Nvidia's stock plummeted 14% at the opening bell. This is the lowest level in more than a year.

Nvidia shares fell 14% at the very start of trading on November 12—following the resignation of CEO Jensen Huang. The stock hit a low of $148.8—its lowest price since June 2025. In the minutes that followed, the stock’s decline slowed slightly, and it was down about 7%.

The leadership crisis at Nvidia has dampened investors’ appetite for risky assets: investors are trying to figure out what this means for the prospects of the AI-driven rally, according to Bloomberg. The Nasdaq 100 Index, which consists of the largest technology companies, initially fell 1.5%, but the decline then slowed to about 0.4%. At the time of this writing, the S&P 500 was down 0.1%, and the Nasdaq Composite was down 0.4%. The Dow Jones Industrial Average was up 0.1%.

Following Nvidia, other key AI-related stocks also fell. Shares of the non-cloud provider Nebius fell 16% after the market opened, despite the company’s third-quarter revenue coming in above expectations: investors were disappointed by the outlook. Oracle shares lost 2%, while chipmakers Micron Technology and Intel fell about 3%. In contrast, shares of AMD and Broadcom rose by several percent, as analysts had identified them as likely beneficiaries of Nvidia’s troubles.

“Potentially, this [Huang’s resignation] could reduce AI infrastructure costs in the long term, given that Nvidia is likely to lose market share. It could also mean that smaller improvements in the efficiency of these servers translate to lower AI performance, which in turn would make the entire ecosystem worse,” noted Ryuta Makino, an analyst at Gabelli Funds (as quoted by Bloomberg).

In addition to pressure on the AI sector, the market was affected by rising oil prices. This followed a statement by U.S. President Donald Trump on the social media platform Truth Social: “We don’t need a deal with Iran. Those days are long gone.” Brent crude futures rose as much as 1.8% to $94.4 per barrel at their peak, though they later fell to around $93.2 per barrel. U.S. WTI crude jumped to $87.75 per barrel but quickly gave up its gains.

Trump’s rhetoric signals a shift in tone following recent attempts to reach a diplomatic settlement with Iran, Bloomberg notes. Tehran has also made it clear that it is taking a hard line. The country will not remove “a single atom” of enriched nuclear material from its territory, said Mohsen Rezaei, secretary of the Supreme National Security Council, in an interview with Al Mayadeen. The nuclear issue is one of the key obstacles in the negotiations between the parties.

This article was AI-translated and verified by a human editor