Key Highlights

  • Nvidia (NASDAQ:NVDA) was trading down about 11.93% at USD 153.00 in pre-market on Thursday, November 12, 2026, versus a November 11 close of USD 173.73, with other reports putting the drop at about 9% to 12%.
  • Co-founder Jensen Huang resigned as President, CEO and director effective immediately; CFO Colette Kress becomes interim CEO and Harvey C. Jones becomes the board's first-ever chair.
  • One strategist valued the stock at USD 300 with Huang and USD 225 without him, while Bernstein cut its target to USD 200 from USD 400 and Citi trimmed its target to USD 225 from USD 285.
  • Third-quarter fiscal 2027 results are scheduled for November 17, 2026, the next scheduled event for a company that Huang co-founded in April 1993, 33 years ago.

Founder Premium Meets a Software Moat

Nvidia (NASDAQ:NVDA) announced before the open on Thursday that Jensen Huang had stepped down, and published market data showed shares at USD 153.00, down USD 20.73. The release gave no reason, and commentary quickly compared the exit with Steve Jobs leaving Apple. Reported coverage also tied the move to an independent investigation the board opened on November 8 after reports of a foreign intelligence effort. Nvidia has not confirmed any compromise, and the board said it had no reason to believe US national security or company secrets were compromised. Huang took the company from graphics chips to the leading supplier of processors for AI, so the question for investors is how much of the share price reflected the person and how much reflected the business.

Why CUDA, Customers and Demand May Outlast a CEO

A chief Investment officer at Siebert Financial argued that investors may be confusing the value of Huang with the value of the business. In that view, the CUDA software ecosystem, long-standing customer relationships and AI infrastructure demand remain in place through a Leadership change, and the next CEO's task is to build the next Business rather than defend the last one. This is a reported opinion, not a company statement. No customer or partner has been quoted in the release, and a search found no verified customer reaction at the time of writing. A moat built on developer tools and installed systems changes slowly, which is the core of the bull case on leadership continuity.

Where the Founder Case Still Has Weight

The counter-argument is execution. KeyBanc downgraded Nvidia from Overweight to Sector Weight on the view that Huang's possible removal materially raised strategic, organizational and execution risks. Bernstein moved to Market Perform, and one firm cut its target to USD 185 from USD 315, about 6% above the last close (simple arithmetic on two published numbers). The board has not named a timetable or search firm for a permanent CEO, and the release is silent on any ongoing role for Huang. Peers moved differently pre-market, as reported. Advanced Micro Devices (NASDAQ:AMD) was up about 3.9%. Broadcom (NASDAQ:AVGO) gained about 3%. CoreWeave (NASDAQ:CRWV) fell about 7.2%.

Where Things Stand

It is too early to say. Nvidia (NASDAQ:NVDA) still has the CUDA ecosystem, customer relationships and AI infrastructure demand that one strategist says survive a leadership change, but the market is pricing a real discount for founder risk, with one strategist placing it near USD 75 a share. Leadership clarity is missing: Kress is interim CEO, no permanent successor or timetable exists, and the pre-market move is not a settled close. The next marker is the November 17 Earnings report.