IDD Daily Brief: Monday, Nov 9, 2026 — Nvidia board opens CEO probe, Fox closes Roku and Richard Kinder buys $14.99 million of stock

> “In the long run, superior skill will overcome the impact of bad luck.” — Howard Marks

The Big Picture

• Nvidia's board opened an independent investigation tied to its CEO. A committee of independent directors, assisted by outside counsel, will examine recent reporting that Jensen Huang was the target of a foreign intelligence effort, and the board said it has no reason to believe national security or Nvidia secrets were compromised.

• Fox closed its Roku acquisition. Each Roku share converted into $95.30 in cash plus 0.9799 of a Fox Class A share, with an estimated $14.1 billion in cash going to former Roku holders, the company said.

• Richard Kinder bought $14,994,200 of Kinder Morgan stock. The executive chairman purchased 500,000 Class P shares on the open market on Nov. 6, one of three insider purchases in the latest filings.

Company News

• Nvidia (NVDA) said in a board statement posted to its newsroom on Nov. 8 that independent directors will oversee an inquiry that "will examine all available information." Huang supports the review and will cooperate fully, and the board said it "has confidence in Jensen and his leadership team." Nvidia did not give a timeline or name the committee members or outside counsel.

• Fox (FOX, FOXA) completed its purchase of Roku (ROKU) on Nov. 6, according to 8-K filings from both companies. Fox will issue an estimated 144.5 million Class A shares to former Roku holders, and Roku asked its stock exchange to halt trading and delist its shares.

• American Water Works (AWK) and Essential Utilities (WTRG) won Illinois Commerce Commission approval for their all-stock merger, the fourth favorable regulatory action on the deal, according to a joint release filed on Form 425. They expect to close by the end of the first quarter of 2027, subject to the remaining state approvals.

• SpaceX (SPCX) said Class B director Donald Harrison resigned from its board effective immediately after notifying the company on Nov. 4, and that his decision was not due to any disagreement with the company, according to its 8-K.

Insider & Institutional Watch

• Madrigal Pharmaceuticals (MDGL): Funds advised by Baker Bros. Advisors bought 91,806 shares on Nov. 4 and Nov. 6 for $35,023,032, according to a Form 4. An amended Schedule 13D shows the Baker Bros. reporting persons beneficially own 9.99% of the company.

• Kinder Morgan (KMI): Kinder paid a weighted-average $29.9884 per share and directly owned 246,712,353 Class P shares afterward, according to a Form 4.