Semiconductor shares fell broadly on Friday as the trade that followed Jensen Huang’s resignation reversed. On Thursday investors had bought Nvidia’s rivals; on Friday they sold them harder than Nvidia itself. The Philadelphia Semiconductor Index fell 3.4 percent, with Advanced Micro Devices down 8.8 percent and Broadcom down 4.8 percent as its biggest drags, Reuters reported. Nvidia fell 2 percent to 162.85 dollars, closing below 4 trillion dollars in market value.
The weekly record is now stark. Nvidia recorded its sixth straight week of declines, its longest losing streak since October 2012, and fell 12.75 percent on the week in the estate market tables. The selling spread to the AI infrastructure names around it: neoclouds CoreWeave and Nebius ended lower, IREN lost 6.7 percent and Applied Digital fell 5.8 percent, Reuters reported. The S&P 500 technology index shed 1.7 percent and was the worst performing of the 11 major sectors, while the Nasdaq Composite lost 0.91 percent to 25,136.27 and the S&P 500 lost 0.40 percent to 7,561.67.
Analyst action added to the pressure. HSBC cut Nvidia to hold on Friday, with a 170 dollar price target, saying the uncertainty will prevail until a permanent succession plan is laid out, according to market reporting of the downgrade. Broadcom also faced a downgrade to neutral from Rothschild and Co Redburn, reported the same day.
The distinction from Thursday matters. Broadcom closed at 347.01 dollars, down 4.76 percent on the day but still up 18.16 percent on the week in the estate tables, and the semiconductor basket closed down 3.67 percent on the day while remaining up 9.35 percent on the week. What unwound on Friday was the rotation trade itself, not the sector’s whole week. Nvidia reports third quarter results on Tuesday November 17, the first print under interim chief executive Colette Kress, and that report is now the test of whether the selling stays a governance event or becomes an earnings one.