Why Nvidia Stock Is Falling and What It Means for AI Stocks

Chief Financial Officer Colette Kress agreed to serve as interim CEO while continuing as CFO, and Harvey C. Jones was appointed the company's first-ever board chair, according to Nvidia. Nvidia says its board is searching for a permanent CEO and will consider both internal and external candidates. On the episode, Daren notes that prediction markets were already taking bets on who the next CEO might be.

Nvidia closed at $186.64 on Friday, November 6, according to The Company Chronicle, and finished Friday, November 13 at $162.85, according to ETF.net. Based on those two closes, the stock fell roughly 12.7 percent on the week, in line with the 12.75 percent decline Daren cites on the episode. Chris suggests the stock was a little over 30 percent below its high, and notes that it could be surprising the decline was not larger given how closely the company was tied to Huang.

Through Thursday's close, AMD was up about 30 percent for the week and Broadcom about 24 percent as some investors appeared to rotate toward Nvidia's rivals, while Nvidia was down about 11 percent, according to Yahoo Finance. That move partly reversed on Friday, November 13, when AMD fell 8.8 percent, Broadcom fell 4.8 percent and the Philadelphia semiconductor index fell 3.4 percent, according to ETF.net.

Nvidia was 6.30 percent of the S&P 500 on November 10, 2026, second to Apple at 7.84 percent and more than the index's 209 smallest companies combined, according to CalculatorAI, which works from State Street's SPY holdings file. CalculatorAI notes that Nvidia's weight was 8.19 percent on September 24. Using CalculatorAI's formula of weight times return, a 10 percent move in Nvidia alone could move the index by roughly 0.6 percentage points. On the episode, Chris suggests that this concentration is a key reason a single company's news can matter so much to the broader market.

Nine states now have a governor or governor-elect who has promised or already imposed a pause on new data centers, and those states hold 158.6 gigawatts of planned capacity, or 41 percent of the U.S. pipeline, according to Cleanview. Cleanview points to states including Texas, Ohio, Georgia and New Mexico. On the episode, Chris suggests that this shift in the political climate, along with the move from cash-flow funding to debt financing, may be weighing on AI stocks, while Dano notes the U.S. already has thousands of operating data centers.

The Consumer Price Index rose 0.4 percent in October and core CPI rose 0.3 percent, both above economists' expectations, according to InvestmentNews, which notes that the Bureau of Labor Statistics did not publish a 12-month change for October because of a lapse in data collection. The Producer Price Index rose 6.5 percent over the 12 months through October, its fastest annual pace since November 2022, according to CFO Dive. On the episode, Chris suggests that producer prices tend to lead consumer prices, which may keep the Fed focused on inflation.

Futures prices tracked by CME FedWatch put the odds of a rate increase at the Fed's December 8-9 meeting at about 90 percent, according to the Associated Press via the Daily News. The AP reports that Fed Governor Christopher Waller said a half-point increase should be considered if October core inflation reached 0.3 percent or higher, which it did. On the episode, Chris cites hike odds of roughly 80 to 90 percent and suggests short-term Treasury yields may be signaling that the Fed is behind on inflation. Market odds can change quickly as new data arrives.

Bitcoin fell below $74,000 after hotter-than-expected inflation data raised concerns about further rate hikes, and higher rates increase the opportunity cost of holding non-yielding assets such as bitcoin and gold, according to Dow Jones reporting via Morningstar. CoinDesk reported that bitcoin later slipped below $72,000 and that gold fell 3 percent in 24 hours to $3,868 an ounce, its lowest level since September 2025. On the episode, Chris suggests that scarce assets like gold and bitcoin may struggle when the Fed is tightening financial conditions, which he says is a reason to diversify.

The 401(k) contribution limit rises to $25,500 for 2027, up from $24,500, according to the IRS. The IRS says the catch-up limit for savers 50 and older is $8,500, the higher catch-up for ages 60 through 63 is $11,750, and the IRA limit remains $7,500 with a $1,100 catch-up for those 50 and older. On the episode, Chris suggests that during market stress, focusing on what you can control, such as your savings rate, can be a productive step.