MSX US Stocks Daily Watch: Jensen Huang Steps Down as CEO, Nvidia Closes Down 4.3%, AMD and Broadcom Buck the Trend
- Key Takeaways: Nvidia CEO Jensen Huang abruptly resigned ahead of the Q3 earnings report, triggering a sharp stock decline as the market reassesses the company's advantages in AI chip procurement and changes in the competitive landscape.
- Key Points:
- The board accepted Huang's resignation as President, CEO, and Director; CFO Colette Kress has been appointed interim CEO, and a search for a successor has been initiated.
- Following the announcement, Nvidia's stock fell as much as about 14% intraday before closing down 4.34% at $166.19; on the same day, AMD rose about 5.9% and Broadcom gained about 5.5%.
- Nvidia reported FY2027 Q2 revenue of approximately $96.2 billion, up 106% year-over-year, with data center revenue of $89 billion, accounting for about 92.5%.
- The midpoint of Q3 revenue guidance is $108 billion, with a gross margin guidance of 74%, down from 75% in Q2, and excludes China data center revenue.
- The Q3 earnings report will be released as originally scheduled at 05:20 Beijing time on November 18, with the conference call starting at 06:00.
- Nvidia plans to participate in an approximately $10 billion private placement alongside Anthropic's IPO, simultaneously playing the dual role of supplier and customer investor.
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Today's Observation
Nvidia changed its leader before the release of its Q3 earnings report. According to an 8-K filing submitted to the U.S. Securities and Exchange Commission, the board accepted Jensen Huang's resignation as President, CEO, and Director on November 11 Eastern Time, effective immediately, and announced it publicly on the 12th. Colette Kress, who has served as CFO since 2013, was appointed interim CEO while retaining her original position. The board has initiated the search for a formal successor and will consider both internal and external candidates.
Following the announcement of the leadership change, Nvidia's stock fell about 14% intraday before narrowing losses and ultimately closing at $166.19, down 4.34%. On the same trading day, AMD and Broadcom rose approximately 5.9% and 5.5% respectively, while the S&P 500 and Nasdaq Composite both closed down about 0.4%. This set of moves reflects that the market has begun to reassess Nvidia's advantage in the next round of AI chip procurement, as well as the possibility of competitors winning more orders.
Data in a Minute
• The board appointed Harvey C. Jones, who has served as a company director since 1993, as Nvidia's first board chairman.
• Nvidia's FY2027 Q2 revenue was approximately $96.2 billion, up 106% year-over-year. Data center revenue was $89 billion, up 117% year-over-year, accounting for about 92.5% of total revenue.
• The company previously provided FY2027 Q3 revenue guidance with a midpoint of $108 billion, plus or minus 2%. The midpoint of both GAAP and adjusted gross margin guidance is 74%, lower than Q2's 75%. This revenue guidance does not include data center computing revenue from the China market.
• The Q3 earnings report will still be released as originally scheduled, at approximately 05:20 Beijing Time on November 18, with the conference call beginning at 06:00.
MSX View
The first thing to verify in this transition is whether Vera Rubin can ramp deliveries as planned. The board stated that it expects operations, customer commitments, and the product roadmap to continue progressing. There has already been tangible progress on the customer side: CoreWeave disclosed in its latest earnings report that it has brought multi-rack Vera Rubin NVL72 online and begun running customer production workloads. Next, investors can use shipment progress, next-quarter revenue guidance, and gross margin to judge how quickly the new platform is moving from early deployment to scale delivery.
The gains in AMD and Broadcom also have their own business contexts. AMD has disclosed that its Helios full-system is running at Meta, while Broadcom is benefiting from demand for custom AI accelerators and networking equipment. Large customers can choose different platforms based on workload, assigning some inference or internal applications to more suitable chips. To judge whether the competitive landscape has truly changed, one must see whether these deployments can expand from initial launches to sustained procurement, and how much of the new orders comes from budgets customers had originally planned to allocate to other platforms.
Kress will also face a capital allocation question. Anthropic's updated prospectus shows that Nvidia plans to participate in a companion private placement after its IPO is completed, subscribing approximately $10 billion. As Nvidia simultaneously plays the roles of chip supplier and customer investor, two things are worth hearing clearly on the earnings call: how strong customers' own compute procurement demand is, and how much capital Nvidia intends to use to support customer expansion. Rubin's delivery cadence, next quarter's gross margin, and customer financing arrangements are the three indicators that can first be tested through operating data and management commentary after this leadership change.
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