Nvidia reverses from +2% to -2.6% on Friday, leaving it 13% lower than a week ago

Nvidia shares gave back an early gain on Friday and slid again. The Wall Street Journal's live market coverage was headlined "Nvidia Shares Slide Again as Investors Eye Fallout From Huang's Removal." At 1:46 PM ET the stock traded at $161.87, down $4.32 or 2.6% from Thursday's close of $166.19, according to Nasdaq.com's quote data. These are intraday figures, not closing prices.

The number behind the headline: it was up first

"Slide again" hides the shape of the day. Nasdaq's quote shows Friday's range at $158.39 to $170.00. The high was 2.3% above Thursday's close, so Nvidia started the session recovering from the drop that followed Jensen Huang's resignation, then lost all of it and more. From the high to the low is $11.61, about 7% of Thursday's close. Volume was roughly 268 million shares by 1:46 PM.

Nasdaq's market value of about $3.90 trillion implies roughly 24.1 billion shares. Applied to the $24.77 drop from last Friday's close, that is about $598 billion of value gone in five sessions, our arithmetic. The stock is 8.8% above its 52-week low and 33% below its 52-week high.

"Removal" or resignation?

The WSJ headline says removal. Nvidia's own Form 8-K, which we covered in our Nov. 12 report, says the board accepted Huang's resignation as CEO, effective immediately, with CFO Colette Kress as interim chief. Our earlier reporting also covered the WSJ's report that the board was preparing to oust him. Whichever word is right, the filing is the primary source, and it is the one to read.

The rest of the market

Our market data tool showed the S&P 500 at 7,548.6 (-0.67%), the Nasdaq 100 at 27,883.0 (-1.48%) and the Dow at 52,278.6 (-0.11%) at about 1:47 PM. MarketWatch's live headline said the major averages were on track for a weekly gain despite the tech weakness. Yahoo Finance quotes put AMD at $528.08 and Broadcom at $346.12, against Thursday closes of $585.30 and $364.36 in our midday report: roughly -9.8% and -5.0%. The PHLX Semiconductor index was near 10,070, about 4% below Thursday. The 10-year yield index (^TNX) read 5.14%.

Who it hits

• Holders of Nasdaq-100 and S&P 500 index funds: Nvidia is a large weight in both indexes, so its slide is in the account balance whether or not anyone chose the stock.
• Options traders: a $11.61 intraday range means a stock that can gap either way before Tuesday's report. Nasdaq lists the earnings date as Nov. 17.
• Owners of AI-adjacent suppliers and data-center landlords: the question is whether Nvidia's customer financing continues under an interim CEO, which we covered in our Nov. 12 report on the neocloud backstop.

What to watch

The Nov. 17 earnings call will be the first under an interim CEO. We could not find a single reported reason for Friday's reversal; the headlines cite the leadership fallout, not a new fact. Prices change by the minute, so check our markets page for live levels.

Sources: Nasdaq.com NVDA quote; WSJ live coverage (headline only, paywalled); MarketWatch live updates (headline only); Yahoo Finance quote data; Nvidia filings on SEC EDGAR. This is market information, not investment advice.