Nvidia Faces Longest Weekly Losing Streak Since 2012 After Huang Exit

Nvidia has lost roughly $1.6 trillion in market value over six weeks and heads for its longest weekly losing streak since 2012. The stock fell 11% this week through Thursday, according to CNBC, and is on track for a sixth straight weekly decline. Over that stretch Nvidia has dropped 29% and fallen below Apple in market capitalization.

The sell-off follows Jensen Huang's resignation as chief executive, announced Thursday. Nvidia fell more than 4% that day, and Wall Street closed lower with it. By 5:30 a.m. ET Friday, the stock had recovered about 2.3% in pre-market trading, CNBC reported.

What does Huang's exit mean for the stock?

Analysts disagree on how much of the leadership change is already priced in. Gil Luria of D.A. Davidson wrote: "We believe the market has appropriately adjusted for this transition." Even so, he cut his price target to $200 from $300 while keeping a buy rating. Oppenheimer said it expected "fundamentals to take a backseat near term" and flagged a possible "lingering share overhang."

Investors told Reuters that Nvidia's financing arrangements with other AI companies could face more scrutiny following the change at the top.

Where were futures before the open?

US equity futures were mixed ahead of Friday's session. At 5:03 a.m. ET, Nasdaq 100 E-minis were down 31 points, or 0.11%, while S&P 500 E-minis rose 9.75 points, or 0.13%, and Dow E-minis gained 98 points, or 0.19%, Reuters reported. Despite Thursday's losses, the Nasdaq is up 3.2% for the week and the S&P 500 is up 2.9%, CNBC reported.

Which chip and tech names moved?

Microsoft fell 2.6% pre-market, the only Magnificent Seven stock in the red, after a Microsoft 365 outage that began around 1 p.m. ET Thursday hit Outlook, Teams and Copilot for more than 12 hours. The company reported "early signs of stabilization" at 4:14 a.m. ET.

Thursday's chip winners reversed:

• AMD down 2.6%
• Broadcom down 2.8%
• Intel, Micron and Lam Research each down about 0.9%

Cerebras rose more than 16% after raising its 2026 revenue forecast and signing Microsoft as a customer. Modine jumped more than 29% after hours Thursday on a Bloomberg report that Samsung is in talks to buy it. Coinbase, Strategy and MARA Holdings fell 2% to 2.6% as bitcoin hit its lowest in about three months.

What does the PPI report mean for rates?

The October producer price index is due at 8:30 a.m. ET. Economists polled by Dow Jones expect headline PPI to rise 0.4% on the month and 6.6% from a year earlier, CNBC reported. Traders already fully price a rate increase at the Fed's Dec. 9 meeting: CME FedWatch puts the odds of a quarter-point hike at about 87% and a half-point hike at about 13%. New York Fed President John Williams said Thursday that more hikes are likely, Reuters reported. A hot wholesale reading would strengthen the case for the larger move.

The 10-year Treasury yield rose 2 basis points to 5.127% early Friday, CNBC reported. Of the 450 S&P 500 companies that had reported third-quarter results by Thursday, 83.6% beat expectations, according to LSEG data cited by Reuters.

How did Europe and Asia trade?

The Stoxx 600 fell 0.2% to 662.64 points at 08:08 GMT, one session after a record close. Richemont dropped 7% after sales growth slowed to 13% in the three months to September, from 20% in the prior quarter. European chipmakers also slipped: Siltronic and Aixtron fell more than 1%, ASML and ASM International dropped about 1.5%, and Infineon lost 1.8%. The index is still up more than 2% for the week, its best week since June. Euro area third-quarter GDP growth was confirmed at 0.4%.

Goldman Sachs raised its 12-month Stoxx 600 target to 700 from 695. In its 2027 outlook, it cut European banks to neutral and insurers and energy to underweight, upgraded UK real estate to overweight, and flagged fiscal risks in France, and to a lesser extent Italy and Britain.

Japan's Nikkei 225 closed up 0.53% at 61,142.35, while South Korea's Kospi fell 0.98% to 5,290.53, CNBC reported. Spot gold rose 1% to $3,915.31 an ounce after Thursday's drop to its lowest since October 2025, though it remains down 3.5% for the week. Brent crude settled at $95.82 a barrel on Thursday, up more than 3%, and held near $95 in Asia.

Nvidia's pre-market bounce on Friday suggests some buyers see value after the six-week slide, but with a new chief executive and a December Fed hike fully priced, the path back above Apple in market value looks steep.