What happened?

A number of stocks fell in the morning session after Nvidia announced Chief Executive Jensen Huang resigned, deepening anxiety across the artificial-intelligence supply chain. Nvidia announced Huang stepped down after 33 years, naming Chief Financial Officer Colette Kress interim CEO, CNBC reported. 

Huang's departure follows an emergency board review prompted by disclosures of two extramarital relationships, one of which was with a direct report, CNBC and The New York Times reported.

Adding sector pressure, cloud vendor Nebius tumbled roughly 16% on disappointing guidance, while higher crude prices and climbing Treasury yields weighed on tech multiples, CNBC reported. 

According to CNBC, analysts warned that Huang's exit clouds memory and lithography order timelines for suppliers like Micron and ASML. A sudden leadership change at Nvidia could create unpredictability for ecosystem partners and portfolio investments that depend on strategic alignment with the company.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.

Among others, the following stocks were impacted:

• Processors and graphics chips company Intel fell 4%. Is now the time to buy Intel? Access our full analysis report here, it’s free.
• Analog semiconductors company Monolithic Power Systems fell 4.5%. Is now the time to buy Monolithic Power Systems? Access our full analysis report here, it’s free.
• Semiconductor manufacturing company Marvell Technology fell 4.1%. Is now the time to buy Marvell Technology? Access our full analysis report here, it’s free.
• Analog semiconductors company MACOM fell 4%. Is now the time to buy MACOM? Access our full analysis report here, it’s free.
• Memory semiconductors company Micron fell 5.3%. Is now the time to buy Micron? Access our full analysis report here, it’s free.

Zooming in on Micron

Micron’s shares are extremely volatile and have had 76 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 1 day ago when the stock gained 9.3% on the news that specialized cloud provider CoreWeave lifted its annual sales forecast, alleviating concerns over cooling artificial intelligence hardware demand. 

CoreWeave said in its quarterly release that third-quarter revenue surged 168% year-over-year to $3.66 billion, while its order backlog expanded to $132.5 billion. The company raised its 2026 revenue outlook to between $13.0 billion and $13.3 billion, ahead of the $12.9 billion consensus compiled by Reuters, and lifted capital expenditure plans to between $37 billion and $39 billion. The update alleviated credit market fears that debt-fueled data center buildouts would stall. 

In research cited by CNBC, JPMorgan credit analysts noted that expanding operating cash flow and a targeted inflection to adjusted profitability in 2028 resolve immediate funding overhangs. With CoreWeave utilizing customer prepayments rather than new debt to fund expansion, hardware delivery schedules remain intact. 

For chipmakers, cloud capital spending directly underpins forward silicon demand. When infrastructure operators demonstrate that contracted leasing demand can fund physical deployment, it protects order books and pricing power across advanced processor and memory suppliers.

Micron is up 146% since the beginning of the year, but at $777.26 per share, it is still trading 36% below its 52-week high of $1,214 from June 2026. Investors who bought $1,000 worth of Micron’s shares 5 years ago would now be looking at an investment worth $10,053.

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