Nvidia Heads for Sixth Weekly Loss as Cerebras Jumps 15%

Nvidia fell 1.4% to $163.81 on Friday morning, putting the chipmaker on course for its sixth consecutive weekly loss. The stock had opened higher at $167.22, up about 0.6% from Thursday's close of $166.19, before reversing. Nvidia traded about 2% higher before the bell, CNBC reported.

The decline follows a week of upheaval. Jensen Huang resigned as chief executive on Thursday, and CFO Colette Kress was named interim chief executive. The stock closed at $186.64 on Nov. 6 and is down about 12% this week. MarketWatch said Nvidia has shed nearly $500 billion in market value this week, and GF Securities joined the list of firms downgrading the stock, according to Seeking Alpha.

Nvidia is due to report quarterly results on Tuesday, Nov. 17, its first report since Huang's exit, according to Yahoo Finance and Saxo. A sixth straight weekly loss would mark Nvidia's longest such streak since 2012.

Where did the broader market stand?

US stocks opened mixed on Friday after an early bounce faded. At 9:38 a.m. ET the S&P 500 was down 0.09% at 7,585.65, the Nasdaq Composite was down 0.38% at 25,269.40, and the Dow Jones Industrial Average was up 0.27% at 52,436.17, Yahoo Finance data showed. The S&P 500 had opened at 7,609.06, about 0.2% above Thursday's close.

Futures had risen after October producer prices rose 0.3%, slightly below the 0.4% gain economists polled by Dow Jones expected. The annual PPI rate climbed to 6.5%, the highest since November 2022.

Other semiconductor names moved lower alongside Nvidia:

• AMD fell 4.7% to $557.71 after rising on Thursday.
• Super Micro slipped 0.6%.
• Applied Materials, which beat estimates with fourth-quarter revenue of $10.41 billion, was down 0.95% at 9:33 a.m. ET.

Why did Cerebras jump 15%?

Cerebras rose 15.3% to $112.72 at 9:38 a.m. ET. The AI chip company reported third-quarter core revenue of $230.9 million and raised its 2026 forecast to as much as $960 million on Thursday. Yahoo Finance reported the company also announced deals with two new hyperscale cloud customers and guided fourth-quarter core revenue to $310 million to $330 million.

Microsoft fell 0.9% to $518.10 after opening at $517.35. A Microsoft 365 outage that knocked out Outlook, Teams and Copilot for many users ran into a second day, and the stock was down more than 1% before the open, CNBC reported. Palo Alto Networks rose 0.95% at 9:33 a.m. ET after KeyBanc upgraded it to overweight with a $380 price target.

What did the cooler PPI do to yields?

The softer inflation print did little for bonds. The 10-year Treasury yield stood at 5.162% at 9:22 a.m. ET, up from 5.103% on Thursday, when the yield rose above 5% for the first time since late October. Markets were fully pricing a quarter-point Federal Reserve hike at the Dec. 8-9 meeting, with slight odds of a half-point move, CNBC reported. The government's record $404 billion October deficit, reported Thursday, adds to Treasury supply.

Commodities and crypto diverged. Brent crude rose 1.1% to $96.86 a barrel after Iran said a gas tanker hit a mine in the Strait of Hormuz. WTI futures rose 0.7% to $89.39. Bitcoin fell 3.5% to $68,889, near the 12-week low it hit overnight. Gold futures edged up 0.2% to $3,892.60, and the dollar index gained 0.08% to 103.25.

MarketWatch separately reported that Goldman Sachs set an 8,700 target for the S&P 500 for the end of 2027.

Nvidia's Tuesday report, the first under interim leadership, will test whether the week's $500 billion slide reflects concern about the transition or about the fundamentals investors will hear on the call.