Nvidia Tanks as Altman Joins Dario in AI Chip Export Ban Mitchell Duran Fri, November 13, 2026 at 3:07 PM EST 3 min read NVDA -2.20% AMD -9.06% AVGO -5.20% CBRS +12.00% 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.
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In a Shakespearean turn of events, complete with alleged AI-chip espionage and a sex scandal, Jensen Huang, once assumed to be one of the most untouchable men on the planet, is out as CEO of Nvidia.
With Huang gone and Colette Kress in as interim CEO, the future of Nvidia, which holds anywhere from 57.2% to 58.5% of the broader semiconductor market, according to CSI Market, and roughly 85% to 92% of the discrete GPU market, is up in the air. Wall Street made that clear as one damning story after another came out, and NVDA is down 30% so far. Some of its biggest competitors, like AMD, Broadcom (AVGO), and up-and-comer Cerebras (CBRS), got a lift while everything was going wrong for Huang, though even that didn't last. AMD and AVGO are both down 10%. CBRS is the standout, up 11% at the time of writing after beating analysts' expectations in its third quarter.
Beyond the usual suspects looking to chip away at Nvidia's throne and build their own out of the pieces, two AI companies are reportedly standing together for once behind tighter export controls, Anthropic and, now, OpenAI.
Bloomberg reported on November 12 that OpenAI backed tighter restrictions on Beijing's access to AI chips and chipmaking equipment. That came a day after reports that Huang had an affair with Nvidia executive Kimberly Powell, and amid questions about Commerce Secretary Howard Lutnick's relaxed view on chip exports to China. Anthropic has stated its position on export controls publicly several times, going back to spring 2025.
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The timing of OpenAI CEO Sam Altman suddenly joining China hawks like Rep. Josh Gottheimer (D-N.J.) and Sen. Jim Banks (R-Ind.), who have urged Congress to pass stricter controls on Beijing's access to advanced AI chips, is curious. In early October 2025, OpenAI announced a partnership with Broadcom to co-develop and deploy up to 10 gigawatts of computing power from custom accelerators, and in June 2026 it unveiled the first chip from that partnership, Jalapeño, which OpenAI bills as its first intelligence processor.
Rumors about Anthropic's own chips started kicking up in April 2026, and the company confirmed them on August 5, telling Reuters it's hiring engineers with experience across the hardware and software stack to help co-design custom chips and AI models.
Both have been running on Nvidia's chips forever. If they start building their own around their own needs, on top of competition from AMD, AWS Trainium, Google TPUs, and Broadcom, Nvidia's moat could come under threat just as the company tries to turn the ship around without Huang.
