Nvidia shares lose $650 billion by 13 November after Jensen Huang resigns

Market value falls below four trillion dollars

Nvidia's market capitalisation has dropped below four trillion US dollars, with about 650 billion dollars lost in the week to Friday, 13 November, so far. The shares traded at around 160 dollars at the time of reporting, well below the all-time high of about 243 dollars reached on 6 October. Since that peak the company has shed more than 1.92 trillion dollars in market value, a fall from just under 5.8 trillion to about 3.8 trillion dollars. Roughly two thirds of that decline dates from the period since the affair allegations became public. The stock is down 14 percent since the start of the year, and the loss now exceeds the current market value of Tesla, Meta Platforms and Berkshire Hathaway together.

Peak, 6 October 2026 (just under)5.8

Latest report, 13 November 2026 (about)3.8

Peak, 6 October 2026 (just under)

5.8 trillion US$

Latest report, 13 November 2026 (about)

3.8 trillion US$

Data from the article text

From affair reports to resignation

Reports based on American government sources said on Friday, 6 November, that Huang had a romantic relationship with a former manager at Megaspeed, a Singapore-based Nvidia customer, whom the reports assessed as a suspected Chinese spy. Nvidia had earlier described its contact with her as ordinary business. Bloomberg reported that chief legal officer Tim Teter drove to Huang's home and confronted him, after which Huang admitted the affair. The board then opened an external investigation led by a prominent law firm. On the Sunday morning, Huang emailed all staff, admitted misconduct, apologised to his family and pledged full cooperation. He announced his resignation with immediate effect on Thursday, 12 November, leaving Colette Kress, the chief financial officer, as interim chief executive. Most reports describe a resignation, while NZZ writes that the board dismissed him.

Investors move money out of Nvidia

Investors have sold Nvidia shares heavily, pushing the stock to its lowest level since March after a loss of more than 10 percent since Friday, 6 November. The pressure has spread to other AI stocks, with CoreWeave falling on Thursday despite strong quarterly results released earlier. Hyperscalers Alphabet, Amazon, Meta and Microsoft have held up relatively well, even though they are among the largest buyers of Nvidia's graphics processors. Broadcom and AMD have gained about 17 and about 30 percent respectively since Friday, 6 November, as money moves from Nvidia into rivals. Alphabet also gained after it announced a broader range of AI chips. Kathleen Brooks, research director at XTB, said the departure weighs on the whole sector.

“There is now no one left who champions AI as much as Jensen Huang did.”

Swiss pensions and ETF savers

Blick reports that many Swiss investors hold Nvidia directly or indirectly through ETFs and pension funds. Dominik Schmidlin of St. Galler Kantonalbank estimates that on average one percent of Swiss pension fund assets is invested in Nvidia, and he says the drop does not endanger coverage ratios, which average about 120 percent. Schmidlin said the shock is limited to management:

“The shock affects the leadership, not the business model.”

Behavioural economist Hartmut Walz advised holders of single shares to do nothing, arguing that a sale would lock in paper losses and a purchase would be a risky bet on recovery. Niels Nauhauser of the Baden-Württemberg consumer advice centre said the turbulence shows that diversification works, since Nvidia makes up about five percent each of the FTSE All World and MSCI World indices.

What comes next

Nvidia reports quarterly results on Tuesday, 17 November, when Colette Kress is expected to face questions about the web of financing deals Huang arranged. The initial public offering of Anthropic, one of the largest users of Nvidia chips, is expected on Thursday, 19 November. WirtschaftsWoche reports that whether the AI trade stays intact depends on whether Nvidia's business relationships with the rest of the industry survive, and Huang's successor could take a more critical view of investments in the company's own customers.