CoreWeave stock drops 7% after Nvidia CEO Huang resigns

thestreet.com — November 12, 2026 at 11:01 PM UTC

CoreWeave shares fell 6.86% to $56.60 on Nov. 12 after Nvidia CEO Jensen Huang resigned, raising concerns about the AI cloud provider's relationship with its biggest chip supplier and major investor. The decline followed a 24.71% rally on Nov. 11, when CoreWeave reported third-quarter revenue of $3.66 billion, up 168% year-over-year, and raised its full-year forecast to $13-$13.3 billion. Nvidia, which owns roughly 13% of CoreWeave, appointed CFO Colette Kress as interim CEO after Huang's departure amid allegations of affairs and suspected espionage. CoreWeave faces $46.9 billion in total debt and expects $37-$39 billion in capital expenditures this year. Barclays cut its price target to $85 from $105, and Nvidia's Nov. 17 earnings may clarify its future backing of AI infrastructure companies.

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