Cardano founder Charles Hoskinson pointed investors toward Advanced Micro Devices after Nvidia confirmed that Jensen Huang resigned as president, CEO and board member effective immediately. Reports cited extramarital affairs and allegations involving a suspected Chinese intelligence operative. Nvidia named longtime CFO Colette Kress as interim CEO and appointed Harvey Jones as the board’s first chair.
Hoskinson wrote on social media: “Nvidia just replaced a visionary engineer founder with a CFO. Buy AMD stock.” The comment landed as Wall Street repriced AI infrastructure risk. Nvidia shares fell 4.59% to $165.75 after an intraday drop of more than 14%. AMD climbed 5.79%, Broadcom gained 5.65%, and Alphabet rose 2.06% as investors considered alternatives to Nvidia’s AI hardware dominance.
Nvidia-backed CoreWeave lost 7.49% a day after surging 24.7% on 168% quarterly revenue growth. Nebius also dropped after reporting third-quarter revenue of about $981 million but lowering its 2026 revenue guidance to the lower end of its previous $3 billion to $3.4 billion range. The company raised its 2026 capital spending plan to roughly $27 billion.
Semiconductor suppliers came under pressure: TSMC fell 1.15%, Micron lost 2.70%, and SK Hynix declined 3%. Nvidia had already lost about $1.27 trillion in market capitalization between October 6 and November 6. For crypto markets, the situation highlights how AI data centers and blockchain infrastructure may compete for capital, energy and computing capacity. Nvidia said operations, customer commitments and technology roadmap remain on track, with earnings scheduled for November 17.
