Jensen Huang Exits Nvidia as AMD and Broadcom Rally | US Today.zip Nov 12

Jensen Huang, who co-founded Nvidia in 1993 and ran it for 33 years, resigned as chief executive and board member on Thursday, November 12, and Nvidia shares closed down 4.34% at $166.19. The rest of the chip sector split sharply: AMD rose 5.86% and Broadcom gained 5.54%, while all three major US stock indexes ended slightly lower and oil prices jumped after President Donald Trump said the United States no longer needs a deal with Iran.

Key numbers from the day:

- Dow Jones Industrial Average: 52,297.09, down 0.36%

- S&P 500: 7,592.40, down 0.35%

- Nasdaq Composite: 25,366.09, down 0.39%

- Nvidia: $166.19, down 4.34%

- AMD: $585.30, up 5.86%

- Broadcom: $364.36, up 5.54%

- Brent crude: $95.82 a barrel, up 3.3%

- WTI crude: $88.74 a barrel, up 2.6%

Three indexes slip as Nvidia and oil weigh

The Dow Jones Industrial Average fell 189.40 points, or 0.36%, to 52,297.09. The S&P 500 lost 26.98 points, or 0.35%, to 7,592.40, and the Nasdaq Composite dropped 100.10 points, or 0.39%, to 25,366.09. None of those moves is large on its own, but all three benchmarks moved in the same direction on the day Nvidia lost its founder as chief executive.

Market coverage pointed to two pressures. The first was uncertainty about who will steer Nvidia over the long term. The second was a rebound in oil that pushed Treasury yields higher. When yields rise, the future profits that investors expect from growth companies are discounted more heavily, which tends to weigh on technology shares more than on the broader market.

Nvidia itself fell as much as 14% shortly after the opening bell before recovering a large part of that drop by the close, so the 4.34% loss at the end of the day understates how sharp the first reaction was.

What changes at Nvidia after Huang's resignation

Nvidia's board said Huang resigned as president, chief executive officer and a member of the board, effective immediately. A filing with the US Securities and Exchange Commission shows the board accepted the resignation on Wednesday, November 11, and the company announced it before the market opened on Thursday.

Colette Kress, Nvidia's executive vice president and chief financial officer since September 2013, has agreed to serve as interim CEO. She will keep the CFO job until a permanent successor is named. The board said it will consider both internal and external candidates. It also appointed Harvey C. Jones, a director since 1993 and a former chief executive of chip design software company Synopsys, as the first chair in Nvidia's history.

The decision followed reports about Huang's extramarital affairs. In its statement, the board said it expects the company's operations, customer commitments and product roadmap to continue without interruption, and Kress said the company will keep building on the foundation Huang created over the last 33 years.

The share price tells part of the story. Nvidia closed at $173.73 on Wednesday after a 2.9% gain, then finished Thursday $7.54 lower at $166.19. The next checkpoint is close: Nvidia said it will report results for the third quarter of its fiscal 2027 on Tuesday, November 17, at about 1:20 p.m. Pacific time, as previously scheduled. Because this will be the first report under the interim leadership, the outlook for the next quarter and any comments on customer orders may matter more to investors than the headline revenue figure.

Why AMD and Broadcom moved the other way

AMD closed at $585.30, up 5.86%, and Broadcom ended at $364.36, up 5.54%. Both companies design chips used in AI data centers and compete directly with Nvidia, so analysts described the move as investors shifting attention toward rivals that could benefit from Nvidia's leadership change. AMD also received an upgrade from broker William Blair, which raised its rating to outperform from market perform on the same day.

Putting the two biggest moves side by side shows how wide the gap was. AMD's gain of 5.86% and Nvidia's loss of 4.34% add up to a spread of about 10.2 percentage points in a single session. In our reading, a gap that wide shows investors treating Nvidia's leadership risk as a company-specific issue rather than a problem for AI chips as a whole, and it is a useful signal to watch in the days before Nvidia reports.

How one post sent oil higher again

Brent crude, the international oil benchmark, settled at $95.82 a barrel, up $3.06 or 3.3%. West Texas Intermediate, the US benchmark, settled at $88.74, up $2.21 or 2.6%. Prices had been falling in recent weeks on hopes that the war involving Iran was close to ending, and Brent had dropped sharply from its late-October high.

That trend reversed after President Trump wrote on social media that the United States does not need a deal with Iran, saying it has Iran's money and its strait, a reference to the Strait of Hormuz. Market reports also cited a statement from Iran's Revolutionary Guard that two crude-carrying vessels had been struck in Hormuz. Oil matters for stocks beyond energy companies because higher fuel costs can lift inflation, which in turn shapes how long interest rates stay high.

OpenAI's reported $15 billion raise

OpenAI has raised $15 billion at a valuation of $1.25 trillion, according to a report citing people familiar with the matter. The report said OpenAI first sought up to $30 billion at a $1.4 trillion valuation before scaling back. OpenAI has not announced the round itself.

On a simple comparison, the reported raise is about half of the original target. Measured against the $852 billion valuation from OpenAI's March funding round, however, $1.25 trillion is about 1.47 times higher, an increase of roughly 47%. Rival Anthropic is expected to list its shares next week, according to reports, which means public investors will soon put their own price on a major AI developer. That listing may give investors a public reference point for valuing private AI companies such as OpenAI.

What to watch next

The schedule below uses US Eastern time:

- Friday, November 13, 8:30 a.m.: US producer price index for October

- Monday, November 16, 8:30 a.m.: New York Fed Empire State manufacturing survey

- Tuesday, November 17, 8:30 a.m.: US retail sales for October

- Tuesday, November 17, about 1:20 p.m. Pacific: Nvidia third-quarter results

The producer price report comes first and may show whether the rebound in oil is starting to feed into business costs. Retail sales will then show how consumers are holding up, and Nvidia's results will be the first real test of the company under its interim chief.

Key terms

- Interim CEO: a temporary chief executive who runs the company until the board names a permanent leader.

- Board chair: the director who leads the board of directors. Nvidia had not had a separate chair before this appointment.

- Brent and WTI: the two main crude oil price benchmarks. Brent is used for most international trade, and WTI tracks US crude.

- Valuation: the price investors put on a whole company in a funding round, which can differ from what the stock market would pay.

- Producer price index (PPI): a measure of the prices businesses receive for their goods and services, often read as an early hint of consumer inflation.

Bottom line

Nvidia lost its founder and longtime chief, and the stock fell while AMD and Broadcom rallied, suggesting investors may be separating winners and losers inside the AI chip trade. The next big test is Nvidia's earnings report on November 17, where the interim leadership's outlook will matter as much as the numbers.

Sources: NVIDIA CEO transition press release, NVIDIA Form 8-K filing, BLS November 2026 release schedule