AMD Jumps 5.86% as Jensen Huang Exits Nvidia; 585 Is the Test

Advanced Micro Devices closed up 5.86% on Thursday at around $585, leading the S&P 500, after Nvidia announced that Jensen Huang had resigned as CEO, president and director with immediate effect.

The resignation followed reports concerning Huang's personal conduct and a suspected link to Chinese intelligence, according to the source analysis published on TradingView. Colette Kress, Nvidia's chief financial officer since 2013, has taken over as interim CEO. Nvidia shares fell as much as 14% intraday before closing down 4.34%.

Broadcom also gained 5.54% and joined AMD at the top of the S&P 500, while the Nasdaq composite closed roughly 0.4% lower. The divergence points to a targeted rotation into Nvidia's competitors rather than a broad market move.

What does the leadership change mean for chip buyers?

The market is trading this event as supplier diversification, not as an AMD earnings story, the analysis states. A CEO search launched days before Nvidia's Nov. 17 earnings report gives large buyers a reason to hedge their chip supply, and AMD is the most direct alternative.

Two data points support the rotation thesis:

• AMD has said demand for its products is already above supply.
• Broadcom's AI semiconductor revenue rose 221% year over year to $16.7 billion in its latest fiscal quarter.

The analysis flags a clear risk to the trade. A steady handover at Nvidia could hand back some of AMD's gains, since Kress has run the CFO office since 2013 and Nvidia's chip roadmap is already public. AMD has also moved a long way in about a week, which leaves the stock vulnerable to a pullback.

How far has AMD come?

AMD peaked near $660 in early October, then fell inside a descending channel to about $403 in early November. That drop measured roughly 39%. The stock now trades about 45% above that early-November low.

The rebound broke above the channel's upper line near $522 and has reached $585. The bullish breakout has not yet fully repaired the moving-average picture. On the four-hour chart, the 21-period exponential moving average sits at 520.43, still below the 78-period EMA at 534.72, so the bearish crossover remains in place even though price trades above both lines. The relative strength index stands at 63.51, a bullish reading that remains below overbought territory.

What are the scenarios and key levels?

The analysis frames its scenarios as conditions rather than recommendations, with a time horizon of one to two weeks and Nvidia's Nov. 17 earnings report as the key event.

• Base case: a four-hour close above $585 targets $640 and then the all-time high zone near $660.
• Pullback case: a retest of $530 that holds — supported by the slow EMA at 525.50 and the broken channel line — keeps the breakout valid.
• Bullish view invalid: a four-hour close below $530.

Resistance levels sit at $585, $640 and $660. Support levels sit at $530, $520 — the fast EMA and channel line — and $425.

What happens next?

The near-term question is whether AMD can hold a four-hour close above $585 before Nvidia reports on Nov. 17. If the handover to Kress appears stable and the roadmap stays on track, the diversification premium built into AMD over the past week may prove difficult to sustain.