Micron Falls 2.8% in AP Update as AI Stocks Waver After Huang’s Resignation
Key Facts
Micron shares fell during the November 12 session as Jensen Huang’s resignation jolted technology stocks tied to artificial intelligence. An Associated Press update said the stock fell 2.8%, while a Reuters report published the same day cited a 5.8% decline. Nvidia named finance chief Colette Kress interim chief executive after Huang’s resignation, according to AP. Turmoil spread to the broader market, with the Nasdaq and Nvidia falling while other chip stocks posted gains. The moves refocused attention on the links between memory and infrastructure suppliers and Nvidia’s business, without making their share performance uniform.
AP said Nvidia fell 14% during the session, alongside a 1.5% decline in the Nasdaq. By contrast, Broadcom rose 5.3% and AMD gained 5.8%, according to the news agency. The moves showed divergent performance across the sector that day, with two stocks down and two up in AP’s figures. The agency also reported that Micron sells computer memory whose demand has risen during the artificial intelligence boom. That placed the stock’s decline in the context of a sector in which investors are tracking how a leadership change at Nvidia could affect companies linked to the expansion of computing and AI.
Micron’s commercial ties to Nvidia’s platform extend to advanced memory products. In an announcement on March 16, 2026, Micron said its 36GB, 12-layer HBM4 memory had entered high-volume production. The company designed the product for Nvidia’s Vera Rubin platform and said its transfer rate exceeds 2.8 TB/s. Micron said high-volume shipments began in the first quarter of 2026. The launch provides background on the commercial relationship between the two companies, while neither stock update directly attributed the share move to a specific product.
Before the November 12 session, Nvidia shares had fallen 27% through Wednesday, November 11, amid investor concerns about whether Huang would remain in his post and the company’s direction after him, according to AP. An eMarketer analyst said Huang’s departure "introduces uncertainty that extends beyond the company itself." Reuters also covered concerns about infrastructure financing and regulatory risks, citing Democratic victories in midterm elections in states opposed to new data centers. The news agency estimated that Nvidia had lost about $300 billion in market value since its board announced on Sunday that it had opened an investigation. Portfolio manager John Bai Liu added that Nvidia’s sponsorship of cloud data center companies "has major implications for what comes next."
Among stocks linked to AI infrastructure, Reuters said CoreWeave fell 6% after rising more than 27% in the previous session, when its results helped spark a rebound in AI stocks. It also reported that the Philadelphia Semiconductor Index fell 1.3% during the November 12 session. In the context of Nvidia’s valuation, the agency said the stock was trading at about 12 times estimates for earnings over the next twelve months, its lowest level since November 2012. Before the resignation announcement, Micron closed at $811.3 and Nvidia at $173.73 on November 11. Micron had also closed at $656.39 on November 5, as part of the trading pattern before the session covered in the reports.
AP said Nvidia’s board would consider internal and external candidates to choose a permanent successor, and that the company had no succession plan. Kress joined Nvidia and became chief financial officer in 2013, according to the news agency. Nvidia announced that a committee of independent board members, assisted by an independent outside legal adviser, would oversee the investigation. In the near term, investors were awaiting Friday’s Producer Price Index, which Reuters said could help shape inflation expectations. Chip stocks’ response to concerns about Nvidia’s leadership and sector financing remains in focus, as published updates differed on Micron’s movement during the session.