Key Highlights

  • Nvidia (NASDAQ:NVDA) closed at USD 173.73 on November 11, 2026, up 2.87%, then fell roughly 10% to 11% in premarket trading on Thursday after announcing that Jensen Huang had resigned as chief executive and director.
  • Premarket quotes near USD 155 to USD 157 left the stock more than 30% below its October 6 record close of USD 239.24, well inside Bear Market territory.
  • Nasdaq futures had already pointed lower overnight, when the stock fell between about 6.5% and 9% in extended trading on reports that the board was preparing to remove him.
  • Since the board announced its review on November 8, the company has lost hundreds of billions of dollars of market value, while results are still due on November 17.

From Relief Rally to Leadership Shock

Wednesday began as a recovery day. The stock rose almost 3% in regular trading as chip stocks staged their strongest session in more than a week, helped by strong results from CoreWeave, one of Nvidia's largest customers. That rebound followed losses of 4.27% on Monday and 5.47% on Tuesday. Shortly after the close, reports emerged that directors were preparing to remove Huang, alongside a separate report of a second alleged relationship involving a senior company executive, and selling accelerated through the evening session with declines above 8% in extended trading. On Thursday morning the company confirmed the departure, naming CFO Colette Kress interim chief executive and director Harvey Jones its first chair. The confirmation turned an overnight rumour into fact and extended the loss in premarket trading. The move reversed the entire relief rally and added a fresh leg to a decline that had already taken the shares down by more than a quarter in about five weeks.

Why the index Impact Is Larger Than Usual

Nvidia is one of the heaviest weights in both the S&P 500 and the Nasdaq-100, so a fall of this size in a single name moves futures for the whole market. The early Thursday picture showed that clearly: technology-heavy contracts fell by more than the broad index, while Dow futures, where Nvidia's price-weighted influence is smaller, were far less affected. The stock's Market Value of about USD 4.19 trillion at Wednesday's close had already slipped below Apple's, and a further fall of about 10% would take it toward USD 3.8 trillion. The decline also weighed on Asian chip suppliers, with markets in Taiwan and Hong Kong under pressure. Other AI names that rallied on Wednesday, including Cipher Mining and IREN, also gave back gains in early trading, which shows how much of the AI trade is tied to the leading accelerator maker.

What Separates Price From Fundamentals

The selloff is a governance and key person event rather than a change in reported demand. Nvidia guided third quarter fiscal 2027 Revenue of USD 108 billion, plus or minus 2%, and its first half revenue rose 85% to USD 96 billion. Customers are still lifting spending plans, as CoreWeave's raised 2026 revenue outlook showed this week. The risk is that leadership uncertainty disrupts relationships with hyperscale buyers, slows decisions on product timing or complicates export policy talks. Investors are also weighing whether the episode raises the risk premium applied to the stock, given that much of its valuation rests on years of expected growth. A prolonged search for a permanent chief executive could add to that discount, although the interim structure with Kress gives customers a familiar finance leader and the company said the board has full confidence in her.

Where Things Stand

Regular trading will show whether the premarket losses hold or attract dip buyers. The next fixed date is November 17, when Nvidia reports results with Kress as interim chief executive, and the next unknown is the timing and source of a permanent successor. Until then, board announcements, lawmakers' requests and any further official comment on the independent review will likely drive the shares and the wider technology complex.