Nvidia Opens 13% Lower After Huang's Resignation, Then Claws Back to a 4% Loss as Volume Passes 373 Million Shares
The chipmaker fell as much as 14% at the open on Thursday before buyers returned. Analysts cut targets, a short fund jumped 14.8% and the stock stayed well below $4 trillion in value.
Thursday, November 12, 2026/2 min read
Nvidia's stock did what a stock of its size rarely does: it lost more than a tenth of its value in minutes and then took most of it back in a morning. Shares fell as much as 14 percent early on Thursday, then recovered to trade about 4 percent lower at $166, $7 below Wednesday's close of $173.73, according to the San Francisco Standard. The trigger was the company's announcement that Jensen Huang had resigned as chief executive, effective immediately, with chief financial officer Colette Kress serving as interim chief executive. This piece covers the share price only; the board's earlier moves are in our morning report.
It is a midday snapshot of a session still in progress, not a close.
How far did Nvidia shares fall on Thursday?
The stock opened more than 13 percent lower, below $4 trillion in market value, then recovered to about 7 percent lower at $161.09 shortly after 10 am Eastern, MLQ reported. By 11:33 am Eastern (16:33 UTC) CNBC's live blog had it down about 4 percent, after losses of more than 10 percent earlier. Its market value was just under $4 trillion, CNBC said in a separate report; the company had closed above that mark since July 2025.
Trading was enormous. More than 373 million shares changed hands in the first hours, against a 30-day average of 144.4 million, CNBC's live blog said, and the San Francisco Standard called it the day's most actively traded stock. A leveraged fund that bets against Nvidia, the GraniteShares 2x Short NVDA Daily ETF, rose 14.8 percent in the same report.
Why are analysts cutting their price targets?
Several firms repriced the stock. Bernstein halved its target from $400 to $200 and kept a Market Perform rating, saying Kress can keep operations running for now, according to CNBC and Yahoo Finance's live updates. RBC Capital Markets cut its target from $330 to $230. Yahoo reported that Oppenheimer downgraded the stock and removed its target, and that Dan Ives lowered his from $300 to $225.
Not everyone is selling the story. Mark Malek, chief investment officer at Siebert Financial, said the market may be conflating Huang's personal value with the company's, and argued that a firm this size should not depend so heavily on one person. CNBC added that the stock is down more than 20 percent over the past month.
Which chip stocks gained or lost on Nvidia's drop?
Rivals benefited. At 11:21 am Eastern AMD was up 2.1 percent at $564.25 and Broadcom up 4.8 percent at $361.78, with Micron down 4.6 percent at $773.76, the San Francisco Standard said. By 11:33 CNBC had AMD up about 4 percent and Broadcom about 5 percent. The broader Nasdaq had turned positive, a swing our Wall Street midday report covers.
What is the next test for Nvidia's share price?
Nvidia still plans to report third-quarter results on Tuesday 17 November, now with Kress presenting as interim chief executive, according to Yahoo Finance. Until then, the question is whether Thursday's recovery holds into the close. A finish near Thursday's midday level would be a far smaller loss than the opening suggested.
Published in The Outspoken Digest
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