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Authored By HDFC SKY | Published at: Nov 12, 2026 10:30 PM IST
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Mumbai, 13 November 2026: Wall Street’s main indexes opened sharply lower on Thursday after Nvidia Corporation (NASDAQ: NVDA) announced that its founder and chief executive officer, Jensen Huang, has resigned with immediate effect, leaving the artificial intelligence industry without its most prominent champion and triggering a broad sell-off across technology and semiconductor stocks. The Nasdaq Composite (^IXIC) fell 374.1 points, or 1.47%, to 25,092.11 at the opening bell, while the S&P 500 (^GSPC) dropped 68.5 points, or 0.90%, to 7,550.84. The Dow Jones Industrial Average (^DJI) showed relative resilience, declining just 58.5 points, or 0.11%, to 52,427.94, as investors rotated into defensive and energy names.
The resignation followed reports from The New York Times and The Wall Street Journal that Nvidia’s board was preparing to remove Huang amid allegations of two extramarital affairs, including one with a woman whom US intelligence agencies suspect of being a Chinese spy. The company’s board named chief financial officer Colette Kress as interim chief executive until a permanent successor is identified. The announcement caps a tumultuous week for the chipmaker, which had already shed approximately $190 billion in market value since last week’s low.
Nvidia Shares Tumble 10% as Huang’s Departure Exposes Succession Risk at $3.87 Trillion Chip Giant
Nvidia shares fell 10.28%, or $17.86, to $155.87 in early trading, marking a significant blow to a company that has been the fulcrum of the AI investment boom powering equity markets to record highs in recent years. The stock’s decline pushed its market capitalisation down to approximately $3.87 trillion, though it remains one of the most valuable companies globally. The shares had closed Wednesday at $173.73 following a broader tech-led rally that saw the Nasdaq Composite gain 1.60% to 25,466.19 and the S&P 500 rise 1.31% to 7,619.38.
The board’s decision to appoint Kress, who has served as Nvidia’s finance chief since 2018, as interim leader signals a push for continuity at a company whose fortunes are deeply intertwined with the global AI ecosystem. Analysts have noted that Huang’s departure could lead to a 20%-plus decline in the shares, given the uncertainty that would follow overhanging the stock. Nvidia is scheduled to report quarterly earnings next week, adding to the near-term uncertainty.
According to reports, Nvidia’s board had met on Wednesday evening after The New York Times detailed allegations that Huang had a second extramarital affair, this time with Kimberly Powell, an Nvidia executive who heads the company’s healthcare business and joined the firm in 2008. The earlier affair involved Alice Huang, a woman whom US authorities suspect of spying for Beijing. Singapore’s home affairs ministry confirmed on Thursday that Alice Huang left the country in February and was barred from re-entering following an investigation into possible offences. The company’s code of conduct explicitly instructs employees to “avoid situations where our actions create conflict,” including “personal relationships.”
US Trade Representative Jamieson Greer, speaking to CNBC, said the United States remains “concerned” about Nvidia as the world’s dominant supplier of AI chips grapples with the fallout. Congress reportedly will subpoena Huang for testimony in the Chinese espionage case, which involves questions about Nvidia chip sales to China.
Nasdaq Composite Plunges 374 Points as AI Trade Sentiment Sinks on Leadership Vacuum
The technology-heavy Nasdaq Composite bore the brunt of the selling pressure, falling 374.1 points, or 1.47%, to 25,092.11 at the open, as investors digested the implications of a leadership vacuum at the company that has been the largest single contributor to the AI-driven market rally. The index had closed at 25,466.19 on Wednesday, up 1.60%, after four sessions of gains that had seen chip stocks claw back some of the ground lost during last week’s rout.
The broader semiconductor sector experienced mixed trading as investors assessed whether Nvidia’s troubles could redirect business toward its rivals. Advanced Micro Devices (NASDAQ: AMD) rose 3.85% to $574.17, while Broadcom (NASDAQ: AVGO) gained 5.21% to $363.19, as both companies were seen as potential beneficiaries of any customer diversification away from Nvidia. However, other chipmakers declined, with Intel (NASDAQ: INTC) falling 2.53%, Micron Technology (NASDAQ: MU) dropping 2.44%, and Marvell Technology (NASDAQ: MRVL) losing 3.72%. The iShares Semiconductor ETF (SOXX) was down approximately 3%.
