The chip stocks that rose on Nvidia's crisis are falling hardest: AMD down 10% at midday

The trade that was supposed to be Nvidia's loss and everyone else's gain broke down on Friday morning. At about noon in New York, AMD was down roughly 10%, Broadcom down about 6%, the PHLX Semiconductor index down 5%, and Nvidia itself down about 3.6%, according to Yahoo Finance quote data we read at 12:00 PM ET. These are midday figures, not closing prices, and they will move.

The rotation, and its reversal

Earlier on Friday, CNBC reported that investors were rotating into rivals and partners after Jensen Huang's resignation, on the thesis that a leadership vacuum at Nvidia lets competitors catch up. A Mizuho trading executive told CNBC that TSMC, Broadcom and AMD were seen as winners because they lack Nvidia's management overhang. Our numbers show how far that had gone, measured from last Friday's close (Nov. 6) to Thursday's close, then to midday:

CNBC cited a 30% weekly gain for AMD and 24% for Broadcom; the exact window depends on when its figures were struck. On our Nov. 6 baseline AMD is up 16.7% even after Friday's drop, and it had been up 30.3% on the same baseline at Thursday's close. The point is the order of the damage: the names that gained most on the rotation are giving back the most, while Nvidia, the stock the rotation was away from, is falling less than AMD in percentage terms.

Why? We could not find a single stated cause. HSBC downgraded Nvidia to hold on Friday and cut its target to $170 from $365, saying the stock will struggle until a permanent CEO is named. Bloomberg's market wrap headline put it as a chip rout outweighing the inflation data, and Reuters said Wall Street reversed early gains as Nvidia fallout rattled tech. None of these explains AMD's move specifically. Our read, which is an inference and not a reported fact, is that a rotation that rose 30% in a week was crowded, and one more day of Nvidia uncertainty was enough to unwind part of it.

What everyone got wrong about the yield

The headline on Yahoo Finance's AlphaCheck piece says the 10-year Treasury yield "spikes on hot inflation read." The inflation read is October's producer price index, which we covered in our PPI story: up 6.5% on the year. But the move in the bond itself was small. The Treasury's own data put the 10-year at 5.10% at Thursday's close. Yahoo's 10-year yield index (^TNX) closed Thursday near 5.10%, hit 5.17% at 9:35 AM, and was at 5.13% at 11:47 AM. That is a peak of roughly 6 basis points and a net rise of about 3 basis points at the time we checked, a normal day, not a spike. The level matters more than the move: the Treasury's own series had the 10-year at 4.88% on Nov. 9 and 5.10% on Nov. 12, so yields have risen more than 20 basis points in four sessions.

Who it hits

• Traders in semiconductor ETFs and options: the index is still up 6.3% on the week but roughly 24% below its Oct. 6 peak, by our chart. A 5% one-day drop is large for an index.
• Owners with floating-rate debt: the 10-year at 5.13% sets the tone for term loans and mortgages. See our 10-year chart.
• Anyone in a 401(k) target-date or index fund: Nvidia, AMD and Broadcom are all large index weights, so this is in the account balance even if no one chose a chip stock.

What to watch

The next named catalyst is a permanent Nvidia CEO, which HSBC says is the trigger for its stock. On the macro side, retail sales are due Nov. 17 and the next CPI report on Dec. 10, per our economic calendar. Afternoon prices may differ from the figures above.

Sources: Yahoo Finance quote data (read Nov. 13, 2026, about 12:00 PM ET); U.S. Treasury daily yield curve; CNBC; CNBC on HSBC; Seeking Alpha, Bloomberg and Reuters headlines. Percentages are our arithmetic. This is market information, not investment advice.