Nvidia ($NVDA) co-founder and CEO Jensen Huang resigned from his executive roles and the board on November 12. The stock fell sharply at the open and recovered much of the loss during the session. It ended Thursday down 4.34%.

The S&P 500 fell 0.35% in the same session. The 10-year U.S. Treasury yield rose to 5.10% on Thursday. To put the market reaction to Nvidia’s leadership change in context, I’ll also watch how other stocks respond to higher borrowing costs today. That will help me separate the reaction to a single company from the broader market move.

Key takeaways

  • Nvidia is starting a search for a permanent CEO. Interim CEO Colette Kress will also stay on as chief financial officer. At the next earnings call, I’ll look to the new leadership for updates on customer orders and delivery schedules.
  • The Central Bank of the Republic of Türkiye (CBRT) assumed higher oil prices when it updated its inflation forecasts. If oil stays expensive, Türkiye could face a higher energy import bill and a slower decline in inflation.

What happened?

  • On November 12, Nvidia’s board said Huang’s resignation took effect immediately and named Harvey Jones as chair. The company gave no reason for Huang’s departure. The board expects Nvidia to keep operating without interruption, meet its commitments to customers, and stay on schedule with its products.
  • Reuters reported on November 12 that Yemen’s Houthis said they had targeted a pumping station on Saudi Arabia’s East-West oil pipeline and a facility in Yanbu. The pipeline carries oil to the Red Sea without passing through the Strait of Hormuz. With tanker traffic disrupted in the strait, trouble on that route as well could make it harder to get oil to global markets.
  • On November 12, CBRT Governor Fatih Karahan said the bank raised its year-end inflation forecast to 29.5% and its forecast for the end of 2027 to 21%. He pointed to the effects of the war and higher energy price assumptions. In today’s survey, I’ll look at how close the market’s expectations for next year are to the bank’s forecast.

What changed since yesterday?

  • Nvidia rose during Wednesday’s regular session and fell after hours. On Thursday, SMH ($SMH), a chip-stock fund that includes Nvidia, fell 1.03%. Rival chipmakers AMD and Broadcom rose 5.86% and 5.54%, respectively.

Market levels

U.S. indexes and chips

  • The Nasdaq 100 ended Thursday at 28,289.19. QQQ ($QQQ), the fund that tracks the Nasdaq 100, last closed at $688.17. A move above the top of Thursday’s $679.83 to $694.56 trading range would extend the intraday recovery into another session.
  • Before Thursday’s U.S. open, market commentator Tunç Şatıroğlu (@tuncsatiroglu) said a drop below $486 in SMH would cancel its buy signal on the four-hour chart. SMH closed at $501.73 Thursday. Its $484.50 to $509.80 range shows that the fund dipped below that threshold before recovering. I’ll watch the top of the range to see whether the buying continues today.
  • Nvidia closed at $166.19, near the day’s high. The first test for buyers is $167.14. If selling picks up again, Thursday’s $148.80 low is the first potential support.

Precious metals and oil

  • January 2027 Brent futures rose 3.3% Thursday to settle at $95.82 a barrel. I watch the $95 to $96 range for risks to global stocks. A move back below $95 could ease pressure from energy costs. If the price holds above Thursday’s $96.16 high, I’ll give that risk more weight. Farther down, Thursday’s $91.19 low is the first potential support.
  • GLD ($GLD), a fund that tracks gold, last closed at $354.89. A move below the $352.91 to $357.76 range from that session would deepen its losses. Closing above the top would recover some of Thursday’s loss.
  • The SLV silver fund ($SLV) last closed at $45.12. The $44.85 to $45.60 range from that session is the first benchmark for today. If it regains the top of the range, I’ll look for buying to spread to the gold fund as well.

Turkey

  • The BIST 100 closed Thursday up 1.24% at 11,811.19. Thursday’s 11,898.31 high is the first test of whether buying continues. I’m watching its 11,675.26 low as possible support. Below it, the index would give back most of Thursday’s gain.

Red flags

  • Buying after Nvidia’s initial fall offers little insight into customer orders. If Nvidia discloses delivery delays on the call, I’ll look for signs of customers postponing orders or of problems on the production side.

Calendar

  • November 13 at 10:00 TRT. The CBRT releases its November Survey of Market Participants and September balance of payments data.
  • November 13 at 16:30 TRT. The October U.S. Producer Price Index (PPI) is due. I’ll watch how far producer price increases spread beyond energy.
  • Nvidia reports earnings at about 00:20 Türkiye time on November 18. The earnings call starts at 01:00.

My analysis

For Nvidia, how many orders it wins matters as much as whether its customers keep investing in AI. Customers can keep building data centers and place new orders with other chipmakers. If the earnings call points to deliveries staying on schedule, I’ll look for signs that the shift toward rival stocks is also showing up in orders. If customers cut their overall spending plans, the sales outlook could weaken for several chipmakers.

Today I’ll first watch how the bond market reacts to producer prices. If yields rise and the selling spreads beyond chips, higher borrowing costs will matter more than company-specific news. If yields ease and the selling stays concentrated in Nvidia, I’ll wait for earnings before drawing conclusions about chip demand.

Sources

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