Nvidia falls 6.3% in November 10 session amid pressure on AI stocks
Key Facts
Nvidia shares fell 6.3% on November 10, making them the largest single drag on the S&P 500, according to the Associated Press. The move came amid broader pressure on AI stocks, while it could not be verified that Super Micro Computer shares fell in the same session or that export restrictions to China were the cause. EL7 data show Super Micro shares closed at $28.6 on November 9, but do not establish the stock’s move the following day. A Benzinga summary had linked the stock’s decline to export concerns, but the original report was not available for verification. The documented move in Nvidia therefore remains separate from Super Micro’s unconfirmed move in the November 10 session.
The Associated Press reported that Nvidia came under pressure after its board announced an investigation into its chief executive, Jensen Huang. The investigation concerned a relationship Huang acknowledged with a woman whom The New York Times said U.S. intelligence had identified as gathering information for China. The espionage allegations raised concerns that Beijing might seek access to Nvidia’s advanced chips, which are subject to U.S. export restrictions to China. The news agency reported that the stock fell more than 4% in Monday, November 9 trading and had lost about 11% of its value since the previous Wednesday. Those earlier moves show the pressure on Nvidia before its decline in Tuesday’s session, but do not establish the cause of Super Micro’s stock move in that session.
China rejected the allegation that it had tried to lure Huang, with a foreign ministry spokesperson describing the espionage claims on Monday as "unsubstantiated." In the background to the discussion, H200 chips are not Nvidia’s latest models, but remain advanced, according to the Associated Press. Huang had previously pushed to allow sales of the less advanced H20 chips to China. U.S. restrictions on exports of advanced Nvidia chips to China date back to 2022, and Washington later tightened its controls. In April 2025, the United States required licenses for H20 chip exports to China, before allowing some sales to resume later that same year.
On January 13, 2026, the U.S. Commerce Department announced that export applications for Nvidia H200 chips and comparable AMD MI325X chips to China would be reviewed on a case-by-case basis. The conditions included vetting the buyer and testing the product in the United States, according to the U.S. Bureau of Industry and Security. This places sales of advanced chips to China within a licensing process in which each application is assessed, while the chips themselves remain at the center of the concerns reported by the news agency. The policy provides regulatory context for the export risks facing companies linked to AI supply chains. It does not confirm that new restrictions were issued on November 10 or that they drove Super Micro shares lower that day.
Super Micro is working on solutions compatible with Nvidia’s Blackwell and Blackwell Ultra platforms, according to its fiscal 2026 annual report filed with the U.S. Securities and Exchange Commission. These include GB300 NVL72, GB200 NVL72, HGX B300 and B200 systems. This compatibility shows a connection between the company’s products and Nvidia platforms, but by itself does not establish a direct effect from any export restriction on its sales or share price in a particular session. The company also disclosed that violations or alleged violations of export controls on GPUs and related products had contributed to significant volatility and declines in its share price, and could continue to do so in the future. The disclosure appeared in the context of risks identified by the company in its annual report, not as an explanation for the stock’s move on November 10.
Fiscal 2026 results reflect a substantial expansion in Super Micro’s sales alongside a slight decline in its gross margin. Net sales were $39,063.1 million, compared with $21,972.0 million in fiscal 2025, an annual increase of 77.8%. Meanwhile, gross margin fell to 10.8% from 11.1% in the previous year. The company attributed the decline mainly to competitive pricing, product and customer mix, and higher manufacturing expenses. These annual figures provide background on the company’s financial performance and do not in themselves identify the cause of the stock’s move in the session covered by the news.
Supermicro previously announced on August 20, 2026, that it had completed an independent internal investigation into the alleged transshipment scheme. The company said the investigation team found no evidence that any current senior management member knew of the scheme, or that it had directly sold controlled products to prohibited entities or locations. It added that three people formerly associated with the company were no longer affiliated with it, that it had adopted recommendations to strengthen its compliance program, and that it continued to cooperate with authorities. This disclosure puts the company’s position on the export allegations in a context separate from the Nvidia board’s investigation of Huang. The latest documented price for Super Micro among the facts available here is its November 9 close at $28.6, with no reliable figure for the stock’s move on November 10.