Markets
Arm Slid on a Report Nvidia Approached Its CEO
Arm shares fell on November 13, 2026, after the FT reported Nvidia's board had approached CEO Rene Haas as a successor to Jensen Huang; AMD lost 8.75%.
A day after Jensen Huang's resignation, the market started pricing who might replace him, and the first company to pay for that was not Nvidia. The Financial Times reported on Friday, November 13, that Nvidia's board had approached Rene Haas, chief executive of the chip designer Arm, about the top job. Arm's shares were down about 6.5% in the afternoon, according to Yahoo Finance, and closed 4.63% lower, according to the CappNotes closing tally.
The report came with caveats. According to the FT, Haas is one of several candidates, has not been offered the role and may not accept it. Reuters said it could not independently verify the story, and Arm declined to comment. Nvidia's board has said it will look at internal and external candidates, with chief financial officer Colette Kress serving as interim chief executive.
Why would the news hurt Arm rather than help it? Because investors price people as well as products. Haas spent seven years at Nvidia before joining Arm, became its chief executive in February 2022 and took the company public in 2023. Arm's own annual report lists him among the executives on whom it is "particularly dependent." A company losing its leader to a larger customer faces exactly the key-person risk that Nvidia shareholders have been living with all week, and Arm's architecture already sits inside Nvidia's Grace and Vera processors, so the two businesses are tied either way.
The rest of the sector gave back much of Thursday's rotation. On Thursday, investors had sold Nvidia and bought its rivals, sending AMD up 5.86% and Broadcom up 5.54%. On Friday the trade reversed: AMD fell 8.75%, Broadcom 4.76% after a downgrade to Neutral, Dell 7.18% and CoreWeave 6.13%, while the triple-leveraged semiconductor fund SOXL lost 11%. Nvidia itself fell 2.01% to $162.85, ending its sixth weekly decline in a row, the longest such streak since October 2012, and was down about 12.8% from the previous Friday's close of $186.71. Truist cut the stock to Hold and Morgan Stanley lowered its price target to $267.
The damage stayed inside technology. The sector lost 2.01% and the Nasdaq-100 1.22%, but the Dow added 0.10% and 314 of the 500 S&P 500 members rose. Consumer staples gained 1.42%. That split is what a rotation looks like, as opposed to a broad sell-off.
The next fixed date is Tuesday, November 17, when Nvidia reports its fiscal third quarter with Kress presenting. Results will speak to demand; questions about the succession will come in the same call. For Arm, the issue is narrower: until either company says something on the record, its share price will carry a discount for a departure that has not been offered.