Originally reported November 13, 2026.
Nvidia shares closed at $166.19 on November 12, down 4.43%, after the company announced a major leadership change, according to The Paper’s report. The stock had fallen as much as 14% early in the session before recovering some ground. The report put Nvidia’s market value at about $4.005 trillion, down more than $180 billion for the day.
Citing Xinhua, The Paper reported that co-founder Jensen Huang resigned as Nvidia’s president, chief executive and a director, effective immediately. Executive vice president and chief financial officer Colette Kress was named interim CEO. Nvidia said Kress would retain her existing roles while the board considered internal and external candidates for a permanent successor. The board also appointed Harvey C. Jones as its first chairman.
Shares of AI-chip competitors AMD and Broadcom rose more than 5% that day, while several companies tied to Nvidia declined, the report said. Truist Securities analyst William Stein downgraded Nvidia from buy to hold and cut his price target from $346 to $174. Bernstein lowered its target from $400 to $200.
Analysts’ views on what comes next differed. Wedbush’s Dan Ives said Kress could serve as interim CEO for about a year, with a permanent successor hired externally. Bernstein’s Stacy Rasgon said it was unclear who could make the long-term decisions needed to lead the company.
