Global AI Stocks Slide as Nvidia Crisis Deepens, From Tokyo to New York

AI shares fell around the world on Thursday as Nvidia's leadership crisis deepened, with chipmakers and AI infrastructure stocks sliding in Asia, Europe and the United States — though Asian markets steadied on Friday as the initial panic eased.

Nahid Joy

Nov 13, 2026 - 09:27

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Traders in red vests work at desks on the Hong Kong Stock Exchange trading floor, beneath a large circular electronic display board showing stock prices.

Global AI Stocks Slide as Nvidia Crisis Deepens, From Tokyo to New York

Photo: the Hong Kong Stock Exchange trading floor (file photo).

The Nvidia crisis went global on Thursday. AI-linked shares fell across Asia, Europe and the United States as investors reckoned with the resignation of the man who had become the symbol of the artificial intelligence boom — and with the possibility that the scandal engulfing him could slow the entire industry.

In premarket trading in New York, Nvidia fell 7.8%, putting its market value on course to drop below $4 trillion for the first time since July 2025. The damage spread quickly: CoreWeave fell 6% before the open, a day after surging 27%; Nebius dropped 10.7%; Micron fell 3.4%; Sandisk lost 5.1% and Western Digital 3.2%. Japan's Nikkei and South Korea's Kospi each closed about 0.7% lower, and Europe's technology index fell around 1%.

The winners in the wreckage

Not every chip stock fell. AMD and Broadcom rose in premarket trading — by 1.7% and 0.8% respectively — and finished the day sharply higher, up 5.86% and 5.54%, as investors rotated money from Nvidia into its rivals. The pattern repeated a theme of the week: the market is not abandoning AI, it is repricing who benefits from it.

By the close, Nvidia itself had recovered much of its early loss, finishing down 4.34% at $166.19. But the company has still lost about $300 billion in market value since its board announced its investigation on Sunday.

A month of damage

Thursday was the latest blow in a selloff that began well before Huang resigned. The Philadelphia Semiconductor Index suffered its second-biggest loss on record on November 5, a 12% slide after the midterm elections, and is down almost 40% from its June high. Nvidia is about 40% below its October 6 peak, with more than $2 trillion of market value erased in a little over a month. Super Micro fell 11% on Thursday alone.

Yet the broader market has held up. The S&P 500 is only about 3% below its all-time high, and its equal-weighted version hit a record high last week. Since October 6, technology stocks are down 13.7%, but healthcare has risen 13.1% and consumer staples 11.8%. The AI trade is unwinding; the market is not collapsing.

Friday steadies in Asia

By Friday morning, the panic was easing. Asia was steadier, with the MSCI Asia-Pacific index outside Japan up 0.26% after a 1.3% fall, the Kospi up 2.35% and the Nikkei up 1.4%. Nasdaq and S&P futures were up 0.2%. There were still casualties — South Korea's Naver fell 2.75% on Friday, and Nvidia was down 3% in extended trading — but the indiscriminate selling of Thursday had given way to something more selective.

Why the AI trade is wobbling

The selloff has deeper roots than one resignation. The Democrats' sweep of the midterm elections, worries about debt-fuelled AI investment, and shifting expectations for interest rates have all weighed on the sector. Investors now see a 14.5% chance of a 50-basis-point Federal Reserve rate rise in December, according to CME FedWatch, up from zero a week ago. The two-year Treasury yield stood at 4.8920% and the 10-year at 5.1433% on Friday.

For now, the market's message is measured: Nvidia's crisis is real, the AI trade is being repriced, but the money is moving — to rivals, to other sectors, to safer ground — rather than leaving altogether.