Nvidia opened at $151.01 on 12 November, according to CNBC’s quote data, 13.1% below the $173.73 close of 11 November listed by Nasdaq. On the 24.1 billion shares on the cover of Nvidia’s latest 10-Q, that is about $548 billion of market value, by our arithmetic, or about 60% of AMD’s entire market value at its 11 November close.
Update, 12 November, 14:49 UTC. Nvidia shares traded at $159.92 on Nasdaq’s quote and $160.25 on Yahoo Finance at 9:49 a.m. New York time, down 7.95% and 7.76% from the $173.73 previous close but up 5.91% and 6.13% from the $150.99 open. On 24.1 billion shares, that is a market value of about $3.85 trillion to $3.86 trillion (our arithmetic), below the $4 trillion line, which sits at about $165.98 a share. FirstSquawk reported at 14:31 UTC that Nvidia’s market value had fallen below $4 trillion for the “first time since July 2025”; we could not confirm that date from daily closes on a constant share count, so we report the $4 trillion break only.
The open came 42 minutes after Nvidia’s release on its CEO transition, listed by GlobeNewswire at 8:48 a.m. Eastern. By 9:35 a.m. Eastern (14:35 UTC) the stock had pared the fall to $156.77, down 9.8%, according to Nasdaq, about $409 billion below the close by our arithmetic. Neither figure is a close.
Business Pill · Concentration Explained
An evergreen Business Engineer explainer on concentration, where a few holdings account for most of the value. It teaches the general idea only and does not discuss the report.
The key insight: By our arithmetic, Nvidia opened about $548 billion below its 11 November market value, about 60% of AMD’s entire value, and by 9:35 a.m. Eastern the gap was about $409 billion; at 8:47 a.m., before the release time, the premarket price was already 8.5% below the close.
Nvidia’s Form 8-K, accepted by SEC EDGAR at 8:52:41 a.m. Eastern, says the board accepted Jen-Hsun Huang’s resignation as President, Chief Executive Officer and member of the board on 11 November, effective immediately. Chief Financial Officer Colette M. Kress is interim Chief Executive Officer while the board conducts a search, and Harvey C. Jones is Chair. Our lead piece on the filing has the details.
The release quotes the new Chair: “we expect the company’s operations, customer commitments and product roadmap to continue without interruption.” It keeps third-quarter results on Tuesday, 17 November, “as previously scheduled.”
Market value lost in one session, in billions of dollars: the largest regular-session losses for Nvidia, Apple, Microsoft, Alphabet, Amazon, Meta, Broadcom and Tesla since November 2016, against Nvidia on 12 November 2026 at the CNBC-listed open ($151.01) and at 9:35 a.m. Eastern ($156.77, Nasdaq). Neither 12 November figure is a close. Our arithmetic: the change from the previous close times the shares on the latest 10-Q or 10-K cover.
The Minutes Around the Release
At 8:47 a.m. Eastern, the last minute before the release time, Nvidia traded at $158.96 in premarket trading, 8.5% below the close, according to Nasdaq’s minute data. The stock had already been trading below the close since the after-hours slide of 11 November.
By 8:50 a.m. the price was $155.81, and Nasdaq lists a premarket low of $154.02 at 8:54:55 a.m. From $158.96 to the $151.01 open is $7.95 a share, about $192 billion of market value, by our arithmetic.
From the open to 9:35 a.m. the stock regained $5.76 a share, about $139 billion, by our arithmetic. Nasdaq lists the day’s low at $148.80, below the 52-week low of $164.27 that it shows for the stock.
Chips and the AI Basket
At 9:35 a.m., Nasdaq quotes had AMD up 1.9% at $563.20 and Broadcom up 4.6% at $361.27, while TSMC’s US-listed shares were down 2.0%. The PHLX Semiconductor index was down 2.5% and the Nasdaq-100 down 1.2% at 9:33 a.m., per Nasdaq.
CNBC’s quotes at 9:35 a.m. point the same way: AMD up 1.6%, Broadcom up 4.8% and the semiconductor index down 1.9%. Before the bell, CNBC listed Nasdaq-100 futures down 1.40% at 9:25 a.m.
