2026-11-13 08:55

Lead: Huang Renxun steps down as CEO of NVIDIA, stock plunges up to 14% intraday, closes down 4.3%; major indices dip slightly, while AMD and Broadcom surge nearly 6% despite the sell-off.

The news of Huang Renxun’s resignation weighed on U.S. equities at Thursday’s open, with the Nasdaq initially dropping as much as 1.6%, and NVIDIA’s intraday decline reaching a peak of 14%.

Subsequent selling pressure eased gradually. All three major indices closed down by approximately 0.4%, while AMD and Broadcom rose nearly 6%, absorbing capital outflows from NVIDIA.

Major Indices Slightly Lower, Russell 2000 Drops 1.7%

Here are the trading results for U.S. markets on Thursday, November 12 (Eastern Time).

The Dow Jones Industrial Average fell 189.40 points, or 0.36%, closing at 52,297.09.

The S&P 500 declined 0.35%, ending at 7,592.40; the Nasdaq Composite dropped 0.39%, settling at 25,366.09.

Small-cap stocks fell further, with the Russell 2000 down 1.7%.

According to AP, over the first four trading days of this week, the S&P 500 gained 2.9%, the Dow rose 2%, and the Nasdaq advanced 3.2%.

Huang Renxun Resigns, NVIDIA Closes Down 4.3%

NVIDIA announced early Thursday that Huang Renxun has stepped down from his roles as Chief Executive Officer, President, and Board Member effective immediately.

Colette Kress, Chief Financial Officer, will serve as interim CEO, while the company begins searching for a permanent successor internally and externally. Harvey Jones, a veteran tech executive, has been appointed Chairman.

NVIDIA’s stock opened down 14%, but the intraday decline narrowed to a close of 4.3%, finishing at $166.19. Investopedia noted that the stock has now fallen nearly 40% from its peak last year.

Reuters data shows NVIDIA’s current forward P/E ratio is around 12x—its lowest since 2012.

NVIDIA is set to release its Q3 earnings next week, with Kress leading the call.

AMD, Broadcom Surge Nearly 6%, NVIDIA Ecosystem Stocks Under Pressure

Competitors moved in the opposite direction. AMD closed up 5.9%, Broadcom rose 5.5%, both leading gains in the S&P 500.

Other semiconductor stocks showed mixed performance. Intel, Marvell, and Micron all declined about 2%, while the Philadelphia Semiconductor Index dropped 0.5%.

Companies closely tied to NVIDIA generally underperformed. CoreWeave reversed from a 25% gain the previous day, falling 7%; Nebius plunged 17% post-earnings; Lumentum dropped 4%.

Super Micro Computer declined 11%. Bloomberg reported that the U.S. Department of Justice is investigating whether a woman linked to Huang Renxun was involved in smuggling Super Micro products to China.

Alibaba, listed in the U.S., fell 7.1%. Apple briefly hit a near $360 intraday high before closing marginally lower by 0.1%.

According to CNBC and other outlets, the U.S. Department of Commerce is finalizing new regulations requiring export licenses for Blackwell-class and newer AI chips destined for Singapore, Malaysia, Thailand, Indonesia, and five other countries, and restricting Chinese firms from remotely accessing these chips via overseas data centers.

U.S. Treasury Yields Surge, Oil Rises 3%

The U.S. 10-year Treasury yield jumped about 11.6 basis points to 5.105%, reclaiming above 5% for the first time in weeks; the 2-year yield rose to 4.867%, its highest since October 14.

Fed funds futures indicate market expectations of a 29-basis-point rate hike in December. The U.S. Dollar Index climbed to 103.18, marking a 19-month high.

Gold futures fell 3.1% to around $3,880 per ounce—the lowest since October 2025. Bitcoin dipped to approximately $71,500.

Oil rebounded sharply. Trump posted on social media that the U.S. "doesn't need a deal with Iran," while Houthi forces claimed attacks on multiple Saudi energy facilities in Yemen.

Brent crude surged $3.06, or 3.3%, settling at $95.82 per barrel; WTI crude rose $2.21, or 2.6%, closing at $88.74 per barrel.

In economic data, initial jobless claims for the week ending November 7 increased by 9,000 to 200,000, slightly above the expected 195,000.

Existing home sales in October declined 5.5% month-over-month, annualized at 3.75 million units, below the forecast of 3.85 million and the lowest level since August 2010.

Cisco Surges 3% After Hours, Applied Materials Swings

Cisco reported Q1 FY2027 revenue of $18.5 billion and adjusted EPS of $1.40, both exceeding estimates. The company raised its full-year revenue guidance to $74.8–75.8 billion, triggering a ~3% after-hours gain in shares.

Applied Materials posted Q4 revenue of $10.41 billion, a 53% year-over-year increase and record-high, with adjusted EPS of $4.16. Q1 guidance came in at $11.1 billion, plus or minus $500 million—above expectations—but shares initially rose then reversed lower after hours.

Cerebras, an AI chip firm, reported Q3 revenue of $230.9 million, surpassing forecasts, and raised its full-year guidance to $940–960 million. Shares surged ~12% after hours.

The Investor’s Business Daily reported that as of late Eastern Time Thursday, all three major index futures were slightly higher.

Today’s Focus

All times are in Beijing time.

Friday 21:30: U.S. October PPI. Following a CPI beat this week, PPI will further influence expectations for the December rate hike.

NVIDIA outlook: official CEO appointment, next week’s earnings report, and developments in U.S. chip export controls.

Treasury yields & oil: Can the 10-year yield hold above 5%, and how will U.S.-Iran tensions impact oil prices?

Source: TechFlow Column