Nvidia Leadership Shock Sends AI Stocks Lower Before the Bell

The Invesco QQQ Trust Series 1 fell 1.50%, or 10.38 points, in premarket trading on Nov. 12, 2026, after The Wall Street Journal reported that Nvidia's board is preparing to replace CEO Jensen Huang.

The SPDR S&P 500 ETF Trust lost 0.76%, or 5.80 points, in the same session, according to TradingView's hi2morrow team, whose note "Research 12.11.2026" also scheduled Nvidia's third-quarter results for Nov. 17. Reuters' Morning Bid led with a single-word headline: "Nvidious."

Nvidia's leadership question reached through the entire technology supply chain before the opening bell. The hi2morrow team grouped the premarket decliners this way:

• AI cloud and data centers: CoreWeave (CRWV), after a rally, Iris Energy (IREN), Super Micro Computer (SMCI), Dell (DELL), Hewlett Packard Enterprise (HPE), Oracle (ORCL).
• Semiconductors: Arm (ARM), Intel (INTC), Marvell Tech (MRVL), Qualcomm (QCOM), Taiwan Semiconductor (TSM), Astera Labs (ALAB), Credo Technology (CRDO).
• Memory and storage: Micron Technology (MU), SKHY, Sandisk (SNDK), WDC, Seagate (STX).
• Chip equipment: ASE Technology Holding (ASX), United Micro-electronics (UMC), Lam Research (LRCX), Applied Materials (AMAT), KLA Tenor (KLAC), Teradyne (TER).
• Optical: Ciena (CIEN), Coherent (COHR), Lumentum (LITE), Corning (GLW).
• AI power: Bloom Energy (BE), Vertiv (VRT).

The contagion reached beyond chips. Alibaba (BABA) fell 7% in Asia trading on fears for its chip access. Bitcoin slid to about $73K, its lowest in nearly three months, pulling down crypto-linked Bitmine Immersion Technologies (BMNR), Circle Internet Group (CRCL), Coinbase (COIN) and Robinhood (HOOD).

Strategy (MSTR) fell as MSCI prepares to remove it from its indexes by month end; the hi2morrow team said Metaplanet is also out, citing "Unchained." Gold dropped 1.25% to about $3,950, and miners Gold Fields (GFI), AngloGold Ashanti (AU), Agnico Eagle Mines (AEM), Wheaton Precious Metals (WPM), Pan American Silver (PAAS), Coeur Mining (CDE) and Alamos Gold (AGI) fell with it.

One leadership headline repriced chips, crypto, metals and China-exposed tech in premarket trading.

Which names report before the open, and how did they trade?

Three companies were scheduled to report before the opening bell: Korea Electric Power (KEP), QXO (QXO) and Dillard's (DDS).

Gap up on earnings and guidance:

• Hudbay Minerals (HBM) posted record Q3 results and improved its cost guidance.
• Figure Technologies (FIGR) reported Q3 revenue above estimates.
• Tetra Tech (TTEK) rose after strong Q4 and fiscal 2026 results.
• Honda (HMC) reported a 13% revenue rise in the first half of fiscal 2027.
• Aevex Class A (AVEX) extended its gains after raising full-year guidance on Nov. 11.
• CuriosityStream (CURI) beat Q3 estimates and raised its outlook.
• Fermi (FRMI) announced new agreements with an investment-grade hyperscaler alongside Q3 results.
• Intuitive Machines (LUNR) reported record Q3 financials.
• Also higher on earnings and guidance: Ascendis Pharma (ASND), DPC, Legence (LGN), Cellebrite (CLBT), MBGL, Franco-Nevada (FNV) and VYLR.

Gap down on earnings and guidance:

• Nebius Group (NBIS) slumped after Q3 results and guidance pointing to revenue at the low end of its range.
• Brookfield (BN) fell despite a 16% increase in Q3 earnings.
• Forgent Power Solutions (FPS) fell despite Q1 results above the high end of guidance and a raised full-year outlook.
• Yeti (YETI) cut its full-year outlook on consumer caution.
• National Vision Holdings (EYE) beat on EPS but lowered its comparable-sales growth outlook, and revenue missed.
• Digi International (DGII) fell on weak FY27 revenue guidance despite a Q4 beat.
• Ondas (ONDS) fell despite record Q3 revenue of $167.5M and strong bookings and backlog growth.
• Corteva (CTVA) reported Q3 results and updated its FY2026 outlook.
• Also lower: Twist Bioscience (TWST) and EROC; the note also repeats HBM in its gap-down ticker list.

Outside those two lists, Eli Lilly (LLY) rose after China approved its orforglipron weight-loss pill, and Santander (BSBR) gained after the bank sweetened its offer for the Brazil unit stake by 5%.

Four highlighted decliners dropped despite beats or records, so guidance did more damage than reported profit.

What does the U.S. calendar hold?

The hi2morrow team flagged a dense slate of U.S. data and Federal Reserve speakers:

• 08:30 — Initial Jobless Claims
• 09:00 — Fed Hammack speech
• 10:00 — Existing Home Sales; Fed Barr speech
• 11:30 — Fed Goolsbee speech
• 13:00 — 30-Year Bond Auction
• 13:10 — Fed Daly speech
• 14:00 — Monthly Budget Statement
• 18:30 — Fed Williams speech

The note also put Fed rate hike odds for December at 100% after the hot October CPI report. Oil steadied near $85.9 for WTI as Iran war talks made little progress. Europe's STOXX 600 set a record high on strong earnings and easing Mideast tensions, the UK economy grew at its fastest rate in more than two years, and India's October inflation topped the RBI's 6% limit, strengthening the case for rate hikes.

With five Fed speakers on the schedule, the rate path stays the day's dominant macro variable.

What reports after the close?

Cisco (CSCO), Applied Materials (AMAT), Nu Holdings (NU), Ecopetrol (EC) and Cerebras Systems (CBRS) were scheduled to report after the close, the hi2morrow team said. Applied Materials also sits inside the lower chip-equipment group, so its report lands in the same trade Nvidia's leadership question shook.

Why did Rezera postpone its IPO?

Rezera (RZRA) postponed the IPO it had scheduled for Nov. 12. The deal had set a price range of $11.00 to $13.00 for 16.7 million shares, an estimated deal size of about $200.0 million, with Jefferies, TD Cowen, Cantor and Wedbush PacGrow as lead managers. The postponement leaves a $200.0 million deal without a pricing date.

For the next session, the test is stacked: Nvidia reports on Nov. 17, five companies report after the bell on Nov. 12, and December rate-hike odds sit at 100% behind both.