Nvidia has worst week since Trump tariff selloff as Huang exits

The stock fell 2% to close at $162.85 Friday, extending losses over the last five trading days to 13%, the worst weekly decline since April 2025 when President Donald Trump unveiled a sweeping set of tariffs that roiled equities around the world. It was also Nvidia stock’s sixth straight week of losses, the most since 2012.

In this week’s tumble, Nvidia shares erased more than $570 billion in market value, a loss that is greater than the market value of 96% of stocks in the S&P 500.

Selling pressure increased this week after Huang admitted to having an affair with an alleged Chinese spy and reportedly had another affair with an employee. Huang was removed by Nvidia’s board of directors and replaced with Chief Financial Officer Colette Kress as interim CEO.

Wall Street analysts have largely shifted to wait-and-see mode in the wake of the scandal. At least 13 analysts covering the chipmaker have downgraded shares this month, the majority of those coming this week, according to data compiled by Bloomberg. The company now has 15 hold ratings, the most since 2023. Still, 66 analysts recommend buying the stock, and only one recommends selling, data compiled by Bloomberg show.

Nvidia shares could see continued pressure from the scandal as more details emerge. Huang has agreed to testify before Congress under oath, which is expected before the Thanksgiving holiday later this month, according to a key House Republican.

Senator Elizabeth Warren, who is poised to take over the Senate Banking Committee when Democrats take the majority in January, has criticized the company and its dealings with the White House. She joined others calling for a closer look at the role of Commerce Secretary Howard Lutnick. Officials “must explain why they have not closed export control loopholes and act today to ensure our advanced technology is not fueling China’s military,” said Warren.

Nvidia is scheduled to report quarterly earnings on Tuesday, Nov. 17.