Intel shares fall after Nvidia CEO Jensen Huang resigns

Intel ↘ 1.55% shares fell on Thursday, Nov. 12, after Nvidia ↘ 5.19% said Jensen Huang had resigned as president, CEO and board member, effective immediately. The drop spread to other chipmakers tied to Nvidia's business. The departure leaves investors asking what happens to Nvidia's stake in Intel and to the products the two companies are building together.

Nvidia's board named CFO Colette Kress interim CEO and said it would look at internal and external candidates for the permanent job, according to the company's release filed with the SEC. Huang resigned after reports of two extramarital affairs, one with a woman U.S. authorities suspect of spying for China and another with a company executive, The Wall Street Journal News Corp ↘ 2.37% reported. The board also named longtime director Harvey Jones as its first-ever chair.sec.gov+1

Chip stocks slide

The Philadelphia Semiconductor Index PHLX Semiconductor Index ↘ 0.85% fell 1.3% as Intel, Marvell Technology ↘ 2.58% and Micron ↘ 1.72% dropped between 2.8% and 4.2%, Reuters reported Thomson Reuters Corporation ↗ 0.52%. Nvidia fell as much as 14% early in the session before cutting its losses. Rivals Broadcom ↗ 4.98% and AMD Advanced Micro Devices, Inc. ↗ 5.32% rose, Investopedia noted. Intel's losses shrank later in the morning, which Benzinga read as caution across the chip sector rather than news about Intel itself. Intel had closed up 7.52% on Wednesday, according to Invezz.benzinga.com+3

A $13 billion question

Nvidia bought 214.78 million Intel shares at $23.28 each. That roughly $5 billion purchase closed on Dec. 26, 2025, and at Wednesday's close the holding was worth about $13.4 billion, Invezz calculated. The two companies are developing custom Intel x86 processors that connect to Nvidia's AI platforms through NVLink, along with PC chips that pair Intel CPUs with Nvidia RTX graphics. Nvidia has not committed to making its GPUs in Intel's factories.tradingview.com

Barron's wrote that the resignation raises questions about Nvidia's stakes across the AI supply chain. Analysts don't expect a forced sale, since Nvidia has no need for the cash. William Blair analyst Sebastien Naji wrote that existing contracts will survive a CEO change, but that the next round of deals is at risk, Blockonomi reported. Charu Chanana, chief investment strategist at Saxo Bank, wrote that "the bigger risk is that uncertainty starts delaying orders, product launches or infrastructure investment altogether."barrons.com+1

Earnings next

Nvidia said it will report third-quarter fiscal 2027 results as planned on Tuesday, Nov. 17, according to its release. Jones said the board expects "operations, customer commitments and product roadmap to continue without interruption," CNBC reported. Huang was the dealmaker behind those ties, and Kress now decides how many more to sign, Yahoo Finance noted. Tuesday's report will show whether she stands behind the company's guidance and commitments.cnbc.com+2