Huang’s resignation rattles chip stocks as SanDisk falls 8.5% on November 12
Key Facts
Nvidia announced the immediate resignation of CEO Jensen Huang on Thursday, November 12, 2026, according to the Associated Press. Chief Financial Officer and Executive Vice President Colette Kress took over as interim CEO. In the same session, SanDisk shares fell 8.5%, according to a Reuters report carried by Kitco News. The decline came amid a broader retreat in AI-related chip and storage stocks. But the sector’s moves alone do not establish that Huang’s resignation directly caused SanDisk’s drop.
Pressure extended to other companies in the sector: Micron shares fell 5.8% in the same session, according to Reuters. The Philadelphia Semiconductor Index also closed down 0.5%, after rising 17.2% over the previous four sessions, according to a Reuters report on the market close. In an earlier update during the session, the index was down 0.9% after falling as much as 3.7%, according to Reuters coverage via Euronext. These figures show volatility spreading across a wider range of chip-related companies. A portfolio manager told Reuters: "The market is selling AI and technology stocks and buying safe-haven assets."
Reuters said concerns about Nvidia’s leadership weighed on one of the foundations of the bull market, alongside fears of further AI regulation. Nvidia shares fell as much as 14.3% during the session before paring losses to 5.4% in the latest update in Reuters coverage via Euronext. The breadth of the declines reflects the sector’s sensitivity to developments involving Nvidia, but available sources do not establish a direct causal link between Huang’s departure and SanDisk’s share move. Kress has served as Nvidia’s chief financial officer and executive vice president since 2013. The company said it is considering internal and external candidates for the permanent CEO role.
Alongside the market volatility, SanDisk is nearing an 8-for-1 forward stock split, approved by its board on October 29, 2026. The company said shareholders of record on November 9 will receive 7 additional shares for each share held, and split-adjusted trading is expected to begin on November 20, 2026. The post-split share price is expected to be one-eighth of its previous level, while the number of shares outstanding will increase eightfold. SanDisk said the total value of shares is expected to remain unchanged immediately after the split, with shareholders retaining the same proportional interests. The change is therefore in the number of shares and the nominal share price under the split mechanism, and does not by itself change the total value of a holding.
As for the company at the center of the sector’s developments, Reuters reported that Nvidia will announce its quarterly results in the week after the November 12 report. The results are due after the resignation announcement and Kress’s appointment on an interim basis, while the search for a permanent CEO continues to include internal and external candidates. These developments put Nvidia’s leadership and upcoming results in focus for investors tracking AI and chip stocks. SanDisk’s split-adjusted trading is set to begin on November 20, 2026, according to the company’s announcement.