Nvidia Shares Plunge After Jensen Huang Resignation as Anthropic IPO Faces New Questions

Nvidia, the most valuable chipmaker in the world and the company at the center of the artificial intelligence boom, lost its chief executive on Thursday, November 12, 2026. Jensen Huang, 63, resigned as president, chief executive officer and board member effective immediately, ending a 33-year tenure that turned a small graphics chip company into a cornerstone of the global AI economy. The board moved within hours to steady the company, naming chief financial officer Colette Kress as interim chief executive while she keeps her finance role, and appointing Harvey C. Jones as the company's first-ever board chair.

The market reaction was swift and severe. Nvidia shares fell about 10.3 percent in premarket trading on Thursday to about $155.90, a level roughly 35 percent below the record close of $239.24 set on October 6, 2026. The drop wiped tens of billions of dollars from Nvidia's market value in a single morning and sent a shock through the wider AI sector, because Nvidia's chips power the data centers behind nearly every major AI model, including the systems built by Anthropic, which is days away from one of the largest public offerings in history.

What Happened in Brief

Direct answer: Nvidia announced on Thursday, November 12, 2026, that Jensen Huang resigned as president, CEO and board member effective immediately after 33 years in charge. CFO Colette Kress was named interim CEO, and Harvey C. Jones became the company's first board chair. Nvidia shares fell about 10.3 percent in premarket trading to about $155.90. The resignation comes days before Nvidia reports third-quarter fiscal 2027 earnings on Tuesday, November 17, and days before Anthropic, in which Nvidia has committed $10 billion, is expected to price its IPO on November 18.

The Resignation That Ended a 33-Year Run

Jensen Huang co-founded Nvidia in 1993 and led it for 33 years, building it from a maker of graphics cards for video games into the dominant supplier of the processors that train and run large AI models. Under his leadership, Nvidia became one of the most valuable companies in the world, and Huang became one of the most recognizable chief executives in technology. His sudden departure, announced with no transition period and no named permanent successor, is one of the most dramatic leadership changes in the history of the technology industry.

The board's choice of Colette Kress as interim chief executive signals a preference for stability. Kress has served as Nvidia's chief financial officer since 2013 and is deeply familiar with the company's customers, suppliers and finances. She will keep her CFO role while serving as interim CEO, a dual assignment that gives the board time to run a full search for a permanent leader. The appointment of Harvey C. Jones as the first-ever chair of the board is also significant, because it separates the chair and chief executive roles for the first time in Nvidia's history and gives the board an independent figurehead during a period of intense scrutiny.

Investors now face a set of questions that had no clear answer on Thursday morning. Who will run Nvidia permanently, and how long will the search take? Will the company's strategy on AI chips, data center products and partnerships change under new leadership? And can any successor match Huang's record of anticipating where computing was headed, from gaming graphics to cryptocurrency mining to artificial intelligence? For more background on how this crisis developed, read our earlier report on the board's preparations around Huang's future.

Why Huang Left: Investigations, Reports and Pressure

The resignation did not arrive out of nowhere. It followed weeks of escalating reports and investigations that put Huang and Nvidia under extraordinary pressure from several directions at once.

The Board Investigation

On November 8, 2026, Nvidia's board opened an independent investigation after reports that Huang had been targeted by Chinese intelligence through Alice Huang, a former executive at Megaspeed, a company at the center of a chip-smuggling probe. The board said at the time that it had no reason to believe company secrets had been compromised, and Huang admitted in a staff memo that he had been unfaithful, while supporting the review. The investigation was still open when he resigned four days later.

A Second Reported Affair

On November 11, 2026, a second affair was reported, this time involving an executive who reported directly to Huang. The report added to the pressure on the board and raised questions about workplace conduct at the top of the company. Taken together, the two reports created a governance crisis that the board could not contain with an investigation alone.

The Chip-Smuggling Probe

Separately, the US Department of Justice is running a criminal probe into Megaspeed, a company accused of smuggling Nvidia chips. According to reports, a Malaysian affiliate of Megaspeed acquired at least $4.8 billion in Nvidia hardware between June 2024 and February 2026, some of it found sealed in crates, with clients including Alibaba. Megaspeed denies wrongdoing. Nvidia's general counsel had earlier contacted Commerce Department investigators about the case, and the matter was then handed to the Justice Department. A shareholder class action has also been filed, and the House of Representatives has scheduled a briefing for November 18, 2026.

The Market Reaction: A 10.3 Percent Premarket Fall

Nvidia shares fell about 10.3 percent in premarket trading on Thursday to about $155.90. That price is about 35 percent below the record close of $239.24 on October 6, 2026, a measure of how far the stock has already fallen from its peak during weeks of scandal and uncertainty. The premarket drop followed earlier declines, including a fall of about 5 percent on Monday, November 9, after news of the Justice Department probe emerged.

The scale of the move matters because Nvidia is not an ordinary stock. It is the largest single holding in many index funds and retirement accounts, and its chips are the foundation of the AI buildout. When Nvidia falls sharply, suppliers, customers and rival chipmakers usually fall with it, and the broader technology sector follows. Analysts will now watch whether the stock stabilizes once the market opens, or whether the absence of a permanent chief executive keeps sellers in control. For the latest market context, see our full market coverage of the technology sector.