The pain extended beyond semiconductors into the broader AI ecosystem. CoreWeave (NASDAQ: CRWV), a neocloud provider backed by Nvidia, saw its shares plunge 7.27% to $56.35, giving back a portion of the 24.7% surge it recorded on Wednesday following a strong quarterly earnings report. Nebius Group (NASDAQ: NBIS) tumbled 16.93% to $128.50 after the company reported better-than-expected third-quarter revenue but offered cautious guidance that disappointed investors. Oracle (NYSE: ORCL) lost 2.87%, while Palantir Technologies (NASDAQ: PLTR) declined 1.14%.
Storage maker Sandisk (NASDAQ: SNDK) dropped 4.87%, and memory chipmaker SK Hynix declined roughly 4%, reflecting concerns that a leadership transition at Nvidia could slow the pace of AI infrastructure spending. Super Micro Computer (NASDAQ: SMCI) fell 8.38% to $27.88, while Dell Technologies (NYSE: DELL) lost 4.28%.
The sell-off was not uniform across the technology sector. Apple (NASDAQ: AAPL) edged up 0.31%, extending its rally after closing at a record high on Wednesday. The stock has risen 31% since the start of the year, making it the top performer among the Magnificent Seven in 2026 by a wide margin. Microsoft (NASDAQ: MSFT) gained 0.42%, Alphabet (NASDAQ: GOOGL) added 0.72%, and Amazon (NASDAQ: AMZN) rose 2.01%, as investors sought shelter in mega-cap technology names with diversified revenue streams less directly tied to the AI chip supply chain.
Also Read: What Is the New York Stock Exchange (NYSE)?
Dow Jones Holds Near Flat at 52,427 as Investors Rotate into Healthcare and Energy Defensives
The Dow Jones Industrial Average demonstrated relative stability, declining just 58.5 points, or 0.11%, to 52,427.94, as gains in healthcare and energy stocks offset weakness in technology components. The blue-chip index’s day range spanned from 52,427.94 to 52,617.07, reflecting the tug-of-war between sector-specific buying and broad market anxiety.
Healthcare stocks emerged as a safe haven, with Eli Lilly (NYSE: LLY) rising 0.74%, Johnson & Johnson (NYSE: JNJ) gaining 0.86%, AbbVie (NYSE: ABBV) adding 0.81%, and Merck (NYSE: MRK) advancing 0.31%. Amgen (NASDAQ: AMGN) rose 0.46%, while Gilead Sciences (NASDAQ: GILD) climbed 0.88%. The healthcare sector’s defensive characteristics attracted buyers seeking refuge from technology volatility.
Energy stocks also moved higher as crude oil prices reversed course following comments from President Donald Trump. Chevron (NYSE: CVX) gained 0.65% and ExxonMobil (NYSE: XOM) rose 0.55%. West Texas Intermediate crude futures rose more than 1% to above $87 per barrel, while international benchmark Brent crude futures advanced more than 1% to above $94 per barrel. Trump posted on Truth Social that “we don’t need a deal with Iran,” adding that “those days have long since passed. We’ve got their money, Hundreds of Billions of Dollars, and we’ve got their Strait!” The comments reversed a week-long decline in oil prices and raised concerns that the US-Iran conflict may persist indefinitely.
Consumer staples also attracted defensive positioning, with Procter & Gamble (NYSE: PG) rising 1.06% and McDonald’s (NYSE: MCD) gaining 1.48%. Coca-Cola (NYSE: KO) added 0.06% and Walmart (NYSE: WMT) edged up 0.08%. Boeing (NYSE: BA) declined 0.78% and Caterpillar (NYSE: CAT) fell 0.62%, reflecting concerns about industrial demand.
S&P 500 Drops 68 Points to 7,550 as 445 Million Shares Trade in First Minutes
The benchmark S&P 500 fell 68.5 points, or 0.90%, to 7,550.84 at the open, with trading volume reaching 445.8 million shares within the first minutes of the session. The index’s day range extended from 7,550.84 to 7,600.37, having closed Wednesday at 7,619.38. The broad market gauge remains within sight of its 52-week high of 7,844.52, though the Nvidia-induced sell-off has introduced fresh uncertainty about the sustainability of the AI-led rally.
