NVDA Nvidia
$166.19-$7.54 (-4.34%)
NASDAQ · As of 4:00 PM ET 11/12/26
Nvidia (NVDA -4.34%), an AI chip designer, closed at $166.19, falling 4.34%. The stock plunged after reports of CEO Jensen Huang’s resignation, and investors are awaiting the company’s next earnings call, scheduled for Nov. 17.
Trading volume reached 734.3 million shares, coming in a jaw-dropping 423% above its three-month average of 140.3 million shares. Nvidia IPO’d in 1999 and has grown 405,074% since going public.
How the markets moved today
The S&P 500 (^GSPC -0.35%) fell 0.35% to 7,592, and the Nasdaq Composite (^IXIC -0.39%) lost 0.39% to 25,366. Among semiconductors and AI accelerators, Advanced Micro Devices (AMD +5.86%) closed at $585.30, up 5.86%, and Broadcom (AVGO +5.54%) closed at $364.36, up 5.54%, as investors rotated away from Nvidia and toward alternative AI names.
What this means for investors
On Thursday, Nov. 12, Nvidia stock was in the spotlight after the company announced its co-founder and CEO, Jensen Huang, resigned, and CFO Colette Kress would step in as interim CEO until a replacement was found. The Board of Directors also appointed Harvey C. Jones as its first-ever Chair of the Board.
Huang stepped down after he became embroiled in controversy over relationships with women at the company as well as with a customer who is alleged to be a Chinese spy. His departure is a serious blow to Nvidia, as he played a central role in positioning the chipmaker to become the market leader of the artificial intelligence boom at a time when competitors were unprepared for AI’s rapid ascent.
Consequently, with Huang gone, Wall Street analysts slashed their share price targets. Famed tech analyst Dan Ives had previously set a price target of $225, down from $300, if Huang departed, while others dropped targets as low as $185 in the immediate wake of the news, adding to the stock’s decline.
Nvidia’s Nov. 17 earnings call remains the next major catalyst, and investors are watching whether management addresses leadership uncertainty and AI demand. In the near term, I suspect the chipmaker will continue to deliver strong sales, but it’s what will happen over the long term without Huang that is the key question for the company and the stock.
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Robert Izquierdo has positions in Advanced Micro Devices, Broadcom, and Nvidia. The Motley Fool has positions in and recommends Advanced Micro Devices, Broadcom, and Nvidia. The Motley Fool has a disclosure policy.
