Wall Street's AI trade showed sharp divergence on November 12, 2026, as Nvidia and Meta fell amid renewed uncertainty around artificial intelligence spending, while Microsoft and several other large technology names resisted the selling pressure.
The rotation was most visible in semiconductor stocks. AMD surged 7% as investors reacted to the Nvidia CEO's exit and reassessed competition in the AI chip market. Broadcom also gained as market participants repositioned into rival chipmakers. Analysts pointed to AMD's growing data center business as a factor strengthening its long-term investment case.
The moves suggest that money is rotating within the AI and semiconductor complex rather than leaving the sector entirely, with investors favoring names that may be seen as catch-up plays or beneficiaries of potential leadership changes at the dominant AI hardware supplier.