Financial stocks showed mixed performance. JPMorgan Chase (NYSE: JPM) gained 0.21%, Bank of America (NYSE: BAC) declined 0.28%, and Goldman Sachs (NYSE: GS) fell 0.64%. Berkshire Hathaway (NYSE: BRK-B) rose 1.21%, while Visa (NYSE: V) slipped 0.03% and Mastercard (NYSE: MA) added 0.06%. The financial sector’s muted reaction reflected the absence of direct exposure to the AI trade, though concerns about rising interest rates continued to weigh on sentiment.
The bond market resumed trading after the Veterans Day closure, with Treasury yields mixed. The yield on the 10-year US Treasury note — the benchmark for mortgages, auto loans and credit card debt — stood at 5.034%, up 4.5 basis points. The 2-year Treasury note yield, which is more sensitive to short-term Federal Reserve interest rate decisions, was 3 basis points higher at 4.812%. The 30-year Treasury note yield was steady at 5.37%. The yield on the 10-year note has risen this week amid concerns that the Federal Reserve will raise rates again next month to tame inflation that remains well above the central bank’s target.
Market participants are pricing in a 92.8% likelihood of a Federal Reserve rate hike following the December meeting, according to the CME Group’s FedWatch tool. The projections follow Tuesday’s hotter-than-expected inflation report, which prompted Wall Street analysts to rapidly adjust their forecasts for more and bigger interest rate increases. A more hawkish central bank is viewed as a negative for US borrowers and riskier assets, including cryptocurrencies.
Oil Surges 1.5% to $94 as Trump Says ‘We Don’t Need a Deal with Iran’
Crude oil prices jumped following President Trump’s comments indicating that his administration has no intention of negotiating an end to the US-Iran conflict. WTI crude oil rose 1.5% to $94 per barrel, while Brent crude futures advanced more than 1% to above $94 per barrel. The move reversed a week of declines that had been driven by hopes of a diplomatic resolution.
Trump posted on Truth Social that he has asked Vice President JD Vance to focus his “complete and total attention on the Massive Corruption and Crime taking place in Democrat run Cities and States throughout the U.S.” The president added: “We don’t need a deal with Iran. Those days have long since passed. We’ve got their money, Hundreds of Billions of Dollars, and we’ve got their Strait!”
The comments came after The Wall Street Journal reported that Vance was considering direct talks with an Iranian official to bring about the end of the war. According to the report, Vance sent a letter to Mohsen Rezaei, a top security official in Iran, requesting a meeting. Vance also blamed the Republican Party’s midterm election losses on the war in Iran, stating on X that “the reason we lost is the war. The president himself said so last night.”
Iranian Security Chief Mohsen Rezaee warned on X that if there is “another war against Iran,” US military bases “from West Asia to Europe” would be targets, adding: “NO SAFE DISTANCE. NO SAFE HAVEN. NO IMMUNITY.” Iran’s Parliament Speaker and chief negotiator Mohammad Bagher Ghalibaf said in an Al Jazeera interview that the Strait of Hormuz would “never return” to its pre-war status and argued that maritime regulations fall under Iranian and Omani laws rather than international rules.
Bitcoin Trades at $73,413 as Strategy Slides 7.50% on MSCI Index Removal
Cryptocurrency markets remained under pressure, with Bitcoin trading 0.70% lower at $73,413 per coin over the last 24 hours, down from a high of $74,700 on Wednesday and nearing its lowest point in three months. The digital asset’s decline reflected broader risk-off sentiment and concerns about rising interest rates.
Strategy Inc (NASDAQ: MSTR), formerly known as MicroStrategy and the largest corporate holder of Bitcoin, fell 7.50% to $113.18 after MSCI announced it would remove the bitcoin-focused company’s shares from its global indexes. The index provider’s decision represents a significant blow to the company, which has been Bitcoin’s most prominent corporate advocate. The stock’s 52-week range spans from $81.81 to $226.00, and it has declined 41.33% over the past year.
Gold futures declined 2.6% to $3,895 an ounce, reflecting the strengthening dollar and rising bond yields. The US Dollar Index spot was 0.01% higher at 102.8873. In Asia, stocks held steady, with Australia’s ASX 200, India’s Nifty 50, South Korea’s Kospi, China’s CSI 300, Hong Kong’s Hang Seng, and Japan’s Nikkei 225 indices showing mixed performance. European shares edged higher at the open, with the pan-European Stoxx 600 index adding 0.3%, though the regional Stoxx 600 Technology index was down 1.3%, dragged lower by chip stocks.
