Nvidia Names an Interim Chief After Huang’s Resignation as Anthropic Nears Its Debut

November 13, 2026 · Category: Business & Tech

The AI trade entered Friday already unsettled, then slid again. Nvidia (NASDAQ: NVDA) said Thursday that its board had accepted founder Jensen Huang’s resignation as president and chief executive, naming Chief Financial Officer Colette Kress as interim CEO while she also keeps the finance job; Huang will not remain on the board, Reuters reported. TechCrunch, citing a regulatory filing, said the board accepted the resignation on Wednesday. The company appointed longtime director Harvey C. Jones as its first board chair and thanked Huang in a statement, TechCrunch reported. Shares were down nearly 12% in early Thursday trading, and TechCrunch said the stock had fallen by as much as 19% since the prior Friday, a market-cap loss of more than $855 billion. Nvidia is scheduled to report fiscal third-quarter results on Tuesday, with analysts expecting earnings growth of 90% on $109 billion in revenue, according to LSEG data cited by Reuters. The same dispatch, also citing LSEG, said Nvidia’s market capitalization had fallen from about $5.8 trillion in early October to roughly $4 trillion as of Thursday.

Friday’s tape extended the stress across the AI complex. As of Friday midday, Reuters said the Nasdaq-100 was down 2% and on pace to erase about $800 billion in market value if losses held through the close, while the Philadelphia semiconductor index was down 5.1%. CoreWeave (NASDAQ: CRWV) and Nebius Group (NASDAQ: NBIS), cloud firms backed by Nvidia, were down 8.8% and 9%, respectively, extending Thursday’s declines. Advanced Micro Devices (NASDAQ: AMD) fell 10.7%. Those figures are the session moves Reuters published Friday; they are not live quotes and may have changed before the close. “You have no idea what to expect from Nvidia. That’s the problem. This company is pure uncertainty right now,” Interactive Brokers’ Steve Sosnick told Reuters.

The same week points to a second test. Reuters said Anthropic’s public debut is expected just two days after Nvidia’s report, with the offering set to value the company at up to $1.4 trillion as the lab and some investors aim to raise up to $64.4 billion by selling 825 million shares. CNBC, citing an updated filing, said Anthropic set a range of $70 to $78 a share and has filed to trade on Nasdaq under the ticker ANT. People familiar with the plans told CNBC the company intends to price on Nov. 18 and start trading on Nov. 19. The listing would follow the June IPO of SpaceX (NASDAQ: SPCX). Reuters said Friday that SpaceX shares last traded at about $140, compared with an IPO price of $135, after falling to about $105 in August.

Live ticker

Tickers: NASDAQ:NVDA, NASDAQ:AMD, NASDAQ:CRWV, NASDAQ:NBIS, NASDAQ:SPCX

Why it matters

A leadership change at the central supplier to the AI buildout is already showing up in reported session moves for chips and cloud infrastructure, just as Anthropic’s planned debut will give public markets another reading on demand for frontier AI companies. The figures cited here are reported market facts, not investment advice or price predictions.

Sources

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