Key points
- AMD and Broadcom gave back most or all of their gains from the day Jensen Huang resigned
- Nvidia was on track for its longest streak of weekly losses since 2012, Reuters reported
- CoreWeave and Nebius fell 6% to 10%, while Cerebras rose after its earnings
Chip stocks fell sharply on Nov. 13, and the two rivals that rallied the day Jensen Huang resigned as Nvidia's CEO gave back most or all of that rally. AMD (AMD) closed down 8.8% at $534.06, and Broadcom (AVGO) closed down 4.8% at $347.01. The Philadelphia Semiconductor Index fell 3.4%.
On Nov. 12, AMD rose 5.9%, and Broadcom rose 5.5% while Nvidia (NVDA) fell 4.3%. At the Nov. 13 close, AMD was 3.4% below its Nov. 11 close, and Broadcom was 0.5% above it.
Fresh concerns about Nvidia "reignited a selloff in technology shares," Reuters reported. Earlier in the day, the report said Nvidia was on track for its longest streak of weekly losses since October 2012. Nvidia closed down 2.0% at $162.85. The week was Nvidia's sixth straight weekly loss, and the stock ended 12.7% below where it closed on Nov. 6.
| Stock | Nov. 12 change | Nov. 13 change | Change since Nov. 11 close |
|---|---|---|---|
| Nvidia (NVDA) | -4.3% | -2.0% | -6.3% |
| AMD (AMD) | +5.9% | -8.8% | -3.4% |
| Broadcom (AVGO) | +5.5% | -4.8% | +0.5% |
| Micron (MU) | -1.6% | -2.5% | -4.1% |
| Marvell (MRVL) | -2.6% | -4.7% | -7.1% |
| Arm (ARM) | -1.8% | -4.6% | -6.3% |
| TSMC (TSM) | -1.9% | -1.7% | -3.6% |
| Applied Materials (AMAT) | -3.6% | -2.7% | -6.2% |
| Intel (INTC) | -2.1% | -2.5% | -4.5% |
| Philadelphia Semiconductor Index | -0.5% | -3.4% | -4.0% |
Source: Yahoo Finance daily closes. Nov. 11 was the last close before Nvidia announced Huang's resignation.
Neoclouds fell, and Cerebras went the other way
CoreWeave (CRWV) closed down 6.1% at $53.13. We reported earlier on Nov. 13 that CoreWeave is reportedly seeking a $4 billion loan backed by Meta contracts. Nebius (NBIS) closed down 9.9% at $115.88 and has fallen 25.1% since its Nov. 11 close, including a 16.8% drop on Nov. 12.
Cerebras (CBRS) closed up 11.2% at $108.72 after it posted a surprise adjusted profit, raised its 2026 forecast, and signed Microsoft as a cloud customer.
Inflation and Anthropic's IPO are also on investors' minds
The October Producer Price Index came in slightly softer than expected but was still up 6.5% from a year earlier, its largest annual gain since November 2022, according to the Reuters report. "It shows that inflation continues to be a problem," said Jon Zetlmaier, founder of Zetlmaier Wealth Management.
Anthropic's IPO next week could also pull money from other AI stocks. "Something that will be interesting to see is if all the supply of new equity is going to be absorbed in a way that doesn't result in selling other AI stocks to kind of fund that," said Angelo Kourkafas, senior global investment strategist at Edward Jones.
The Nasdaq Composite closed down 0.9%, and the S&P 500 closed down 0.4%.
