Midday Movers: NVIDIA Drops Over 4% Weighing on Chips; AMD, Broadcom Surge Over 5%

U.S. stocks traded mixed midday on November 12, with major indexes diverging sharply. The Nasdaq Composite dropped over 1%, weighed down by continued selling in NVIDIA, while the S&P 500 edged slightly lower and the Dow Jones Industrials drifted in a narrow range. Market attention remained squarely on the fallout from NVIDIA CEO Jensen Huang's resignation.

Across the tape, the semiconductor space saw dramatic bifurcation: NVIDIA extended its slide, falling more than 4%, while AMD and Broadcom each surged over 5%. AI cloud computing names broadly declined, with Nebius plunging over 16% and CoreWeave dropping nearly 7%. On the upside, Google parent Alphabet rallied nearly 3%, and Apple hovered near its all-time high.

Semiconductors Split Sharply — NVIDIA Down 4%+, AMD and Broadcom Up 5%+

As of the latest check, NVIDIA (NVDA) fell 4.62% to $165.70 on volume of 578 million shares, ranking as the second most active stock on the tape. AMD (AMD) jumped 5.34% to $582.42, while Broadcom (AVGO) climbed 5.52% to $364.28. Super Micro Computer (SMCI) tumbled 11.76% to $26.85, and Intel (INTC) slipped 0.72%.

On the news front, NVIDIA founder Jensen Huang stepped down as CEO and board chairman amid a personal scandal, with CFO Colette Kress serving as interim CEO. Bernstein downgraded NVIDIA on heightened volatility, with the stock now down more than 30% from its peak and its RSI dropping to 23.95, well into technically oversold territory. Meanwhile, William Blair upgraded AMD to Outperform, arguing that NVIDIA's leadership turmoil opens a strategic window for AMD and forecasting revenue growth exceeding 80% by 2027. AMD also announced plans to take a stake in quantum computing firm PsiQuantum, combining GPU and silicon photonics technology to advance quantum computing.

AI Cloud Sector Slides — Nebius Tumbles Over 16%

At midday, Nebius (NBIS) plunged 16.58% to $129.05, CoreWeave (CRWV) dropped 6.94% to $56.55, and IREN fell 6.67%.

Though Nebius reported better-than-expected earnings, the market zeroed in on concerns including one-time revenue items propping up results and delays in compute capacity delivery. The company narrowed its 2026 revenue guidance to $3.0–$3.2 billion due to deployment delays at its New Jersey and other colocation sites, even as it issued a 2027 revenue target of roughly $12–$13 billion. Anxiety over AI funding pipelines triggered by Huang's resignation rippled across the entire Neocloud sector, with the Roundhill Neocloud ETF down roughly 14% over the same period.

Alphabet Gains Nearly 3%; Apple Trades Near Highs

Alphabet (GOOGL) rose 2.79% to $301.63. The parent company raised nearly $4 billion equivalent in the Asian bond market through its debut Hong Kong dollar and Singapore dollar bond issuances, with proceeds earmarked entirely for AI infrastructure investment and general corporate purposes. Both tranches were oversubscribed. Apple shares recently touched an all-time high of $359.30; Bernstein attributed its 37x P/E multiple to an AI safe-haven premium, citing Apple's low capex burden, strong free cash flow, and consistent shareholder returns via buybacks — a stark contrast to peers reliant on expensive AI infrastructure.

Elsewhere, SpaceX (SPCX) gained 2.13% on speculation that Huang might join the company and news that State Street boosted its stake by 77.8%. Corteva (CTVA) cratered 18.70% to $9.87. Among Chinese ADRs, NIO fell 5.71% to $3.06. Crypto-linked MARA slid 1.76% as bitcoin slipped below the $72,000 mark.