Nvidia’s market value tracks toward its first close below US$4 trillion since July 2025
US equity markets absorbed a 14.3 percent intraday drop in Nvidia on Thursday, November 12, 2026, and closed with losses of less than half a percent across all three major indexes.
Reuters reported the chipmaker pared that decline through the session to finish 4.3 percent lower, a close AP News carried, after Jensen Huang resigned as chief executive and chief financial officer Colette Kress took over on an interim basis.
According to AP News, the S&P 500 fell 26.98 points, or 0.4 percent, to 7,592.40, while the Dow Jones Industrial Average dipped 189.40 points to 52,297.09 and the Nasdaq composite sank 100.10 points to 25,366.09.
CNBC put the Nasdaq’s decline at 0.39 percent and the Dow’s at 0.36 percent.
Reuters reported Nvidia’s market value was on track to close below US$4tn for the first time since July 2025, shedding more than US$1tn over the past month on rising interest rates, high debt levels at technology companies, and regulatory concerns.
The stock touched a 52-week low, per CNBC.
Investors moved into Nvidia’s competitors, CNBC reported, with Broadcom rising 5.5 percent and Advanced Micro Devices adding 5.9 percent, according to AP News. Alphabet rose nearly 2 percent.
“This is a golden opportunity for Amazon, for Google, for AMD, for Broadcom, for OpenAI and Anthropic, who are hiring chip experts to help them design their own chips,” Jed Ellerbroek, portfolio manager at Argent Capital Management, told CNBC.
The two chipmaker gains came close to offsetting the drop in Nvidia, the single heaviest weight on the S&P 500, AP News reported.
Other AI-linked stocks moved in both directions. CoreWeave fell 6.9 percent and Micron Technology sank 1.6 percent, according to AP News.
Reuters reported Nebius shed 18 percent after cutting its 2026 revenue forecast following delays in third-party capacity additions, and that Super Micro Computer fell 12 percent after a report it could face a US Department of Justice probe.
Capital.com senior market analyst Daniela Hathorn attributed the afternoon recovery partly to bargain hunting, telling Reuters that some investors appeared to be betting “that Nvidia’s competitive advantages, strong AI demand and established customer relationships will survive a leadership transition.”
Retail investors bought a net US$111m of Nvidia stock in the first half-hour of trading, the biggest opening bid on record for the stock, the same outlet reported, citing data firm Vanda Research.
US President Donald Trump wrote on Truth Social, “We don’t need a deal with Iran. Those days have long since passed,” CNBC reported.
Brent crude settled 3.3 percent higher at US$95.82 a barrel and West Texas Intermediate rose 2.55 percent to US$88.74.
The yield on the 10-year US Treasury jumped to 5.12 percent from 4.98 percent late Tuesday, according to AP News, and Bloomberg reported two-year yields climbed 14 basis points as traders braced for faster US Federal Reserve rate hikes.
“Investors continue to pencil in more rate hikes,” Gennadiy Goldberg, head of US interest rates strategy at TD Securities, told Bloomberg.
Nvidia reports quarterly earnings next week, Reuters reported, with the stock trading at about 12 times its 12-month forward earnings estimates, the lowest since November 2012, according to data compiled by LSEG.
James McCann at Edward Jones told Bloomberg the fundamentals around the chipmaker are unchanged, and that “it remains to be seen if a shift at the top of the organization will have a material effect on strategy and execution going forward.”
Japan’s Nikkei 225 and South Korea’s Kospi closed nearly 0.7 percent lower and European technology stocks were down about 1 percent, Reuters reported.
