Stock market today: Dow, S&P 500, Nasdaq slip as Nvidia stock falls on CEO exit, bond yields rise

Cerebras Systems (CBRS) shares jumped 15% in post-market trading after the AI chipmaker reported record third quarter revenue and raised its full-year outlook.

The company’s core revenue rose 70% year over year to $230.9 million while cloud revenue surged 272% to $144.9 million. The maker of AI chips, looking to compete with Nvidia (NVDA), said it sees fourth quarter core revenue of $310 million to $330 million, versus Wall Street consensus estimates of $271.2 million.

The company also announced commercial deals with two new hyperscalers, or large cloud computing providers that operate massive data centers. One is among the world’s top three, with Cerebras saying it would share more details about the major cloud deal next year.

“We won new marquee customers, including hyperscalers, neoclouds and large enterprises. And we saw our pipeline for high-speed AI inference increase by more than 10x in the quarter,” said Bob Komin, CFO of Cerebras, in the company’s earnings release.

US stock closed the session lower on Thursday, with Nvidia (NVDA) shares sinking more than 4% after Jensen Huang resigned as CEO of the AI chip giant this morning following claims of extramarital affairs.

Rising bond yields also put pressure on stocks on growing expectations that the Federal Reserve may have to raise interest rates in December.

The Dow Jones Industrial Average (^DJI) fell 0.3%, while the S&P 500 (^GSPC) declined by 0.3%. The tech-heavy Nasdaq Composite (^IXIC) fell 0.4%.

Elon Musk-led SpaceX (SPCX) and Tesla (TSLA) are reportedly progressing in their merger talks, according to Bloomberg. Advisers for both companies are discussing the terms, the report said. An announcement could be made as early as December, but the merger deal could slip into 2027.

Tesla stock edged up 1% in afternoon trading.

Former Nvidia (NVDA) CEO Jensen Huang had a romantic relationship with another employee at the chipmaker, Reuters reported on Thursday afternoon, citing two people familiar with the matter.

The report follows earlier media accounts of two other alleged affairs, bringing the number of reported relationships to three. Those reports identified the other women as Alice Huang, whom US intelligence reportedly suspected of having ties to Chinese intelligence, and Kimberly Powell, Nvidia’s vice president of healthcare.

Shares of Nvidia were down 5% in afternoon trading.

Chicago Federal Reserve President Austan Goolsbee was hopeful inflation would be cooling down by now, Yahoo Finance’s Jennifer Schonberger writes.

Instead, Tuesday’s hotter-than-expected October inflation report marked the second straight month of rising prices — putting the central bank in what Goolsbee warns is a “precarious moment.”

“I was hopeful that we were going to actually see a substantial shrinking of the inflation rate as we rolled through the tariffs and as maybe the price of oil was going to come back down, but it hasn’t really worked out that way,” Goolsbee said at Yahoo Finance Invest. “So we’re at a precarious moment.”

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Microsoft (MSFT) said it is looking into reports that users are unable to access Exchange Online mailboxes via various connection methods across various regions.

“While we’re working to mitigate impact, we’ve confirmed the issue may affect Microsoft 365 service connectivity for users in any region,” read a company statement on X.

Shares of the tech giant trimmed earlier gains following the announcement.

The sudden ouster of Nvidia co-founder and CEO Jensen Huang has introduced a new question ahead of Anthropic’s massive initial public offering next week:

What happens to the chipmaker’s $10 billion investment commitment?

Nvidia has pledged to purchase $10 billion in Anthropic’s $26 billion private placement tied to its IPO, according to Anthropic’s latest IPO filing.

The investment is expected to close immediately after Anthropic’s public offering, subject to certain conditions. It remains unclear whether Huang’s departure will affect Nvidia’s commitment.

The timing puts two of the artificial intelligence industry’s biggest companies in the spotlight next week. Nvidia is scheduled to report quarterly earnings on Tuesday, Nov. 17, while Anthropic expects to price its IPO on Wednesday, Nov. 18, and begin trading the following day.

Major US stock indexes moved higher Thursday, paring earlier losses sparked in part by the sudden departure of Nvidia co-founder and longtime CEO Jensen Huang.

As investors grapple with what Huang’s exit could mean for the artificial intelligence trade, one Wall Street veteran offered some historical perspective.