Among AI infrastructure names, CoreWeave was down 10.9%, Oracle 2.5% and Nebius 17.4% at 9:35 a.m., per Nasdaq. Nebius also reported third-quarter results on 12 November.
Before the Filing
Brokers have issued six downgrades since 11 November, and the average of eight stated targets is about $226, as we tallied this morning. The price of five-year protection against an Nvidia default rose as much as 3.25 basis points to 1.445 percentage point a year, according to ICE Data Services as reported by Bloomberg, just short of the 3 November intraday high.
In our scan of the largest one-day market-value losses of eight US tech companies since November 2016, Nvidia’s $548 billion at the open would rank second if it were a close, by our arithmetic. It sits behind its own $593 billion of 27 January 2025 and ahead of Alphabet’s $497 billion of 29 October 2026.
The $409 billion at 9:35 a.m. would rank fourth, between Nvidia’s $447 billion of 5 November 2026 and Apple’s $358 billion of 31 July 2026. The 11 November close valued Nvidia at about $4.19 trillion and AMD at about $907 billion on their 10-Q cover share counts, by our arithmetic.
The Structural Read
As we read the minute data, the price fell further after the release time from a level already below the close: about $356 billion was off the close value at 8:47 a.m., and a further $7.95 a share, about $192 billion, came off by the open, by our arithmetic.
As we read the peers, the move was concentrated in Nvidia and the AI infrastructure names: AMD and Broadcom were up at 9:35 a.m. while CoreWeave and Nebius were down by double digits, per Nasdaq quotes. None of these figures is a close.
Harvey Jones, Chair of the NVIDIA Board of Directors, in the 12 November release
“The Board has full confidence in Colette and the leadership team, and we expect the company’s operations, customer commitments and product roadmap to continue without interruption.”
Three Implications
FOR NVIDIA About $548 billion of market value below the 11 November close at the CNBC-listed open, and about $409 billion at 9:35 a.m. Eastern, by our arithmetic.
FOR THE RANKING Second among the one-day losses in our scan of eight US tech companies since November 2016 if the open were a close, behind only Nvidia’s $593 billion of 27 January 2025, by our arithmetic.
FOR THE CALENDAR Third-quarter results stay on Tuesday, 17 November, as previously scheduled, according to the release.
The framework holds that the AI bubble and the supercycle are both true and that “They operate on different cycles.”
As we read it, a one-morning swing of about $139 billion between the open and 9:35 a.m. is a short-cycle price event; the framework does not discuss Nvidia’s board or this filing, and the read is ours.
What Is Not Established
Opening and intraday prices are not closes; the regular session runs until 21:00 UTC, and where Nvidia closes is not known. The ranking compares intraday figures with closing-price losses, so it is indicative only.
Share counts are from the 10-Q covers (Nvidia, 21 August 2026; AMD, 28 October 2026); other counts, such as diluted shares, would give different totals. We do not address the reasons for the resignation.
This Week In The AI Supercycle
The Great Convergence of Capital, Power, and Geopolitics
This week’s issue: for two years the AI build-out was priced as a supply story, and last week as a credit story. This week it was priced as a permission story, and the answer arrived as a cost, not a ban.
Nvidia opened 13.1% below its 11 November close, about $548 billion of market value by our arithmetic, roughly 60% of AMD’s entire value, then cut the gap to about $409 billion by 9:35 a.m. Eastern. AMD and Broadcom rose while the semiconductor index fell.
A note on sourcing. We read Nvidia’s Form 8-K and its Exhibit 99.1 release on SEC EDGAR and the release time listed by GlobeNewswire. Prices come from Nasdaq’s historical closes, quotes and minute data and from CNBC’s quote service, read at 14:31 and 14:35 UTC; the opening price is the one CNBC lists. Share counts are from the 10-Q cover pages on SEC EDGAR. Every market-value figure, ratio and ranking is our arithmetic. Intraday prices are not closes. This piece is not investment advice.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
