Friday kicked off with a slump: Bitcoin extended its losses, and the three major U.S. stock indexes closed lower.

Michael Burry, the real-life inspiration for *The Big Short*, posted on his Substack account that investors should sell NVIDIA (NVDA) before it’s too late. He warned that with Jensen Huang’s departure, NVIDIA may face multiple pressures including stronger customer bargaining power, slowed growth, and declining profit margins. Burry added that Huang’s exit could lead customers to slow deal progress, postpone purchases, renegotiate transaction terms, or even switch to competitors. Additionally, NVIDIA previously provided financial support for customers’ chip purchases via special financing tools, creating hidden debt and accumulating high leverage risks across the entire industry chain. Burry also pointed out that Huang once pushed customers to pre-order chips they did not actually need by threatening to cut their future chip quotas. NVIDIA’s previous growth model will be impacted, with both revenue growth likely to slow and margins facing downward pressure. He concluded with a warning that NVIDIA bulls will get another rare exit opportunity, stating bluntly: “Sell now while you still can.”

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.