Nvidia shares plummeted after CEO Jensen Huang announced his resignation. Although the stock recovered during the day, it still closed down more than 4.3%, while shares of some competing companies rose.
The resignation of Jensen Huang, CEO of Nvidia, a leading global AI chipmaker, caused heavy volatility in the US stock market on Thursday (12 Nov 2026). Nvidia's shares plunged sharply, but some competitors' stocks rose as investors assessed the situation's impact.
Mr. Huang, co-founder of Nvidia, which is now a top global chip designer powering AI models, stepped down after revelations of extramarital affairs with two women, including one accused of being a spy for China.
Colette Kress, Nvidia’s Chief Financial Officer (CFO), will serve as interim CEO alongside her current role while the board considers internal and external candidates to find a permanent successor.
Nvidia shares fell as much as 14.35% after the market opened but gradually recovered due to investor bargain buying, closing down 4.34%. This drop erased approximately $182 billion in market capitalization.
Nvidia's decline dragged down the broader market, with the Nasdaq index falling 0.39% and the S&P 500 down 0.35%. Major indexes fluctuated between gains and losses throughout the day before closing slightly lower.
While Nvidia shares declined, other major chipmakers’ stocks rose, with AMD surging 5.86% and Broadcom increasing 5.54%. Broadcom was among the best-performing stocks in the S&P 500 on Thursday.
Conversely, shares of companies associated with Nvidia also fell; for example, CoreWeave, an Nvidia-backed firm, dropped 6.86%.
Overall, Nvidia’s stock price has fallen 30.5% since its all-time high on 6 October, wiping out around $1.76 trillion in market value.
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Source:cnn