Huang’s resignation sends Nvidia shares down as much as 14.3% and lifts rivals
Key Facts
Nvidia announced on November 12, 2026, that Jensen Huang had resigned as chairman, chief executive and a member of the board, effective immediately, and appointed Chief Financial Officer Colette Kress interim CEO. The company’s shares fell as much as 14.3% during the session before paring losses, and were down 5.4% in the latest trading reported by Reuters. By contrast, Intel, AMD and Broadcom shares rose after Huang’s departure was announced, according to The Associated Press. The leadership transition puts the company’s future at the forefront of investor attention, with questions about its ability to maintain its dominance in artificial intelligence. Nvidia is scheduled to report quarterly results the following week, adding a near-term milestone for tracking developments at the company.
Nvidia said Huang’s resignation took effect immediately, with Colette Kress, previously the company’s chief financial officer, named interim CEO. The announcement means the company is changing leadership as investors assess the implications for its business and position in the AI chip market. The news involved more than a change of CEO: Huang also resigned as chairman and from his board seat. Shares across the sector moved in different directions after the announcement, with Nvidia falling in trading and rival companies’ shares rising. Reuters had tracked a sharp drop in the stock earlier in the session, before its losses narrowed in the latest trading it reported.
Nvidia’s board said it had begun searching for a permanent CEO and would consider candidates from inside and outside the company. The announcement did not set a date for choosing a permanent CEO, while Kress takes the role on an interim basis following the immediate leadership transition. The selection process for the next CEO is therefore among the matters investors are following alongside the company’s upcoming results. The resignation highlights questions about Nvidia’s ability to preserve its dominance in AI, The Associated Press reported. The agency also said investors are weighing the sustainability of heavy spending on the technology, a backdrop weighing on assessments of the sector’s prospects more broadly.
On the competitive front, AMD and Broadcom shares each rose more than 4% on November 12, Reuters reported, amid expectations that disruption at Nvidia could create an opportunity for rivals in the AI chip market. The Associated Press also reported that Intel, Broadcom and AMD shares advanced on Thursday after Huang’s departure was announced, as investors expect Nvidia customers to diversify their suppliers. Those moves have put rival chipmakers in focus as investors assess the effect of the change on customers’ choices and supply chains. Rivals’ gains coincided with Nvidia’s decline during the session, but did not erase the company’s losses in the latest trading reported by Reuters. Nvidia’s upcoming results remain a near-term milestone for tracking what the company says amid the leadership transition.
Nvidia set November 17, 2026, as the date for reporting results for the third quarter of its 2027 fiscal year, followed by an earnings call at 2 p.m. Pacific time. The results come five days after Huang’s resignation and Kress’s interim appointment were announced, as the board continues its search for a permanent CEO. Investors are watching for the company’s figures at this milestone after the sharp share move on the day of the announcement. The results also come as attention turns to the sustainability of AI spending and Nvidia’s ability to maintain its position, according to the context reported by The Associated Press. The earnings call is the company’s next scheduled event following the leadership transition announcement.