Nvidia Turmoil Lifts AMD, Broadcom on Bets for Business Gains Bloomberg · Bloomberg Abhishek Vishnoi Wed, November 11, 2026 at 9:56 PM EST 4 min read NVDA -4.95% AMD +9.55% AVGO +5.96% GOOGM +5.07% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
(Bloomberg) -- Nvidia Corp.'s leadership turmoil is boosting potential beneficiaries, with Advanced Micro Devices Inc., Broadcom Inc. and Alphabet Inc. gaining after hours on bets they may win business from the chip giant.
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AMD and Broadcom each rose more than 3% as Nvidia sank 9% after hours on reports its board is preparing to oust Chief Executive Officer Jensen Huang, who led its rise to become, at one point, the world's most valuable company. Alphabet rose 0.3% in extended trading.
The selloff followed reports about Huang's extramarital affairs and intensified after the Wall Street Journal said the board was preparing to remove him. Nvidia is working with an outside firm to identify potential replacements for Huang.
As Nvidia confronts leadership uncertainty, rival hardware makers are gaining as investors seek continued exposure to the AI trade while hedging Nvidia-related risks. The turmoil underscores the potential for further volatility as investors assess its impact on AI development and the extent to which customers diversify their spending worldwide.
"This is where competitors like AMD, like Google Tensor Processing Units and Amazon will probably have a chance to improve their market share when it comes to that accelerator market that Nvidia dominates," Mandeep Singh, global head of technology research at Bloomberg Intelligence, said. "There is no doubt that Nvidia won't be as aggressive as they have been in the past two to three years when it comes to setting goals and overachieving them."
Huang's potential replacement will likely be "quite conservative" in company leadership, given the recent developments.
AMD and Broadcom stand to likely gain the most if Nvidia's leadership issues disrupt its customer relationships. AMD is Nvidia's closest rival in AI accelerators, while Broadcom has a growing role in custom AI chips and networking.
While a Nvidia leadership shakeup may push customers to rethink their reliance on a single supplier, competitors like AMD and Broadcom are already pursuing business in AI accelerators, custom silicon and networking.
"AMD as a direct competitor, and Alphabet and Broadcom in the TPU space, are natural beneficiaries in the short term," said Anna Wu, an investment strategist and founder of Floodlines Research. "Huang's scandal has raised public doubts about Nvidia's commercial secrets and its product edge."
Alphabet's TPUs are custom-built for AI, while graphics processing units are multi-purpose chips originally made for gaming. TPUs can't replace GPUs across the board, and moving AI workloads away from Nvidia is slow and costly, she added.
Alphabet announced plans to roll out a broader array of AI chips, aiming to capitalize on its rapid rise as a major challenger to Nvidia in a market worth hundreds of billions of dollars. The company is introducing two new variations of its TPUs.
Other beneficiaries include the companies powering hyperscalers' in-house chips.
In Taipei, MediaTek Inc., which works with Google on custom silicon, rose as much as 3.3% in Taipei on Thursday. Design houses Alchip Technologies Ltd. and Global Unichip Corp. both jumped more than 8% in Taipei on hopes that rising budgets will flow into custom hardware.
Meanwhile, Nvidia's manufacturing partners appear insulated regardless who leads the company, since they also supply its rivals. Taiwan Semiconductor Manufacturing Co. was little changed, while South Korean suppliers SK Hynix Inc. and Samsung Electronics Co. both rose more than 2%.
Roughly 27% of SK Hynix's revenue comes from Nvidia, versus 0.3% of Samsung Electronics, according to Bloomberg's supply-chain data.
Because Samsung shares a closer relationship with Nvidia rival AMD, some market watchers see potential for new leadership at Nvidia to warm up to Samsung.
"A potential leadership change at Nvidia could create a strategic opening for Samsung," said Jung In Yun, chief executive officer at Fibonacci Asset Management Global. "If Jensen Huang were to leave, new management could reassess supplier relationships and place greater emphasis on diversifying its supply chain, giving Samsung an opportunity to deepen its partnership with Nvidia and compete for a larger share of future HBM orders."
The scandal could also benefit Chinese companies working to replace Nvidia in their home market, as stricter export rules in the US intensify scrutiny of chip sales to China.
Any resulting tightening would provide a tailwind for local chipmakers such as Cambricon Technologies Corp., Hygon Information Technology Co. and Semiconductor Manufacturing International Corp.
Read: Nvidia Turmoil Spreads to Asian Chip Stocks: TOPLive
--With assistance from Youkyung Lee and Winnie Hsu.
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