Nvidia Shares Slide Toward $163.89 as Reports Say the Board May Remove Huang

TradingKey - Nvidia (NASDAQ: NVDA) rose 2.87% to $173.73 on Wednesday, November 11, as CoreWeave's results lifted AI stocks. Overnight trading points much lower at $160.74, after reports late Wednesday that Nvidia's board was preparing to remove CEO Jensen Huang.

Nvidia had closed at $186.64 on Friday, November 6, and its record close was $239.24 on October 6. The overnight price sits about 33% below that record, with fiscal third-quarter results due on Tuesday, November 17.

From Board Support to Removal Reports in Four Days

On Sunday, November 8, Nvidia's board opened an independent review after reports that Huang "has been the target of a foreign intelligence effort." The board said it had "no reason to believe that either national security or NVIDIA secrets were compromised" and that it "has confidence in Jensen and his leadership team." Huang also acknowledged, in a memo to employees, a relationship with a woman whom US officials reportedly linked to Chinese intelligence.

President Donald Trump then said the FBI was looking into the matter and called Huang an honorable man, and Nvidia fell about 4% on Monday. On Tuesday, Representative Brian Mast said he was prepared to subpoena Huang, and the stock fell to $168.89.

Wednesday Night Changed the Picture

After Wednesday's close, The New York Times reported a second relationship, with a senior Nvidia executive. The Wall Street Journal then reported that the board was preparing to remove Huang, and Bloomberg reported that Nvidia was working with an outside firm to look at possible replacements. Nvidia has made no official announcement, and no successor has been named.

Baird had already cut the stock to Neutral on Wednesday, and overnight Bernstein cut it to Market-Perform and halved its target to $200 from $400. Raymond James kept its Strong Buy rating.

The $108 Billion Guide Still Stands

The business itself looks unchanged. In fiscal Q2, revenue rose 106% to $96.2 billion, with Data Center sales up 117% to $89.0 billion and a 75.0% gross margin, the share of revenue left after production costs. Nvidia guided third-quarter revenue to $108.0 billion, plus or minus 2%, with no China data center sales assumed.

Even so, at $160.74, by my calculation, Nvidia trades at about 18 times its annualized Q2 non-GAAP EPS of $2.22, a measure that excludes items such as stock-based pay. That is a low multiple for a company still doubling its sales, and it shows how much the market is now discounting leadership risk.

Nvidia Technical Analysis: Daily Close Below $163.89 Could Open $152.39

That leadership risk shows clearly on the daily chart. NVDA has been falling hard since it broke the rising trendline from early 2026 in late October, a line drawn under its higher lows that had guided the uptrend. It has also lost the $191.17 zone and $178.85. If the overnight drop holds, NVDA would slip below $163.89, a support level that held back in April.

Nvidia Shares Price Chart - Source: Tradingview

RSI, a momentum gauge that runs from 0 to 100, is already oversold at about 29, below the 30 line. The MACD, another momentum indicator, is still falling. Oversold readings can lead to sharp bounces, but they do not confirm a bottom on their own.

A daily close below $163.89 could send NVDA toward $152.39, followed by $141.38. For buyers, a recovery above $178.85 would be the first sign of relief, with $191.17 as the bigger hurdle.

I'm bearish while NVDA stays below $178.85, though oversold conditions could trigger a short bounce.

Key Levels

• Last close: $173.73, up 2.87% on Wednesday, November 11 (overnight: $160.74)
• Support: $163.89, $152.39, $141.38
• Resistance: $178.85, $191.17
• RSI: 28.74
• Bullish trigger: Daily close above $178.85
• Bearish trigger: Daily close below $163.89

FAQs

Why is Nvidia stock falling overnight?

Nvidia points sharply lower after The Wall Street Journal reported that the board was preparing to remove CEO Jensen Huang and Bloomberg reported a search for possible replacements. Nvidia has not announced any change.

What is the Nvidia stock forecast now?

The bias is bearish below $178.85 on the daily chart. A daily close below $163.89 targets $152.39 and $141.38, while a recovery above $178.85 would be the first sign of relief.

Bottom Line

Nvidia's business still looks strong, but the stock is trading on leadership risk five days before earnings. The level that matters is $163.89. In my view, a daily close below it would open $152.39, while only a recovery above $178.85 would ease the pressure.