NVIDIA: For technology investors, Nvidia has been one of the market’s big “sure bets” in recent years. That is because it supplies the valuable chips used by companies taking part in the artificial intelligence race.
It is a little like the traders who made fortunes selling picks, shovels and other supplies to prospectors during the great gold rushes. Whether their customers struck gold or not, the traders did very well!
But even suppliers to the... prospectors can suddenly find themselves in trouble, as Nvidia investors have discovered — in a way no stock market model could have predicted.
Jensen Huang, who co-founded the company 33 years ago and led it to the top, has stepped down as CEO and as a board member, it was announced on Thursday. Just four days earlier, the same board had publicly expressed its confidence in him!
What happened in the meantime? A series of sex scandals with... espionage overtones that Hollywood screenwriters would envy.
Huang, who has turned out to be quite the womaniser, admitted to an affair with a businesswoman whom US intelligence agencies suspect of having links to Chinese espionage.
Then the New York Times revealed a second affair (!) with a senior Nvidia executive, while, according to Trump, the FBI is investigating the espionage angle.
Not even a thriller could top it...
NVIDIA II: The reaction on Wall Street was immediate. Nvidia shares fell more than 14% at one point on Thursday before recovering some of their losses to close down 4.34%.
Well-known technology analyst Dan Ives, who had a $300 price target with Huang at the helm, believes Nvidia is worth 25% less without him, putting the shares at $225.
In other words, he attributes a quarter of the company’s theoretical market value to the presence of one person — even if he is... a womaniser!
Oppenheimer warns that Huang’s departure could prompt key executives to leave and slow innovation, damaging Nvidia’s competitive advantage.
Then there is China. The scandal is strengthening calls in Washington for tighter restrictions on Chinese companies’ access to US chips, including through data centres in third countries.
Add to that growing concerns about the sustainability of huge AI investments and Nvidia’s financial interdependencies with its customers — factors that also affect the wider technology and AI market — and the consequences could snowball.
Note, too, that investment firm Baird, citing risks related to China and future AI demand, has already cut its price target from $500 to $200.
Bernstein has also lowered its target to $200 (from... $400), while Morgan Stanley has removed the shares from its top picks.
No one doubts that Nvidia still has the most sought-after “shovels” of our time. But it now faces a complex challenge.
It must keep up its... golden run without the man who built its empire, amid tighter geopolitical restrictions and increasingly demanding investors.
GOVERNMENT: One transfer, one return and one new appointment followed the resignation of Lazaros Tsavdaridis, now the former deputy minister of development.
“What is legal is not necessarily ethical,” government spokesman Pavlos Marinakis said, explaining why the northern Greek MP had left the cabinet. (Some recalled Giorgos Voulgarakis’s “legal and ethical” remark in 2008.) The development also gave the prime minister an opportunity to make two other changes, beyond filling the vacancy.
Vasilis Spanakis is moving to the Ministry of Development, leaving his post as deputy minister of the interior. He will be replaced from today by Vangelis Liakos, a 37-year-old MP from western Athens — a key constituency for New Democracy — who is joining the government for the first time.
Another northern Greek politician, Dimitris Vartzopoulos, is returning to familiar territory. He represents B Thessaloniki, also a key constituency for New Democracy, and is taking up the post of deputy minister of health again. He left the position last July because of the OPEKEPE case, which has since been closed.
OPEKEPE: Alongside Mr Vartzopoulos, the cases of two other New Democracy figures and former government members, Giannis Kefalogiannis and Kostas Tsiaras, were also closed around the same time. They were cleared, but have not been given ministerial posts again.
They may understandably feel like political orphans, aggrieved by comparison with the deputy minister of health, although the government spokesman sought to... soften the blow.
“Clearly, the same intention [to return to government] exists for the other cases involving MPs and former ministers, always, of course, when there is a relevant decision by the prime minister.”
He clarified, however, that “there is no timetable, nor is a reshuffle in the works. But they are among the people who would obviously be considered for deployment if a need arose to fill a position or anything of the sort.”
PS: For the record, two other New Democracy figures have also returned to their posts after their cases were closed: Tasos Hatzivasileiou, deputy minister of foreign affairs, and Notis Mitarakis, New Democracy’s parliamentary spokesman.
