BUZZ - US stocks related to artificial intelligence plunge as Nvidia CEO Jensen Huang resigns

Latest Updates

November 12 - ** As chip giant Nvidia NVDA.O CEO Jensen Huang resigns (link), AI-related U.S. stocks continued their declines in pre-market trading; CFO Colette Kress will serve as interim CEO

** Nvidia also appointed former Synopsys CEO and board member Harvey Jones as its first chairman of the board, while Nvidia co-founder Jensen Huang will step down from the board

** Traders worry (link) that under new leadership, Nvidia (NVDA) might abandon its strategy of financing for data centers

Chips

** NVDA shares fell 10.5%, making it one of the biggest losers in the sector

** If the downturn continues, this would be the company’s biggest single-day drop since January 2025

** Marvell (MRVL.O), Applied Materials (AMAT.O), and Intel (INTC.O) declined between 3% and 5.6%

** Micron (MU.O) dropped 5.9%, Western Digital (WDC.O) and SanDisk (SNDK.O) fell between 5% and 8.6%

NEOCLOUDS

** CoreWeave CRWV.O fell 14.5%, after Bloomberg reported (link) the company plans to raise at least $4 billion through the issuance of high-grade bonds

** Peer company IREN IREN.O dropped 8.3%, while Nebius NBIS.O plummeted 20.3% as its fiscal year revenue forecast fell short of analyst expectations

Data Center Operators

** Core Scientific CORZ.O fell 5.3%, Applied Digital APLD.O dropped 7.3%, and Hut 8 Corp HUT.O declined 6.1%

(To facilitate non-English speakers, Reuters has automated the translation of its reports into several other languages. Since automated translation may be inaccurate or lack the intended context, Reuters does not guarantee the accuracy of the translated text. This service is provided for readers’ convenience only. Reuters accepts no liability for any harm or loss arising from the use of the translation feature.)