Nvidia Falls 8.6% After Hours as Board Weighs Huang’s Future
Key Facts
Nvidia shares fell 8.6% in extended trading on Wednesday, November 11, after rising 2.9% during the regular session, according to the Associated Press. The decline followed reports that the company’s board had met to discuss CEO Jensen Huang’s position. Reuters said the board met Wednesday evening to consider removing him, citing a person familiar with the matter. The company’s bylaws allow Huang to be removed “with or without cause” by a majority vote of directors, the news agency reported. The board has 11 directors, according to the same report. The stock closed at $173.73, according to EL7 data.
Reports of the board meeting put leadership at the forefront of the stock’s move, while competition for AI spending remained part of the market backdrop. The documented facts here do not provide details that would support a specific forecast for TPU unit sales in 2027 or measure spending that shifted from Nvidia to Google. But Alphabet’s results indicate that Google Cloud’s AI-related business is contributing to commercial growth. Google Cloud revenue rose 103% to $30.7 billion in the third quarter of 2026, according to the company’s filing. Alphabet said sales of TPU systems made a meaningful contribution to revenue growth.
In its quarterly filing, Alphabet said revenue from TPU supply agreements began to be recorded in the second quarter of 2026, with the bulk expected to be recorded in 2027. That provides a timeline for revenue tied to the agreements, not an estimate of TPU unit sales over the coming year. The company says product revenue in Google Cloud comes mainly from sales of TPU systems. Service revenue comes mainly from consumption fees and subscriptions to Google Cloud Platform and Workspace. The distinction means Cloud growth combines system sales with platform services and subscriptions.
Google announced the TPU 8tx and TPU 8i Max systems on November 9 as part of an expansion of its eighth-generation portfolio. It said the 8tx is designed for secure, confidential inference and uses the same silicon as the TPU 8t, with fifth-generation AMD EPYC processor hosts. The company estimated that latency on the 8tx could be reduced by up to two times compared with the TPU 8t. The TPU 8i Max combines two 8i chips in one package. Google said the system provides twice the compute, SRAM memory and HBM bandwidth compared with the 8i.
Google says its TPU business has nearly 100 customers, including advanced laboratories, trading and retail companies, and universities. The figure places its customer base within the picture of commercial expansion the company has presented, alongside its announcement of new systems and growth in Cloud revenue. However, the reported increase in Google Cloud revenue alone does not establish how much demand came from new customers or from specific supply agreements. Nor does it show that Nvidia’s after-hours decline shifted spending to Google. Third-quarter results and the company’s disclosures on TPU agreements remain separate indicators of its business activity.
Nvidia’s after-hours decline came during a session that saw gains in AI-linked stocks; CoreWeave shares jumped 24.7% on November 11. The Associated Press attributed the rise to the company reporting smaller-than-analysts-expected losses during the summer. The contrast between CoreWeave’s move and Nvidia’s decline highlights how trading is sensitive to company news and results across the same sector. Reuters said Nvidia’s market value loss since its board announced the investigation could reach about $600 billion if the decline continues. That figure covers the period since the investigation was announced, while the more-than-8% drop in extended trading was the specific move on November 11 cited in the agency’s report.
Nvidia has set November 17, 2026, as the date for reporting results for the third quarter of its 2027 fiscal year, at 05:00 p.m. Eastern Time. The date follows Wednesday’s session, in which the stock rose during regular trading before falling in extended trading amid reports of the board meeting. The results will give investors a near-term milestone for tracking the company’s performance, as discussion continues over Huang’s position. Alphabet, meanwhile, said the bulk of revenue from TPU supply agreements is expected to be recorded in 2027. The stocks’ movements and published results remain separate indicators of how competition and demand in cloud computing and AI are evolving.