TLDR Intel and other Nvidia-backed stocks fell after CEO Jensen Huang announced he is stepping down. Intel dropped about 2.2% and Marvell fell 3.4% in early trading. Nvidia’s $5 billion Intel
Shares of Intel and other companies backed by Nvidia fell on Thursday. The drop followed news that Nvidia CEO Jensen Huang is stepping down. Investors are now asking what happens to the chip maker’s stakes across the AI supply chain.
BREAKING: Nvidia, $NVDA, CEO Jensen Huang has resigned as CEO, President, and member of the Board of Directors, effective immediately. pic.twitter.com/IJE8wWvcrR
— The Kobeissi Letter (@KobeissiLetter) November 12, 2026
Intel was down about 2.2% in early trading. Marvell Technology fell 3.4% at the same point. Nvidia’s own shares were lower as well.
Under Huang, Nvidia invested in many companies to fuel the wider AI ecosystem. The next CEO will have to decide whether to keep that strategy.
Optical-networking firms also traded lower. Coherent lost 2.6%, Lumentum Holdings fell 4.6%, and Corning dropped 2.9%. Nvidia has invested in all three.
Nvidia’s stakes in Marvell, Coherent and Lumentum were each valued at $2 billion when they were made. They were part of a plan to build up its optical-networking supply chain.
Data centers are increasingly turning to optical networks to move data faster. That keeps those investments relevant for now.
Marvell and Lumentum have announced plans to combine. Bloomberg reported that Huang approved the deal.
The deal is in question after a steep stock-price decline since it was announced. Nvidia is unlikely to want to do anything that would put the merger at risk.
Nvidia invested $5 billion in Intel in September last year. The two companies formed a partnership to pair Intel’s central processors with Nvidia’s graphics chips.
That stake is now worth about $13.4 billion, based on Wednesday’s closing price of $62.50 a share. Nvidia does not need extra cash, so a sale seems unlikely.
A sale might also be frowned upon by the Trump administration. It sees Intel as a champion of US chip-making.
Analysts say the main threat is not forced sales. The risk is that Nvidia moves more slowly on future purchases and partnerships under a different leader.
William Blair analyst Sebastien Naji wrote that existing contracts will survive a CEO change. He said the next round of deals, and Nvidia’s ability to defend its share into 2027 and beyond, are at risk.
Nvidia stock tumbled as the news hit. The company has long stood at the heart of the AI investment boom that has powered this year’s stock market. Its many tie-ups with AI companies make the fallout hard to measure.
The S&P 500 fell 0.4%, and the Nasdaq Composite dropped 0.6%. The Dow Jones Industrial Average was little changed.
Micron fell along with Intel, which was down about 3% by midday. Nvidia rival AMD rose, and stocks in Asia held steady.
The news adds pressure ahead of Anthropic’s planned public debut next week. Intel CEO Lip-Bu Tan is among the executives set to speak at Yahoo Finance’s Invest event.
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