Nvidia Down 17%, AMD Up 26%: 5 Winners From Nvidia’s Troubles
More on the AI trade: our AI storyline page collects our pieces on AI stocks.
If you asked ChatGPT a question this week, the answer was worked out on an AI chip, and for most of the boom that chip came from Nvidia. Now Nvidia has a new boss. On Nov 8 its board opened an investigation into reporting that CEO Jensen Huang had been the target of a foreign intelligence effort; Huang admitted an affair with an executive reportedly suspected of spying for China. At 8:52 am ET Thursday, Nvidia said Huang had resigned, effective immediately, and named CFO Colette Kress interim CEO. The stock was at $155.90 premarket Thursday (8:52 am ET), down 10.3% from Wednesday’s close and 16.5% below its Nov 6 close.
The money did not leave chips. It moved to the alternatives.
| Stock | Since Nov 6 | Why |
|---|---|---|
| AMD | +26.4% | The other AI chip |
| Broadcom | +20.6% | Builds Google’s chips |
| Monolithic Power | +20.3% | Powers AI servers |
| Astera Labs | +14.8% | Links AI servers |
| Coherent | +14.5% | Optical links for AI data centers |
Nov 6 close to Nov 12 premarket, 8:52 am ET (Intrinio via Trefis), among the AI chip and server stocks we track. CoreWeave (+15.2%) is left out: its gain came on its own earnings, reported Nov 10, not on Nvidia’s troubles.
That swap ran through index funds: Broadcom and AMD gained about $480 billion in value as Nvidia lost about $740 billion. Families with seven figures invested usually hold all three. Do you know your net? A free 15-minute call with a Trefis partner firm adds it up.
Who Steps Up If Nvidia Stumbles?
The logic is choice. The biggest AI buyers already have second sources, so a crisis at the leader moves attention, and perhaps orders, to them. On Thursday Nvidia’s new chair, Harvey Jones, said he expects customer commitments to continue without interruption.
- AMD: the other big seller of general-purpose AI chips; OpenAI agreed in October 2025 to deploy 6 gigawatts of them. Up 26.4% since Nov 6.
- Broadcom: builds Google’s custom AI chips (its TPUs), under a deal running through 2031. Up 20.6%.
- Arista: networking that links clusters of any maker’s chips. Up 12.7%.
- Intel: the long shot, with its own AI chips and factories. Up 6.8%.
Monolithic Power, Astera Labs and Coherent sell power parts, connections and optical links into AI data centers, Nvidia’s included, so a weaker Nvidia is not clearly good for them.
Which Winners Held Up On Nvidia’s News?
| Stock | Nov 9 | Nov 10 | Nov 12 pre |
|---|---|---|---|
| Nvidia | −4.3% | −5.5% | −10.3% |
| AMD | +13.3% | +1.3% | +2.7% |
| Broadcom | +8.8% | +3.9% | +2.6% |
| Arista | +9.0% | −0.6% | −2.1% |
| Intel | +5.5% | −2.1% | −3.9% |
| Monolithic | +16.6% | −2.2% | −3.2% |
| Astera | +13.7% | −0.3% | −5.2% |
| Coherent | +16.8% | −4.7% | −5.9% |
| Chip ETF SMH | +5.1% | −0.8% | −3.5% |
One-day moves; Nov 12 is premarket, 8:52 am ET (Intrinio via Trefis). Nov 11, the day after CoreWeave’s earnings, is left out.
What’s The Other Possibility?
The gains could reverse. Nvidia has named an interim CEO and is searching for a permanent one; if the handover is smooth, the reason to switch fades. The tape already hints at it. Monday lifted the whole market (SPY +2.4%). On Tuesday and again this morning, Arista, Intel, Monolithic, Astera and Coherent each fell. Only AMD and Broadcom kept climbing.
Will The Orders Follow The Stocks?
Buyers gain price leverage either way, as last week showed (Why Did Amazon And Google Stock Rise?). The next test is Nvidia’s report on Nov 17, its first without Huang: whether any customer trims an order. For Nvidia’s floor, see Will Nvidia Stock Go To $100?; for the stocks hurt most, 5 Biggest Losers From Nvidia’s $740 Billion CEO Crisis.
Winners and losers from one company’s crisis often sit in the same funds. For families with seven figures invested, a check of how much rides on Nvidia, net of AMD and Broadcom takes a free 15-minute call with a Trefis partner firm.
For questions about this article or underlying research, email help@trefis.com.