THEODORIKAKOS: The development minister acted swiftly to resolve an issue that could have caused problems for the market and consumers, and did so ahead of Black Friday and the holiday season.
To ensure consumers wishing to continue paying in instalments could do so using financing schemes offered by large companies, Takis Theodorikakos submitted an amendment providing for a transitional period for licensing businesses that offer credit as an ancillary activity. This will prevent consumers from being affected by possible delays in the licensing process.
Under the regulation, the businesses concerned must complete the relevant licensing procedures by the end of June 2027.
The measure forms part of the new legal framework incorporating the European Consumer Credit Directive. It introduced stricter requirements for providing consumer credit, as well as licensing and supervision obligations overseen by the competent regulator.
KOLLAKIS: After a three-year absence, the Chartworld Shipping company of brothers Lou and George Kollakis is returning to the newbuild market, with market sources saying it has ordered two LR2 tankers from China’s Jiangsu New Hantong Heavy Industry.
The two vessels, each with a capacity of 114,000 dwt, are expected to be delivered in 2030. The price of the deal has not been disclosed. According to Clarksons, the current average price for newbuild LR2s is about $79.5m per vessel, with Chartworld reportedly securing a lower price.
The company’s last tanker order was placed in late 2023 and covered four MR2s. Since then, it has pursued a cautious investment policy, ordering six small containerships and making selective purchases in the second-hand market.
It recently acquired two second-hand product tankers, while in September it sold the MR2 Angel Star for about $17.5m. According to Clarksons, its fleet comprises 80 vessels.
KONSTANTAKOPOULOS: Costamare Bulkers Holdings, whose interests are owned by the Konstantakopoulos family, is building a strong cash position and gaining scope to expand its fleet. Its cash reserves have reached $141.7m, while it is also refinancing all its debt.
The Greek shipping company, listed in the US, said it had secured commitments for new loans worth $133m, secured against 18 vessels. Subject to completion of the relevant documentation, the deal will replace all existing borrowings, reducing financing costs and pushing maturities from 2029 to 2031-32. The number of vessels not pledged as collateral will rise from three to 11.
CEO Grigoris Zikos said the company’s positive net cash position created favourable conditions for countercyclical growth at a time when asset values are low.
Third-quarter net profit rose to $16.6m from $7.4m a year earlier, despite a significant fall in voyage and charter revenue.
ALAFOUZOS: Okeanis Eco Tankers, whose interests are owned by the Alafouzos family, announced a record dividend of $7 per share, up 33% from the previous quarter and 833% from the same period in 2025, as its third-quarter results comfortably beat Wall Street forecasts.
The shipping company, led by Aristides Alafouzos, recorded profits of nearly $300m, compared with $24.1m a year earlier. Adjusted earnings per share came to $7.67, more than double the estimate of an analyst polled by Yahoo Finance. Revenue totalled $502m.
The outlook for the fourth quarter is also particularly strong, with VLCCs securing daily rates of $689,000 and suezmaxes $411,000. In the first nine months, profits surged to $618m from $63.5m in 2025.
SOFTWEB: The listed company is targeting 11 December as the start of trading in shares arising from a share capital increase of up to €1.56m, which begins on 20 November. Company sources told Euro2day.gr that the capital increase has already attracted strong interest from both existing shareholders and new investors.
Half of the proceeds will be earmarked for acquisitions. The group is looking to support its growth both organically and through acquisitions. Its four areas of interest are software, advertising and marketing, cybersecurity, and AI solutions.
Company sources say Softweb is already in discussions with companies in all four areas, with the most advanced talks relating to cybersecurity and artificial intelligence.
SOFTWEB II: The group’s plans include expanding its presence abroad.
Softweb already has a strong presence in Cyprus and aims to build on it from 2027. It also operates in several countries, mainly through clients and a number of partners, including Germany, Romania and Spain. The markets it is exploring include the UK and, via Cyprus, the United Arab Emirates.
Softweb also plans to move from the Alternative Market to the Main Market of the stock exchange, with 2030 as its target, although this is not an end in itself.
Company sources told Euro2day.gr that even if the group has met the requirements for entry, it will judge the right moment to determine whether it is ready to absorb the benefits of the Main Market.
SBLK: NBG Securities estimates that Star Bulk is trading at a discount of about 25% to its net asset value (NAV), which it considers unjustified. A NAV-based valuation alone puts the shares at €31.8. The multiples approach (EV/EBITDA and dividend yield) gives a value of €34.4.
