• Retail investors bought $111 million of Nvidia (NASDAQ:NVDA) shares in the first 30 minutes of Thursday's session, the largest opening half-hour of retail buying on record for the stock, according to Vanda Research, and poured $42.5 million into six 2x leveraged Nvidia ETFs between Monday and Wednesday, the strongest comparable demand since the DeepSeek selloff in January 2025.
  • Nvidia shares slumped 13% after CEO Jensen Huang resigned, and the company's market value fell below $4 trillion for the first time since July 2025; the stock is set for its biggest daily drop since January 2025.
  • CFO Colette Kress will serve as interim CEO, while Harvey C. Jones, former Synopsys (NASDAQ:SNPS) CEO, becomes board chair.
  • Saxo warns investors may be underestimating succession risk, with no obvious replacement for Huang.

Retail Investors Pour $111 Million into Nvidia in Just 30 Minutes

Retail investors bought $111 million of Nvidia ($NVDA) shares in the first 30 minutes of Thursday's session, the largest opening half-hour of retail buying on record for the stock, according to Vanda Research. Investors also poured $42.5 million into six 2x leveraged Nvidia ETFs between Monday and Wednesday, marking the strongest comparable demand since the DeepSeek selloff in January 2025. Meanwhile, inverse Nvidia ETFs saw no net buying. Retail traders are aggressively buying the dip despite Nvidia's leadership crisis.

The record opening buying spree dwarfs the broader dip-buying seen earlier in the week. According to Saxo Bank, nearly 90% of trades in Nvidia from Monday to Wednesday were buys, and the stock was traded 12 times more than any other on the platform.

Huang Resigns; Kress Named Interim CEO

Jensen Huang has resigned as Nvidia’s CEO and left its board. CFO Colette Kress will serve as interim CEO, while Harvey C. Jones, a former Synopsys CEO, becomes board chair. The departure follows an investigation into Huang’s relationship with a woman alleged to have links to Chinese intelligence, plus reporting about a separate relationship with an Nvidia executive who reported to him. Nvidia shares slumped 13% following the news, and the company’s market value fell below $4 trillion for the first time since July 2025. The stock is set for its biggest daily drop since January 2025.

Dip-Buying Frenzy Meets Leadership Uncertainty

Retail investors piled into Nvidia shares this week, even as the chipmaker’s leadership crisis deepened. According to Saxo Bank, nearly 90% of trades in Nvidia from Monday to Wednesday were buys, and the stock was traded 12 times more than any other on the platform. The aggressive dip-buying came as Nvidia shares extended premarket losses, last down 8% on Thursday, and as the company’s board weighed the future of CEO Jensen Huang.

The buying spree reflects a stark divide between retail optimism and institutional caution. While day traders bet on a rebound, the board’s deliberations have cast a shadow over the company’s governance. A source familiar with the matter said directors met Wednesday to consider Huang’s future, and an outside firm is reportedly helping identify potential replacements. No final decision has been made, and Huang remains CEO for now.

Succession Risk Underestimated, Saxo Warns

Saxo’s chief investment strategist, Charu Chanana, cautioned that investors may be underestimating the risk of a leadership vacuum. “There’s no obvious replacement for Huang,” she said, noting his central role in Nvidia’s strategy, product vision, and customer relationships. Huang, who co-founded the company in 1993 and owns about 3.6% of its shares, has long resisted succession planning, according to people familiar with the matter.

Analysts have begun reassessing the stock. Bernstein and Oppenheimer (NYSE:OPY) downgraded Nvidia on Thursday, while Citi (NYSE:C) cut its price target, highlighting the risk of a transition. “The key question is whether Nvidia’s strong AI business can remain insulated from uncertainty surrounding its founder,” said a note from Citi. The company’s next earnings report on November 17 will be a critical test of whether orders and customer commitments remain intact.

Investigation and Wider Fallout

The board’s review follows an independent investigation into allegations that Huang was targeted by a foreign intelligence effort. Nvidia has said it has no reason to believe that national security or company secrets were compromised. The probe, however, has widened to include personal-conduct allegations, including a reported relationship with a direct-report executive that Reuters (NASDAQ:TRI) could not independently verify. Huang acknowledged marital infidelity in an employee message.

Lawmakers are also pressing for tighter chip-export restrictions and have sought a closed-door briefing from Huang, with a potential congressional subpoena if he does not respond. China has denied any involvement in the reported intelligence operation. Meanwhile, the broader market is on edge: Nasdaq futures were down about 1% Thursday, while AMD (NASDAQ:AMD) gained 4% and Broadcom (NASDAQ:AVGO) rose 3%, as investors speculated about potential beneficiaries of a shift in AI spending.

Nvidia’s latest quarterly results, reported in August, showed revenue of $96.2 billion, up 106% year over year, and data center revenue of $89 billion. The company guided third-quarter revenue to $108 billion, plus or minus 2%. Those figures underscore the high stakes of the current crisis. As one analyst put it, “Strong earnings and succession risk can coexist. The buying activity shows confidence in the former, but it doesn’t resolve the latter.”

Nvidia did not respond to a request for comment.