“Sad about Jensen. Shakespearean. But as [Charles] de Gaulle said, ‘The graveyards are filled with indispensable men’,” former Goldman Sachs CEO Lloyd Blankfein posted on X Thursday.

Huang’s departure has raised questions extending well beyond the chipmaker, including what Nvidia’s turmoil could mean for the many AI firms it has backed.

Shares of Michael Saylor’s bitcoin juggernaut, Strategy (MSTR), sank by as much as 6% Thursday, adding to bitcoin’s woes as the world’s largest cryptocurrency fell below $72,000.

The move comes after major index provider MSCI confirmed plans Wednesday evening to remove the largest publicly traded holder of bitcoin from two US stock indexes.

The removal follows MSCI’s decision to exclude certain companies whose business models increasingly resemble investment funds rather than traditional operating companies. The decision could force funds tracking those indexes to sell its holdings of Strategy’s stock.

Strategy has emphasized the company’s ability to withstand bitcoin downturns. On its October earnings call, CEO Phong Le pointed to $21 billion in capital raised so far this year as evidence of continued investor demand.

Bitcoin (BTC) is down about 8% so far in November, pressured by expectations of a more hawkish Federal Reserve and fresh political uncertainty following Democrats’ sweep of Congress in last week’s midterm elections.

Investors are grappling with what the ousting of Jensen Huang could mean for the artificial intelligence industry, which has fueled much of the stock market’s biggest gains this year.

But how much uncertainty is the corporate upheaval injecting into the broader stock market? So far, Wall Street’s fear gauge suggests a relatively muted reaction as of 10 a.m. ET on Thursday.

The CBOE Volatility Index, or VIX (^VIX), rose to around 18.26, just above its average level of 18.2 for 2026, according to Yahoo Finance data. The index has recorded 47 larger daily surges this year that exceeded Thursday’s increase, including a nearly 70% surge during last week’s post-election sell-off.

Nvidia (NVDA) stock trimmed losses, falling roughly 7% after dropping 14% at the open. Shares sank after the AI chip giant announced that CEO Jensen Huang resigned effective immediately.

The company’s market cap was still below $4 trillion as shares have dropped roughly 30% over the past month.

US stocks opened lower Thursday as Nvidia shares sank following CEO Jensen Huang’s decision to step down, rattling an artificial intelligence trade that had just begun to recover.

The S&P 500 (^GSPC) fell 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) dropped 0.6%, backsliding from Wednesday’s chip stock-led rally. The Dow Jones Industrial Average (^DJI) remained flat.

Nvidia (NVDA) shares tumbled more than 10% before the bell, dragging on other AI-linked stocks after Huang’s departure added another layer of uncertainty around the chipmaker.

Investors were also keeping an eye on elevated Treasury yields, with the 10-year hovering around 5.0%, while awaiting earnings from Cisco and Applied Materials after the bell.

Jensen Huang has resigned as Nvidia CEO on Thursday morning following reports of two extramarital affairs.

Nvidia board announced the transition on Thursday morning, saying Huang” has resigned as President, Chief Executive Officer, and a member of the Board, effective immediately.”

The company board named CFO Colette Kress as interim CEO until a permanent successor is named.

The board had reportedly met last night after The New York Times reported on allegations that Huang had a second extramarital affair, this time with an Nvidia executive. The other affair was with someone who the US intelligence community reportedly believed was a Chinese spy.

Follow the latest updates on Nvidia here.

The AI trade was on shaky ground Thursday morning as Nvidia (NVDA) stock sank amid uncertainty over CEO Jensen Huang‘s future at the AI chip giant. Rivals Broadcom (AVGO) and AMD (AMD) pared earlier premarket gains as investors bet Nvidia’s troubles could send more chip business their way.

The rest of the AI sector didn’t fare well. Shares of Nvidia-backed neocloud provider CoreWeave (CRWV) dropped 10% in pre-market trading on Thursday, giving back some of the prior session’s gains sparked by a strong quarterly print. Peer Nebius *(NBIS) also sank.

Other semiconductor names declined. Chip maker Intel (INTC) stock dropped 2%, while shares of Taiwan Semiconductor Manufacturing Company (TSM), which manufactures Nvidia chips, also fell more than 2%. Semiconductor equipment maker ASML (ASML) slipped into red territory.

Storage maker Sandisk (SNDK) dropped 5% in pre-market trading, and memory chipmakers Micron Technology (MU) and SK Hynix (SKHY) declined roughly 4%.