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Market news · Nov 9, 11:22 AM ET

Nasdaq climbs about 2.5% to 3% as chipmakers rebound, but Nvidia slides 5.6% on CEO probe

US tech stocks rebounded on Monday, November 9, after last week's AI-led selloff, with the Nasdaq up roughly 2.5% to 3% in morning trading. Nvidia, the largest AI chip company, fell about 5.6% after an internal inquiry into CEO Jensen Huang raised questions about his future, which matters for investors with exposure to AI and semiconductor names.

By Flash Finance US desk (written with AI assistance) · Editor: Kokila

Why the market bounced

Part of the lift came from outside the chip sector. Reports said stocks rebounded on Monday from last week's AI-driven sell-off, helped by a slide in oil prices.

The prior week was painful for the Nasdaq. Last week the Nasdaq fell 3.4%, the S&P 500 2.7% and the Dow 0.9%, according to TipRanks. Investors had worried that the Democrats' midterm win could slow the build-out of AI infrastructure. Some Wall Street firms pushed back on that fear. Wall Street brokerages including Morgan Stanley and UBS called last week's rout in the AI trade overdone, arguing that the risks of extreme regulation of data center developments under a Democrat-controlled Congress are unlikely to play out.

Chipmakers rally while Nvidia lags

Several semiconductor names rose. Some chipmakers advanced, including Marvell Technology, up 5%, and Broadcom, up 6.5%.

Nvidia went the other way. Shares of Nvidia NVDA.O, the second most valuable company in the world, fell 5.6% after an internal investigation into whether CEO Huang had been targeted by a foreign intelligence effort raised questions about his future at the AI chipmaker. One headline on the matter described Nvidia Board Opens Probe Into Jensen Huang. Earlier in the session, one report said the shares were last down about 6% at 10:06 a.m.

Nvidia's weight in the index means its decline restrained the broader gain. Analyst Nadia El Bilassy of Equiti Group said the headline was "just the cherry on top for investors looking to pull out of AI-linked stocks. It's a very bad headline that's affecting tech stocks,"

Rates and inflation in focus

Interest-rate expectations remain a background concern. A stronger-than-expected U.S. October jobs report pushed U.S. Treasury yields higher, and fears of a December rate hike persisted after stronger-than-expected October jobs data. Investors were also waiting on the consumer price report. Investors were looking for more clarity on the AI selloff and awaiting October consumer price data due Tuesday. Economists polled by Reuters expected a 2.7% year-over-year increase.

What it means for US investors

  • Nvidia's decline shows how much a single company's governance news can weigh on the index.
  • Chip and AI infrastructure names such as Broadcom and Marvell moved with the broader rebound.
  • Energy-linked AI exposure also featured: Constellation Energy CEG.O, an energy firm with exposure to the AI boom, rose 2.8% after its adjusted third-quarter profit surpassed expectations.
  • Retail behavior stood out. One report said the selloff Triggers Their Heaviest Single-Stock Selling Since March 2020, meaning individual investors were selling the most single stocks since that period.

The Nasdaq's gain is still a partial recovery. Reports noted the index had logged a fourth straight weekly decline. The company did not say whether its internal review of Huang would lead to any leadership change, and the outcome of the probe remains unknown.

NVDA stock pageAVGO stock pageMRVL stock page
NasdaqNvidiaJensen HuangAI chip stocksTreasury yieldsConsumer price index

Sources

Written with AI assistance on Nov 9, 11:22 AM ET from the reports listed under Sources, and reviewed by our editor after publication. Before it was published, every figure was checked against those reports, and passages with figures that could not be found there were left out. It can still contain mistakes: read the sources before acting on anything. How we review. Not investment advice.