Key Notes
- Nvidia, Nebius, CoreWeave and IREN pared steep intraday losses after Jensen Huang’s departure.
- Nebius lowered revenue expectations to the bottom of its 2026 range while lifting planned capital spending.
- Timestamped late-morning quotes show a partial recovery, while Nvidia’s next earnings report remains scheduled for November 17.
Jensen Huang’s departure from Nvidia (Nasdaq: NVDA) jolted AI infrastructure stocks Thursday, with cloud providers suffering some of the steepest losses. Nebius (Nasdaq: NBIS) faced a second blow: delayed capacity is pushing revenue into next year while its spending bill keeps rising.
The selloff eased as the morning progressed. By 11:16 a.m. Eastern, Nvidia, Nebius, CoreWeave (Nasdaq: CRWV) and IREN (Nasdaq: IREN) had all recovered from their session lows, although each remained below Wednesday’s close.
Stocks Recover From Deeper Intraday Losses
At that timestamp on November 12, quotes from Yahoo Finance showed:
- Nvidia: $166.10, down about 4.4%, after falling as low as $148.80.
- Nebius: $129.73, down about 16.1%, after touching $118.81.
- CoreWeave: $58.25, down about 4.1%, after reaching $50.17.
- IREN: about $20.12, down about 3.5%, after dropping to $18.43.
Measured against the previous close, those lows represented declines of roughly 14.4% for Nvidia, 23.2% for Nebius, 17.4% for CoreWeave and 11.6% for IREN. They were intraday moves, with the trading session still underway.
Nvidia’s $148.80 low was also a fresh 52-week low, nearly 39% below its $243.37 high over that period. The recovery to $166.10 narrowed that drawdown to about 32%. The longer retreat predates Thursday’s leadership announcement.
Nvidia named CFO Colette Kress interim CEO after Huang resigned as president, chief executive and a director. She will retain her finance responsibilities while the board searches for a permanent successor.
*NVIDIA’S JENSEN HUANG OUT AS CEO
– *Walter Bloomberg (@DeItaone) November 12, 2026
Nebius Delays Revenue as Spending Rises
Nebius’s weaker outlook added a company-specific reason to sell. In its quarterly results, the company reported revenue of $980.8 million, up 571% from a year earlier, and adjusted EBITDA was $465.8 million. Yet the company now expects 2026 revenue at the low end of its $3 billion to $3.4 billion range.
In its shareholder letter, Nebius said some third-party capacity expected this year will now come online in the first half of 2027. The contracts remain in place, but the delay shifts revenue into next year. Annual capital expenditure is rising to approximately $27 billion from an earlier $20 billion to $25 billion range.
That combination helps explain why Nebius fell harder than its peers: investors were confronting later revenue and a larger spending commitment at the same time. The company also outlined $40 billion to $45 billion of capital expenditure for 2027.
Nvidia’s Financial Ties Put Funding in Focus
The pressure on cloud providers reflects how closely their expansion is tied to Nvidia. The chipmaker supplies the systems they rent to customers and also participates in financing the buildout.
For CoreWeave, those links include Nvidia’s $2 billion equity investment announced in January and a capacity-purchase agreement disclosed in 2025. CoreWeave’s financing needs remain substantial despite those ties: its expansion is consuming far more cash than its operations generate.
IREN’s partnership with Nvidia envisages up to 5 gigawatts of AI infrastructure. It also gives Nvidia a five-year right to buy up to 30 million IREN shares at $70 each. That is a conditional investment right, rather than an already completed $2.1 billion cash investment.
Nvidia announced no cancellation of those arrangements with the CEO change. Its board said customer commitments and the product roadmap should continue without interruption. The next scheduled checkpoint is Nvidia’s November 17 earnings report, when Kress will face investors with both the CEO and CFO titles.
