Nvidia Falls 5.3% After CEO Resigns, Weighing on Tech Indexes
Key Facts
Nvidia shares fell 5.3% by 10:30 a.m. Eastern time on Thursday after the company announced the resignation of its CEO Jensen Huang, according to the Associated Press. The company said Chief Financial Officer Colette Kress would take over as interim CEO. The move came in a session marked by pressure on technology stocks, with the Nasdaq down 0.7% and the S&P 500 falling 0.4%, according to an agency update. Technology stocks were the biggest drag on the broader index in that update. These developments do not establish that Microsoft regained the No. 2 spot globally by market capitalization during the November 12 session.
Nvidia said Huang’s resignation was effective immediately and that Kress would take over on an interim basis. Kress has served as the company’s chief financial officer and executive vice president since 2013, according to the Associated Press. The leadership transition put the company’s management at the center of the session’s news, alongside its share-price decline. By 10:30 a.m., the stock was down 5.3%, the agency reported. A later agency update also said the stock fell about 5% in afternoon trading. At that point, the stock was more than 30% below the record high it had reached a little over a month earlier.
Thursday’s move followed earlier losses in the stock. The Associated Press reported that it fell 4.3% on Monday after Nvidia announced an independent investigation into reports that Huang had been targeted by a foreign intelligence agency. The agency said the stock had lost 23% in the 30 days before that report. In the November 10 session, Reuters reported that Nvidia fell more than 6% to about $167.11. In the same session, Microsoft shares fell 0.4% to $543.25, Reuters said. The agency reported at the time that Microsoft had overtaken Nvidia to become the world’s second-largest company by market capitalization for the first time since June 2025, but that was specific to the November 10 session.
For the November 12 session, it was not possible to verify the movement in Microsoft and Nvidia shares or their market-cap rankings using a reliable, publicly available source. EL7 data showed Microsoft closed at $521.13 a share on November 11, while Nvidia closed at $173.73. These figures are the previous day’s closing prices and do not by themselves establish the companies’ market-cap rankings during Thursday’s session. The share prices cited in the circulating version of the November 12 report also had no verifiable source in the material available. Microsoft’s return to the No. 2 spot that day therefore cannot be confirmed.
Microsoft’s financial results remain background on the company’s performance, not evidence of its share-price movement in Thursday’s session. The company said revenue for its fiscal year ended June 30, 2026, reached $331.8 billion, up 18% year over year. It added that Azure revenue exceeded $100 billion for the first time in the same fiscal year. Microsoft Ignite is scheduled to take place in San Francisco from November 17 to 20, with a digital experience available online, according to the conference’s official website. The event is scheduled for the week after the news session, and the material contains no information linking the conference to Microsoft’s share-price movement on November 12.