Why are chip stocks down today? AMD falls about 10% and the semiconductor ETF loses 4% as the Nvidia CEO fallout returns
The reversal came quickly. Major US indexes opened higher, then gave up those gains within the first half hour as technology shares came under fresh pressure, Reuters reported via Investing.com. By 10:08 a.m. ET the S&P 500 was down 0.70% and the Nasdaq Composite down 1.08%, while the Dow was close to flat. Decliners outnumbered advancers by 1.75 to 1 on the Nasdaq. Thursday had looked like a stabilisation: Nvidia recovered most of a 13% opening drop, and AMD closed 5.9% higher after William Blair upgraded it, as covered in our report on the AMD upgrade.
What happened
Nvidia said on Thursday, November 12, that Jensen Huang had resigned as president, chief executive and board member with immediate effect, with chief financial officer Colette Kress serving as interim CEO and director Harvey C. Jones named board chair. The filing gave no reason. The move followed a board investigation announced the previous weekend, which we covered in our report on the resignation. Nvidia has not named a permanent successor.
Friday's selling was broader than Nvidia itself. Yahoo Finance reported early declines in AMD, Broadcom and Intel, with memory names such as Micron and Sandisk extending losses from the prior session, while ASML was little changed and TSMC fell less than 1%. Later in the morning the Investing.com market page showed Micron down about 5%, Marvell and Western Digital down about 7%, and AI infrastructure names such as Dell and CoreWeave down more than 9%. The pattern looks like investors cutting exposure across the AI hardware chain rather than rotating from one chipmaker into another, which is what Thursday's session had suggested.
What the market is pricing
Last trades from Twelve Data, read at 16:57 UTC on November 13, 2026, against Thursday's official closes. For comparison, our desk's reading at 15:44 UTC is shown in the last column.
| Ticker | Last | Change | Session low | At 15:44 UTC |
|---|---|---|---|---|
| AMD | $524.27 | -10.43% | $520.01 | $530.94 (-9.29%) |
| Broadcom (AVGO) | $343.73 | -5.66% | $337.68 | $341.14 (-6.37%) |
| Nvidia (NVDA) | $160.30 | -3.54% | $158.40 | $159.99 (-3.73%) |
| VanEck Semiconductor ETF (SMH) | $479.78 | -4.37% | $473.32 | $477.44 (-4.84%) |
| Invesco QQQ (Nasdaq-100) | $675.35 | -1.86% | $671.71 | $674.02 (-2.06%) |
| SPDR S&P 500 (SPY) | $750.38 | -0.89% | $747.94 | $750.14 (-0.92%) |
AMD is the standout. It opened at $566.57, already below Thursday's $585.30 close, and slid to a session low of $520.01, wiping out the 5.9% gain it made on the upgrade and more. Nvidia's drop is smaller in percentage terms, but at $160.30 the stock is only about 8% above the 52-week low of $148.80 it touched on Thursday morning and about 34% below its 52-week high of $243.37. The broad market is down less than 1%, which puts the damage squarely in the technology and semiconductor groups.
Why it matters
The AI chip group has carried a large share of US equity gains, so a leadership shock at its largest company tests how much of that rally rested on confidence in one management team. Thursday's bounce suggested investors were willing to look through the change at the top. Friday's session shows that view is not settled, and the timing is awkward: Nvidia reports third quarter fiscal 2027 results on Tuesday, November 17, with the conference call at 5 p.m. ET, according to the company's investor relations site. It will be the first set of results presented under an interim chief executive.
Rates are not helping. The 10-year Treasury yield was around 5.13% on Friday, according to the Investing.com market page, and prediction markets price a December rate hike as close to certain. On BetG8's live Fed rate decision odds page, a quarter-point hike on December 9 was at 91.5% on both Kalshi and Polymarket at 16:58 UTC. Higher discount rates weigh most on companies valued on long-term growth, which describes most of the AI hardware complex. The October producer price data, covered in our PPI report, came in slightly below forecast but showed annual wholesale inflation at its highest since 2022.
What to watch next
First, the close: whether AMD and the semiconductor ETF finish near their lows or recover into the bell, as Nvidia did on Thursday. Second, Nvidia's results on November 17, where guidance and any comment on the leadership transition will matter as much as the quarter itself. Third, the succession question, which prediction markets have been pricing since Thursday; our Nvidia topic page collects the live Polymarket markets on the company, and the markets hub ranks every live market by volume. Fourth, the Fed: the December 9 decision and the January meeting odds will shape how much pressure rates keep on growth stocks.
Method and limits
Stock prices are last trades from Twelve Data during the regular session and will change before the close. Intraday index figures are as reported by Reuters via Investing.com at the stated time. Fed odds are from BetG8's live page, which reads Kalshi and Polymarket every five minutes. Nothing here is a forecast by BetG8 or investment advice.
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Frequently asked questions
Why are chip stocks down today?
On November 13, 2026, chip stocks fell as investors sold the AI semiconductor group again a day after it rebounded from Jensen Huang's exit as Nvidia CEO. At 16:57 UTC AMD was down 10.4%, Broadcom 5.7%, Nvidia 3.5% and the VanEck semiconductor ETF 4.4%, according to Twelve Data.
Why is AMD stock down today?
AMD fell about 10% to $524.27 by 16:57 UTC on November 13, 2026, erasing the 5.9% gain it made on Thursday after William Blair upgraded the stock. The decline came as the wider AI chip group sold off on continuing uncertainty around Nvidia's leadership.
When does Nvidia report earnings?
Nvidia reports third quarter fiscal 2027 results on Tuesday, November 17, 2026, with a conference call at 2 p.m. PT (5 p.m. ET), according to the company's investor relations site.
Sources
- Reuters via Investing.com, Wall St gives up early gains as tech stocks slide on Nvidia turmoil
- Yahoo Finance, Nvidia stock slips as investors digest CEO exit, rest of chip sector falls
- NVIDIA Investor Relations, NVIDIA sets conference call for third quarter financial results
- Twelve Data, AMD, AVGO, NVDA, SMH, QQQ and SPY quotes, read 16:57 UTC
- Kalshi and Polymarket, Fed decision markets, read 16:58 UTC via BetG8's live page
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