue totaled $3.85 billion, exceeding analysts' expectation of $3.83 billion. The company earned $1.40 per share (EPS) in the first quarter, outperforming analysts' forecast of $1.32. For the full year, Cisco now projects revenue of $54.7 billion to $55.3 billion, up from its prior guidance of $50.5 billion to $51.1 billion. It expects full-year adjusted EPS to come in between $5.47 and $5.53, versus its earlier forecast of $5.05 to $5.11. For the second quarter, Cisco forecasts revenue of $18 billion to $18.2 billion, surpassing analysts' estimate of $17.85 billion. The company also projects second-quarter adjusted EPS of $1.34 to $1.36, beating analysts' expectation of $1.23.

Cerebras Systems reported third-quarter core revenue of $230.9 million, beating analyst estimates of $214.7 million. Core hardware revenue came in at $86 million (vs. analyst expectations of $64.6 million), while core cloud revenue totaled $144.9 million, slightly missing the $149.8 million analyst forecast. The quarter’s gross margin stood at 20%, well below the 35.7% analyst consensus. The company announced it has entered cloud agreements with three top hyperscalers, and raised its full-year performance guidance: it now projects full-year core revenue of $940 million to $960 million, versus analyst expectations of $887.4 million. For the fourth quarter, it forecasts core revenue of $310 million to $330 million (above the $271.2 million analyst projection) and a core gross margin of 47% to 49%, exceeding the 42% analyst estimate.

Reuters reports that prediction market platform Kalshi has terminated its advisory contract with Donald Trump Jr., eldest son of U.S. President Donald Trump. A Kalshi spokesperson said the two parties ended their collaboration by mutual consent, as Donald Trump Jr.’s venture capital firm 1789 Capital made a large investment in rival Polymarket this summer. Termination discussions began in August, when 1789 Capital led Polymarket’s latest financing round. Kalshi appointed Donald Trump Jr. as a strategic advisor in January 2025, with equity serving as compensation.

The U.S. Federal Reserve on Thursday released the revised tentative meeting schedule for the Federal Open Market Committee (FOMC) in 2027. The year will hold 8 scheduled meetings, respectively on Jan. 26–27, Mar. 16–17, Apr. 27–28, Jun. 8–9, Jul. 27–28, Sep. 14–15, Oct. 26–27, and Nov. 16–17. Notably, the Oct. 26–27 meeting will focus on a broad range of monetary policy strategy issues, with no interest rate decision announced on the second day as is customary. The first FOMC meeting of 2028 is tentatively scheduled for Jan. 25–26.

According to Reuters, citing two sources familiar with the matter, senior White House officials are discussing whether to ask Commerce Secretary Howard Lutnick to step down. Lutnick has faced mounting criticism recently, with his job performance and related regulatory controversies prompting questions from U.S. lawmakers. The criticism emerged before NVIDIA CEO Jensen Huang announced his resignation. A White House official stated that Trump still has full trust in Lutnick and his ability to perform his duties. The White House has not yet issued an official response regarding Lutnick's future.