Nvidia has worst week since Trump tariff selloff as Huang exits

Nvidia Corp. stock notched its worst week in more than 18 months, as its share price continued to reel after Jensen Huang’s ouster from the top chipmaker.

The stock fell 2% to close at $162.85 Friday, extending losses over the last five trading days to 13%, the worst weekly decline since April 2025 when President Donald Trump unveiled a sweeping set of tariffs that roiled equities around the world. It was also Nvidia stock’s sixth straight week of losses, the most since 2012.

In this week’s tumble, Nvidia shares erased more than $570 billion in market value, a loss that is greater than the market value of 96% of stocks in the S&P 500.

Shares of the world’s most valuable chipmaker have been under pressure since they hit a record high in early October. Even before investors learned about the scandals that took down Huang, they were worried about the sustainability of spending on the artificial intelligence buildout. Concerns grew after the US midterm elections, when voters elected several leaders who vowed to push back against the rapid expansion of data centers.

Selling pressure increased this week after Huang admitted to having an affair with an alleged Chinese spy and reportedly had another affair with an employee. Huang was removed by Nvidia’s board of directors and replaced with Chief Financial Officer Colette Kress as interim CEO.

Wall Street analysts have largely shifted to wait-and-see mode in the wake of the scandal. At least 13 analysts covering the chipmaker have downgraded shares this month, the majority of those coming this week, according to data compiled by Bloomberg. The company now has 15 hold ratings, the most since 2023. Still, 66 analysts recommend buying the stock, and only one recommends selling, data compiled by Bloomberg show.

Huang’s departure could impair Nvidia’s culture and the company’s future performance could be hurt if the company’s high-end chips end up in Chinese hands, Truist analysts led by William Stein wrote in a Thursday note. The firm downgraded shares to hold from buy. “This makes NVDA’s investment risks too great to forecast revenue or earnings with enough confidence to continue our Buy rating,” they said.

Nvidia shares could see continued pressure from the scandal as more details emerge. Huang has agreed to testify before Congress under oath, which is expected before the Thanksgiving holiday later this month, according to a key House Republican.

Senator Elizabeth Warren, who is poised to take over the Senate Banking Committee when Democrats take the majority in January, has criticized the company and its dealings with the White House. She joined others calling for a closer look at the role of Commerce Secretary Howard Lutnick. Officials “must explain why they have not closed export control loopholes and act today to ensure our advanced technology is not fueling China’s military,” said Warren.

Nvidia is scheduled to report quarterly earnings on Tuesday, Nov. 17.
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