CoreWeave Shares Fall Nearly 7% as Nvidia CEO Exit Rattles AI Trade

CoreWeave shares fell nearly 7% on Thursday, November 12, after Jensen Huang resigned as Nvidia’s CEO and the chipmaker appointed CFO Colette Kress as interim chief executive.

CoreWeave shares declined after Jensen Huang’s resignation raised questions about Nvidia’s relationship with AI infrastructure companies that depend on its chips. [Photo: CoreWeave X]

The decline reflected investor concerns about how Nvidia’s leadership transition could affect its relationships with companies that depend on its chips and financial support.

CoreWeave is particularly exposed because Nvidia is both a major supplier and a significant shareholder.

CoreWeave shares fell as much as 15% during Thursday’s session before recovering some of their losses.

The stock closed down approximately 7%, according to David Hanson’s analysis for TIKR.

The company’s financial obligations have also drawn attention.

CoreWeave’s total debt, including leases, increased from $2 billion in 2023 to $29.8 billion in 2025, according to the analysis. The company is expected to continue raising capital to support its expansion.

Before the sell-off, CoreWeave traded at approximately 1.4 times forward sales, below its average valuation over the preceding year, Hanson reported. Investors were already weighing concerns about the company’s financing requirements and exposure to the AI infrastructure market.

Peter Atwater, an economics lecturer at William & Mary, described the potential consequences of Nvidia’s leadership change in a post on X.

“Given the vast amount of circular finance in which Nvidia was at the center, I'd suggest that the best analogy for the AI space this evening is a bicycle wheel spinning at 400 mph from which the hub was suddenly removed,” he wrote.

CoreWeave is closely connected to Nvidia’s AI ecosystem, making the chipmaker’s leadership and strategic decisions important to its business outlook.

However, the market reaction does not establish that Nvidia will reduce its support for the company.

Nvidia was scheduled to report its third-quarter fiscal 2027 results on November 17, an event investors were also watching for signals about demand and the direction of the AI market.