Earnings depend heavily on freight rates. Every additional $1,500 a day in the fleet’s TCE (time charter equivalent) adds about $71m to EBITDA (+11%) and $0.7 per share to distributions (+19%).
In 2027, dry-docking costs are expected to fall to $17m from $27m in the second half of 2026, boosting free cash flow.
The brokerage says management is cautious on acquisitions, considering second-hand vessel prices high. It has not ruled out using shares as consideration in a deal.
The net debt/EBITDA ratio is estimated at 0.5 times for 2026, compared with about 2.5 times for the sector. The shares trade at a 12% discount to peers on 2027 EV/EBITDA. A major catalyst for Capesize vessels is Simandou in West Africa, where production is expected to reach 45-50m tonnes in 2027.
Of the net proceeds from the listing on Euronext Athens (€100.4m), €57m will go towards three vessels under construction and €43.4m towards new vessel purchases.
AUTOHELLAS: Autohellas closed yesterday down 0.97% at €10.26, following the release of its nine-month results.
The company of Eftychios Vassilakis reported satisfactory third-quarter performance, with EBITDA up 4% year on year to €107.9m, while net profit after minority interests was essentially unchanged at €39.2m.
Eurobank Equities described the results as “moderately positive”, although higher depreciation and high net debt continue to limit the conversion of operating earnings into net profit.
Overall, leasing remains the main pillar of operating performance, offsetting weakness in car trading, Axia-Alpha Finance said.
Higher depreciation and other operating expenses, however, weighed on EBIT and net profitability, it added.
REVOIL: The listed company was yesterday’s top gainer, closing at €1.89, up 7.39%. Trading volume of 93,800 shares was the highest since late September.
The move followed the release of nine-month results before the start of trading, which showed a 151% increase in pre-tax profit. Management attributed the performance to a nearly 10% rise in fuel volumes sold and a contribution from “Maltezos” , which was not included in the nine-month results for 2025.
After yesterday’s rise, the shares are approaching their year high of €2, reached on 24 September. They have also moved into positive territory for the year, with a 4.42% gain.
ELVALHALCOR: Cenergy made the news, while Elvalhalcor rallied on the stock market.
MSCI’s simulation showed that, on current data, Cenergy will join the domestic Small Cap index when Greece is reclassified as a developed market next May. The shares closed down 0.79% at €22.52.
Elvalhalcor, by contrast, rose 4.77% to €3.62. It traded as high as €3.69 intraday, up 6.65%.
Despite the rebound, the shares are still down more than 26% over the past six months.
JUMBO: The Dutch retailer Action has yet to open a single store in Greece, but the establishment of a Greek subsidiary has sparked discussion in the retail sector, mainly around Jumbo.
“We don’t comment on competitors,” executives at the Greek chain say calmly, pointing out that it has 1 million sq m of warehouse space.
“As if we’d worry about a private limited company,” they told this column.
On the stock market, however, the shares came under pressure yesterday. They fell more than 5% at one point, hitting an intraday low of €26.88, before closing at €27.6, down 2.47%.
If you like comparisons, it is worth noting that shares in 3i Group (III), Action’s major shareholder, have fallen more than 21% since the start of 2026, when Citi began comparing the two chains.
Over the same period, Jumbo’s losses have been marginal: it ended last year at €27.9 and closed yesterday, as noted above, at €27.6. In between, however, it came under pressure. It hit its year low on 12 May at €21.8, down more than 22%.
JUMBO II: Eurobank Equities believes that developments in the European regulatory framework for Chinese e-commerce platforms could help offset potential domestic competition from Action.
The brokerage notes that Action, with a network of 3,600 stores in 16 European countries, is already a competitor to the Greek chain in Romania, given the overlap in their product ranges and their focus on low prices. Although the timing of its entry into Greece remains unclear, the move points to fiercer competition in organised low-cost retail.
Eurobank Equities believes, however, that some of this pressure could be offset by European measures targeting Chinese platforms such as Temu. The removal of the customs duty exemption for imports worth less than €150, the imposition of a €3 duty on low-value imports, and stricter product safety checks are expected to curb their competitive advantage.
That could potentially benefit established retailers.