Summary:
NVIDIA's stock price recorded its worst weekly performance in more than 18 months, as the chip giant continued to be under pressure after Huang Renxun's departure. Nvidia fell 2% on Friday to close at $162.85, and has fallen 13% over the past five trading days, its largest weekly decline since April 2025, when U.S. President Donald Trump announced plans to impose widespread tariffs, triggering global market turmoil. This is also the sixth consecutive week of decline for Nvidia, the longest losing streak since 2012.
Nvidia lost more than $570 billion in market value this week, a loss that exceeds the market value of 96% of the constituent stocks in the S&P 500 Index.
The world's most valuable chipmaker has been under pressure since its stock price hit a record high in early October. Even before investors learned of the scandal that led to Huang's ouster, the market was worried about the sustainability of AI infrastructure spending. Such concerns have intensified after the U.S. midterm elections, with some leaders elected by voters vowing to curb the rapid expansion of data centers.
Selling pressure intensified this week after Huang admitted to an extramarital affair and was later revealed to have had an intimate relationship with a subordinate. Nvidia's board of directors announced Huang's resignation on Thursday and appointed Chief Financial Officer Colette Kress as interim CEO.
Nvidia is scheduled to announce quarterly results on Tuesday, November 17.
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