Nvidia pares 14% plunge after Huang exit as AMD, Broadcom rally

Who runs Nvidia now: The board named Chief Financial Officer Colette Kress interim CEO; she keeps the CFO job until a permanent successor is chosen, and the board will look at candidates from inside and outside the company, Nvidia said. Longtime director Harvey C. Jones became the board's first chair. Nvidia said it will still report quarterly results on Tuesday, Nov. 17, at about 1:20 p.m. PT.

Who fell with it: Companies Nvidia has backed with money slid. AI cloud firm CoreWeave closed down 6.9% at $56.60, and Nebius fell 16.8% to $128.64 after cutting its 2026 revenue forecast, according to CNBC as of 4 p.m. ET. Alibaba fell 7.1% to $94.36 in U.S. trading on concern Washington may curb offshore access to top chips. Small investors did the opposite: they bought a net $111 million of Nvidia in the first 30 minutes, the biggest opening bid on record for the stock, according to Vanda Research data cited by Reuters and CNBC.

Who gained: Rival chipmakers rose on bets that customers will spread orders around. AMD, led by CEO Lisa Su, closed up 5.9% at $585.30 after rising as much as about 7%, and Broadcom closed up 5.5% at $364.36, according to CNBC as of 4 p.m. ET. Alphabet, which makes its own AI chips, also gained. CNBC noted AMD is up nearly 17% since Monday. "If everyone turned tomorrow and went to AMD, AMD couldn't supply," Futurum Group CEO Daniel Newman told CNBC. The broad market finished lower: the S&P 500 fell 0.35% and the Nasdaq 0.39%, while the 10-year Treasury yield climbed above 5.12%, according to CNBC as of about 4:14 p.m. ET.

The bear case: "There will no doubt be more allegations to come," Bernstein analyst Stacy Rasgon wrote, according to CNBC. KeyBanc's John Vinh called Huang's exit "a material increase in strategic, organizational, and execution risk." Cantor Fitzgerald's CJ Muse called it "a major loss for Nvidia and also a major loss for the United States" and cut his price target to $250 from $350, while keeping an overweight rating.

The bull case: Dan Ives of Yorkville Ives told Fox Business that Nvidia is "roughly 2-3 years ahead of the nearest competitor and the demand trajectory the next few years is not changing because Jensen is gone," with a $225 price target. Janus Henderson portfolio manager Jeremiah Buckley told CNBC the resignation "could be a clearing event for the company."

Closing prices for Nvidia, AMD, Broadcom, CoreWeave and Nebius are from CNBC as of 4 p.m. ET on Nov. 12. Nvidia's intraday low of $148.80 and the 14.3% drop match CNBC's session low and earlier reports from Reuters, Benzinga and Fox Business. Analyst views are as quoted by CNBC and Fox Business. The date of Huang's congressional testimony comes from House Foreign Affairs Chair Brian Mast and had not been set.