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Nvidia CEO Huang Resigns; Stock Cuts 14% Fall, AMD Jumps 6%

Nvidia — Huang Resigns, Stock Cuts a 14% Fall to 5%; AMD and Broadcom Jump 6%, S&P 500 Turns Higher

Finance chief Colette Kress takes over as interim chief executive and the board starts a search. The S&P 500 opened 0.9% lower and now gains 0.4%. Nebius falls 15% after moving its year forecast to the low end. The 10-year yield rises to 5.07%, gold loses 2.8% to its lowest in a year and Bitcoin falls under $72,000.

In this edition

SPY QQQ DIA IWM RSP NVDA AMD AVGO

The Midday 10 Thu, Nov 12, 2026 ~60 seconds 11:30 ET

Jensen Huang has resigned as chief executive of Nvidia, and the market has absorbed it within two hours. Nvidia opened 13% lower, fell as far as 148.80 and now trades at 165.51, down 4.7%. The S&P 500 opened 0.9% lower and gains 0.4% to 7,646.56; the chip index SOX was down 3.7% at its low and is up 0.9%.

Inside AI hardware the day splits in two. Nvidia’s rivals AMD and Broadcom rise more than 6%. The companies that build with Nvidia’s chips fall: Super Micro 8.2% and CoreWeave 4.4%. Nebius loses 15% on its own report.

Outside stocks the pressure from rates continues. The 10-year Treasury yield is at 5.07%, the dollar at a 52-week high, gold at its lowest in a year and Bitcoin under $72,000.

US midday, quotes as of 11:24 ET

  1. The indices — S&P 500 opens 0.9% lower and now gains 0.4%
  2. Nvidia — Huang resigns, the stock is down 4.7% after a 14% fall at the open
  3. Nvidia’s rivals — AMD up 6.6%, Broadcom 6.4%, Qualcomm 3.7%
  4. Built on Nvidia — Super Micro down 8.2%, CoreWeave 4.4%, Dell 2.0%
  5. Nebius — down 15% after a beat with a one-off in it and a forecast at the low end
  6. Big tech and power — Alphabet up 2.0%, Amazon 1.8%, Microsoft 1.5%; GE Vernova 3.7%
  7. ETF board — energy leads with 1.3%; biotech and small caps fall
  8. Rates and dollar — 10-year yield at 5.07%, jobless claims at 200,000
  9. Gold and Bitcoin — gold down 2.8% to its lowest in a year, Bitcoin under $72,000
  10. Tonight — Cisco and Applied Materials report after the close; producer prices on Friday

The ten lines

  1. 1

    LEVEL The indices — S&P 500 opens 0.9% lower and now gains 0.4%

    SPYQQQDIAIWMRSP

    The S&P 500 opened at 7,550.84, down 0.9%, which was also its low, and stands at 7,646.56, up 0.4%. The Nasdaq Composite was down 1.6% at its low and gains 0.4% to 25,564.53; the Nasdaq-100 is up 0.5% and the Dow 0.5% at 52,730.54. The Russell 2000 of smaller companies falls 0.6% to 2,830.10. The VIX, Wall Street’s fear gauge, rose to 19.34 early and is back at 17.45, close to Wednesday’s 17.49. The S&P 500 is 0.9% above its close of 30 October (7,580.07), the last before the sell-off. The S&P 500 fund SPY at 762.47 is still under its 50-day average of 764.96, and the Russell 2000 fund IWM at 281.39 has slipped four cents under its own.

  2. 2

    DOWN Nvidia — Huang resigns, the stock is down 4.7% after a 14% fall at the open

    NVDA

    Nvidia said before the open that Jensen Huang has resigned as president, chief executive and member of the board, effective immediately. Finance chief Colette Kress becomes interim chief executive and keeps her post, and the board starts a search with internal and external candidates. The release gives no reason and carries no statement from Huang; results stay scheduled for Tuesday 17 November (company release). The stock opened at 150.99, down 13.1%, fell to 148.80 in the first minutes, a new 52-week low, and has recovered to 165.51, down 4.7%. That is above Wednesday’s after-hours price of 158.78 and above the old 52-week low of 164.27. It is still under Tuesday’s close of 168.89, and 19.9% under its election-day close of 206.69.

  3. Sector RS Monitor Relative strength across the sector board — which rotation is real, pattern-scored nightly. Open sector RS →
  4. 3

    UP Nvidia’s rivals — AMD up 6.6%, Broadcom 6.4%, Qualcomm 3.7%

    AMDAVGOQCOMTXNANETSOXXMUSNDK

    AMD rises 6.6% to 589.24 and Broadcom 6.4% to 367.32; both gained after hours on Wednesday when the first reports of Huang’s removal came out, on the view that Nvidia’s trouble could send business to its competitors (Yahoo Finance). Qualcomm gains 3.7%, Texas Instruments 2.3% and the network supplier Arista 4.7%. AMD is now 16.7% above its close of 30 October and Broadcom 12.6%; Nvidia is 19.1% under its own. The rest of the chip sector is close to flat after a weak open: Lam Research is up 1.2%, Intel, Marvell, Arm and Applied Materials are unchanged, TSMC’s US shares fall 0.7%. Memory gives back part of Wednesday’s gain, with Micron down 2.2% and Sandisk 3.1%.

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Today in line 11: what the market priced in two hours after Huang’s resignation, who gains and who loses inside AI hardware, and why rates are the part of the day that has not recovered.

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Further reading on Closelooknet

Ten lines on the US midday tape, not advice — an investment diary. Published every trading day at 12:30 ET. See The Morning 10 and the Daily Pulse.