Also Read: How to invest in US stocks
Jobless Claims Rise to 200,000 as Labour Market Shows Modest Cooling
Initial jobless claims showed a modest increase last week after hovering around their lowest levels since the late 1960s. First-time filings for unemployment benefits totalled a seasonally adjusted 200,000 for the week ending November 7, a gain of 9,000 from the prior period and higher than the Dow Jones consensus for 195,000, the Labor Department reported Thursday. Continuing claims, which run a week behind, fell 20,000 to just below 1.7 million.
The labour market data comes as investors await Friday’s Producer Price Index for fresh clues on inflation after consumer prices rose more than expected last month. Lower oil prices in November have eased some price-pressure concerns, though Middle East tensions remain a risk. Investors are also monitoring existing home sales data, crude oil inventories, and speeches from Federal Reserve officials including Michael Barr, Austan Goolsbee, Mary Daly, and John Williams.
Nvidia’s Leadership Crisis Threatens Fragile Chip Stock Rebound After Four-Session Rally
The chip sector’s four-session recovery from last week’s AI rout has been thrown into jeopardy by Nvidia’s boardroom crisis. A basket of 62 chip stocks had recovered less than a third of the market value lost from early October to last week’s low, and the PHLX Semiconductor Index (^SOX) remained stuck below its 200-day moving average despite a rally of approximately 17% off that low. Nvidia’s stock tumbled below a floor near $164 that had held twice in the past 14 months, signalling potential further downside.
Analysts have noted that Nvidia’s dependence on Huang is now exposed as a major market risk, with the dominant firm within the AI industry lacking clear succession planning. Some analysts suggested Nvidia’s value could be $300 per share with Huang as CEO and $225 per share without him, reflecting the premium the market has placed on his leadership. The stock’s 52-week range spans from $164.27 to $243.37, and it has declined 7.03% over the past year.
The uncertainty extends to companies in Nvidia’s investment portfolio. Coherent (NYSE: COHR) and Lumentum Holdings (NASDAQ: LITE) each fell more than 6%, while CoreWeave’s 13% decline in premarket trading reflected concerns about its close ties to Nvidia. CoreWeave had surged 25% on Wednesday following better-than-expected quarterly results and an improved revenue outlook, reinforcing expectations of sustained demand for AI infrastructure. The company is reportedly aiming to raise $4 billion through an investment-grade loan offering.
Anthropic Named Company of the Year with $33 Billion Revenue as AI Competition Intensifies
Yahoo Finance named Anthropic as its Company of the Year, recognising the AI laboratory’s extraordinary growth trajectory. In the nearly six years since OpenAI employees broke off and founded the rival AI lab, Anthropic has become one of the key players in the AI race. The company’s revenue surpassed $33 billion in the first nine months of the year after bringing in $2.5 billion the year before. Its number of customers spending more than $100,000 has increased from roughly 1,500 in December 2025 to more than 11,900 as of September 30.
Anthropic has also drawn its share of controversy, ranging from employees predicting that AI could kill all humans to showdowns with the Trump administration. Despite that, the company’s sales continue to improve, and its computing efficiency has jumped, meaning it is seeing more revenue per dollar spent on computing infrastructure. The company’s planned public debut next week is viewed as a significant test for the AI trade amid the current market turmoil.
The AI investment landscape continues to evolve, with BlackRock Investment Institute noting that the AI story is shifting from buildout to demand, adoption and who benefits as competition for capital intensifies. The institute said the supply-driven regime it has described for five years is largely priced in, making the outlook “less directional and more nuanced,” and warned that “a material slowdown in 2027, though far from certain, could have significant adverse market consequences.”
Market participants should monitor Nvidia’s interim leadership announcements, the company’s scheduled earnings release next week, and any congressional testimony regarding the Chinese espionage case for signals on operational continuity. Additionally, upcoming Producer Price Index data and Federal Reserve communications will provide critical context for interest rate expectations, while oil price movements and Middle East developments warrant attention for their potential impact on inflation and energy sector performance.
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