What the Anthropic IPO Has to Do With It

The timing could hardly be worse for Anthropic, the AI company behind the Claude models, which is preparing one of the largest initial public offerings ever. Anthropic is expected to price its IPO on November 18, 2026, and begin trading on November 19 on the Nasdaq under the ticker ANT. The offering covers 825 million Class A shares at $70 to $78 per share, which would raise $57.75 billion to $64.35 billion and value the company at a fully diluted $1.26 trillion to $1.41 trillion.

Nvidia is directly tied to that deal. Nvidia committed $10 billion to a $26 billion private placement connected to the offering, and Google committed another $10 billion. Nvidia is also Anthropic's most important hardware supplier, and the two companies have deep commercial ties. That is why the question on Wall Street on Thursday was not whether the Anthropic IPO is cancelled or delayed, because there is no evidence of either, but whether Nvidia's fall affects the pricing. A weaker Nvidia share price could make investors more cautious about the entire AI sector just as Anthropic asks them to pay a record valuation.

Anthropic's own numbers give investors a strong story to consider. The company reported $33.2 billion in revenue in the first nine months of 2026, and its annualized revenue run rate reached $81 billion at the end of October 2026. Those figures, reported ahead of the offering, explain why the IPO is expected to be one of the most closely watched market events of the year. Our earlier report on Anthropic's IPO pricing and roadshow has the full details of the share count, the price range and the private placement.

Read Also:
Jensen Huang Resigns as Nvidia CEO, Colette Kress Named Interim Chief
Anthropic IPO: 825 Million Shares at $70 to $78 in a $1.4 Trillion Valuation Roadshow

What Happens Next: Earnings, the IPO and the House Briefing

Three dates now matter more than any others. On Tuesday, November 17, 2026, Nvidia reports third-quarter fiscal 2027 earnings, and Colette Kress will face investors for the first time as interim chief executive. The results, and whatever guidance she gives about the fourth quarter, will be the first hard test of whether the company's business is holding up while its leadership is in flux.

On Wednesday, November 18, 2026, two events collide. Anthropic is expected to price its IPO, and the House of Representatives is scheduled to hold a briefing connected to the Huang matter. The pricing decision will show whether investors are willing to pay $70 to $78 per share for Anthropic in a week when its biggest hardware partner just lost its chief executive. On Thursday, November 19, Anthropic shares are expected to begin trading on the Nasdaq under the ticker ANT.

Beyond those dates, the board's search for a permanent chief executive will dominate the story. The search could take months, and the choice will shape Nvidia's strategy for years. The independent investigation into Huang is also expected to continue, and the Justice Department probe into Megaspeed remains open. For now, Nvidia has a capable interim leader, a new board chair, and a business that remains the engine of the AI industry, but it no longer has the founder who built it, and the market made its verdict clear on Thursday morning.

Frequently Asked Questions

Why did Jensen Huang resign from Nvidia?

Nvidia announced on November 12, 2026, that Huang resigned as president, CEO and board member effective immediately, ending his 33-year tenure. The resignation followed a board investigation opened on November 8 after reports that Huang was targeted by Chinese intelligence, a second reported affair on November 11, a Justice Department criminal probe into Megaspeed chip smuggling, and a shareholder class action. Nvidia has not given a single stated reason beyond the resignation itself.

Who is Nvidia's interim CEO?

Chief financial officer Colette Kress was named interim chief executive on November 12, 2026, while keeping her CFO role. She has been Nvidia's CFO since 2013. Harvey C. Jones was appointed as Nvidia's first-ever board chair at the same time.

How much did Nvidia stock fall after the resignation?

Nvidia shares fell about 10.3 percent in premarket trading on Thursday, November 12, 2026, to about $155.90. That is about 35 percent below the record close of $239.24 on October 6, 2026.

Is the Anthropic IPO cancelled or delayed?

No. There is no evidence that the Anthropic IPO is cancelled or delayed. Pricing is still expected on November 18, 2026, and trading is expected to begin on November 19 on the Nasdaq under the ticker ANT. The open question is whether Nvidia's share fall affects the pricing, with 825 million Class A shares offered at $70 to $78.

How much is Nvidia investing in Anthropic?

Nvidia committed $10 billion to a $26 billion private placement connected to the Anthropic IPO, and Google committed another $10 billion. Anthropic reported $33.2 billion in revenue in the first nine months of 2026 and an $81 billion annualized run rate at the end of October.

When does Nvidia report earnings next?

Nvidia reports third-quarter fiscal 2027 earnings on Tuesday, November 17, 2026. It will be the first earnings report since Huang's resignation, with interim CEO Colette Kress leading the investor call.

Related Posts

Jensen Huang Resigns as Nvidia CEO, Colette Kress Named Interim Chief

Anthropic IPO: 825 Million Shares at $70 to $78 in a $1.4 Trillion Valuation Roadshow

Nvidia Board Preparing to Oust CEO Jensen Huang, Reports Say