Friday’s selling spread beyond Nvidia. AMD and Broadcom had risen a day earlier, but both fell more sharply than Nvidia on Friday.

Next week, I’ll look to Nvidia’s earnings for updates on customer orders and delivery schedules to see whether the selloff points to weaker chip demand.

Key takeaways

  • The Dow Jones Industrial Average rose 0.1% on Friday while the Nasdaq Composite fell 0.9%. I don’t read the chip selloff as a broad U.S. stock rout. If large companies outside tech start falling on Monday, Friday’s divergence will have been short-lived.
  • The 10-year U.S. Treasury yield rose to 5.15% on Friday. When bonds offer higher yields, it’s harder for investors to pay high prices today for companies they expect to earn most of their profits farther out. That’s why I’ll watch Treasury yields alongside chip stocks.

What happened?

  • U.S. producer prices rose 1.4% month over month in September. The increase slowed to 0.3% in October, but prices excluding food, energy, and trade services rose 0.5%. The slowdown in the headline number is welcome. It’s too early to say underlying price pressure is easing as quickly.
  • Following the departure of Nvidia co-founder and CEO Jensen Huang, interim CEO Colette Kress is staying on as chief financial officer. Aaron Levie, CEO of the cloud software company Box, told Yahoo Finance (@YahooFinance) that the pace of chip innovation matters to Nvidia’s ability to keep its position. The question for Kress is whether the team can deliver new products to customers on schedule.
  • In the Central Bank of the Republic of Türkiye’s November survey, participants raised their year-end 2026 inflation expectation from 29.63% to 30.04%. If Brent stays expensive, higher energy import costs could slow the easing of price pressure in Türkiye.

What changed since yesterday?

  • AMD gained 5.86% on Thursday and Broadcom rose 5.54%. On Friday, AMD lost 8.75%, Broadcom 4.76%, and Nvidia 2.01%. AMD gave up its entire Thursday gain, while Broadcom retained some of its advance. Taken together, the two sessions make it harder to argue that investors simply moved from Nvidia into its rivals.

Market levels

U.S. stocks

  • The S&P 500 ended Friday at 7,561.67. QQQ ($QQQ), a fund that tracks the Nasdaq 100, closed at $679.89 after trading between $671.68 and $688.75. If it breaks above the range on Monday, buyers could be gaining ground again in tech stocks.
  • SMH ($SMH), a chip-stock fund, ended Friday at $486.75. It again traded below the $486 threshold market commentator Tunç Şatıroğlu (@tuncsatiroglu) discussed on Thursday. That intraday move doesn’t establish that the signal on his four-hour chart failed. Below that threshold, $473.26 is potential support. A break above Friday’s $500.27 high would be the first sign that the fund is recovering.
  • Nvidia ($NVDA) closed Friday at $162.85. If the stock fails to find support again at $158.39, the bounce from Friday’s low would be erased. It needs to hold above $170 for buyers to take it beyond Friday’s range.

Precious metals and oil

  • The GLD gold fund ($GLD) closed Friday at $355.45. I’m watching that session’s range of $354.41 to $357.32. A break above it while yields stay high would tell me that buying is continuing. A break below it would weaken that reading.
  • The SLV silver fund ($SLV) closed at $44.13, near the bottom of Friday’s $43.97 to $45.18 range. If the low fails to hold, selling could deepen. If the fund retakes the high, I’ll reassess whether the silver fund is still trailing the gold fund.
  • January Brent futures settled at $95.84 a barrel. Buyers stepped in at $95.06 on Friday, making it a potential support level. Holding above $97.13 would cross my risk threshold for energy costs. A drop back below $95 would shift my focus to easing pressure.

Turkey

  • The BIST 100 rose 0.27% on Friday to close at 11,842.82. A move above 11,935.51 would put it past Friday’s high. If the index fails to find support near 11,748.37, it would give up its intraday recovery.

Red flags

  • If management announces delivery delays, the reason matters. Production problems can push back a delivery date. If customers are cutting their capacity plans, other chip suppliers could face the same problem.
  • If chip stocks make new lows while Treasury yields fall, I’ll give more weight to explanations besides rates. Alongside Nvidia’s earnings, I’d then pay closer attention to what other chipmakers say about orders.

Calendar

  • November 17, 16:30 TRT: October U.S. retail sales and import prices. The first offers a reading on spending, the second on price pressure from abroad.
  • Nvidia is due to report earnings around 00:20 TRT on November 18. Management’s earnings call starts at 01:00 TRT.

My analysis

I start by separating orders from share prices. If customers keep spending and switch chip suppliers, the change is in Nvidia’s share of the market. If customers postpone data center projects, sales expectations for the whole sector could fall. On the earnings call, information that helps distinguish those two outcomes matters more to me than general optimism about new products.

On Monday I’ll first watch whether the chip fund can gain ground independently of Nvidia, then whether that move holds despite high Treasury yields. If Nvidia’s earnings update shows orders and delivery plans holding up, I won’t rush to take a more pessimistic view of the sector. I would change my view if Nvidia says customers are postponing projects and its rivals’ stocks show a lasting reaction as well.

Sources

  • Nvidia, leadership transition and earnings schedule: nvidianews.nvidia.com
  • Associated Press, November 13 U.S. close: apnews.com
  • U.S. Bureau of Labor Statistics, producer prices: bls.gov
  • U.S. Treasury, daily Treasury yields: home.treasury.gov
  • Yahoo Finance, interview with Box CEO Aaron Levie: youtube.com
  • Alpaca, U.S. stock and fund prices
  • Newsquawk, January Brent futures: newsquawk.com
  • U.S. Census Bureau, economic indicators calendar: census.gov
  • U.S. Bureau of Labor Statistics, November release schedule: bls.gov
  • Central Bank of the Republic of Türkiye, November Survey of Market Participants: tcmb.gov.tr
  • Paraborsa, November 13 BIST 100 close: paraborsa.net
  • Kanal Finans / Tunç Şatıroğlu, November 12: youtube.com

This is a research and monitoring note, not investment advice.