Nvidia Shares Fall 13% in Week Huang Resigned, Sixth Straight Weekly Loss, Ahead of Kress's Earnings Call Tuesday

Nvidia shares fell 13% this week and closed out a sixth straight weekly decline, the longest losing streak since 2012, according to CNBC. The chip giant has shed roughly $1.7 trillion in market value since the slide began in early October, CNBC reported.

The week included Jensen Huang's resignation as CEO on Thursday amid an alleged Chinese spy scandal. But the slide did not start with Huang. It began more than a month earlier, and CNBC noted that investors had already turned bearish before this week's saga.

The timeline of the slide

The sell-off has had more than one driver. On Thursday, just over a day after Democrats won control of Congress in the midterms, the Nasdaq fell 5.52% and the S&P 500 dropped more than 4%. Nvidia lost 9% that day, about $374 billion in value, according to figures reported by the Daily Wire. The Dow fell 1,833 points.

Investors feared that a Democratic Congress and newly Democratic statehouses would slow data center construction. Sen. Bernie Sanders demanded a "national data center moratorium now." Texas, home to roughly a quarter of planned U.S. data center capacity, flipped a Senate seat, and Gina Hinojosa ousted Gov. Greg Abbott after campaigning on a pause for new projects. UBS estimated about 30% of planned capacity could be affected.

President Trump blamed Democrats for the drop. Any sweeping federal crackdown would likely face a Trump veto, the Daily Wire noted.

Investors want the door left open

Altimeter Capital's Brad Gerstner and Atreides Management's Gavin Baker have asked Nvidia's board to run a slow, deliberate CEO search that leaves open the possibility of Huang's return, CNBC reported. The two firms disclosed about $2.13 billion of Nvidia stock combined as of June 30.

Not everyone wants him back. CNBC aired a segment in which Alex Kantrowitz, founder of Big Technology, joined "Squawk on the Street" to explain why Huang's ouster is "good for America," according to the segment's headline.

Chief Financial Officer Colette Kress is serving as interim CEO. In a statement Thursday morning she said: "Our focus remains on serving our customers, partners, developers and shareholders."

Who gains if Nvidia stumbles

Roundhill Investments CEO Dave Mazza argues that Big Tech may come out ahead. "If we get into an environment where people can't trust … Nvidia, they're going to look for other sources for these chips because they need them," he said on CNBC's "ETF Edge." The interview took place Monday, before Huang resigned.

Mazza said hyperscalers with available compute could keep benefiting. His firm's Magnificent Seven ETF finished the week up less than 1%.

Dan Ives of Yorkville Ives said on the same program that the market would stay optimistic about other AI chip players such as AMD and Alphabet if Nvidia faces prolonged headwinds.

The warnings are sharper elsewhere. David Bahnsen, chief investment officer of The Bahnsen Group, told The Epoch Times that the recent tech pullback "does not represent a buying opportunity." He pointed to a possible "blow-off top" and to "complacency around risk and the disconnect from valuations and revenue models that make sense."

The financing question

The neocloud corner of the AI trade is where Nvidia's role is most exposed. The Roundhill Neocloud ETF is down 39% since its August 2026 launch amid concerns about balance sheet strength, and CNBC tied those concerns to Nvidia's role in financing the AI buildout.

Results from the ETF's top holdings were mixed. CoreWeave had its best day since April 2025 on Wednesday after its quarterly report, then fell again Friday. Nebius shares sank after its Thursday report.

What comes next

Nvidia reports third-quarter earnings next Tuesday, Kress's first opportunity to reassure the market as interim CEO.

The open question is whether she can give investors a clear answer on leadership and on Nvidia's financing commitments to AI partners. The board's response to the Gerstner and Baker request on a CEO search will also draw attention.