Nvidia drops nearly 13% in week as Congress summons Huang

Nvidia Corp. shares fell another two per cent on Friday to close at US$162.85, according to The Motley Fool, capping a week in which the chipmaker lost nearly 13 per cent of its value as it absorbed the resignation of founder Jensen Huang, a Wall Street downgrade and a summons from U.S. lawmakers.

The stock had closed at US$186.64 on Friday, Nov. 6, Fox Business reported, two days before Nvidia’s board opened an independent review of Huang. CNBC reported that the slide had the shares on pace for their worst week since January 2025, and that Nvidia has now fallen for six straight weeks, losing 31 per cent over that stretch. The turmoil cost the company just under US$600 billion in market value this week, according to The Associated Press.

On Friday, HSBC analyst Frank Lee cut his rating on Nvidia to hold from buy and lowered his price target to US$170, CNBC and The Motley Fool reported. In a client note cited by CNBC, Lee said he expects the uncertainty to last until the company lays out a permanent succession plan and a new chief executive proves able to execute.

Huang, who resigned Thursday as president, chief executive and director, now faces questions in Washington. The chairs of the House foreign affairs, intelligence and China select committees sent him a second request to appear before Congress, according to a House Foreign Affairs Committee news release. Their letter asks him to sit for a closed-door interview on Dec. 1 and gave him until 8 p.m. Friday to accept in writing or face a subpoena from the Foreign Affairs Committee, ABC News and CNN reported.

House Foreign Affairs chair Brian Mast told reporters Thursday that Huang had agreed to testify, according to CNBC and TechCrunch. Canada News Media could not find a public statement from Huang or the committees confirming a formal acceptance by Friday’s deadline. Separately, Senate Banking Committee chair Tim Scott asked Huang to testify voluntarily on Dec. 3 and warned the committee is prepared to use subpoenas, according to CNN, CNBC and ABC News.

Lawmakers’ interest stems from reports that Huang had a relationship with a businesswoman linked to Megaspeed International, a Singapore-based buyer of Nvidia chips, whom U.S. intelligence officials reportedly believe is a Chinese intelligence asset, according to CNN and CNBC. The allegations have not been proven, and no charges against Huang have been announced. China’s foreign ministry has called the spying claims groundless, CNN reported.

Nvidia’s own probe continues. The independent members of its board have retained Joon H. Kim, a former acting U.S. attorney for the Southern District of New York, and his firm Wachtell, Lipton, Rosen & Katz to conduct the investigation, the company said. On Friday, U.S. Treasury Secretary Scott Bessent said on CNBC that his department had pushed for months to add Megaspeed to an export control list but that the matter rested with the Commerce Department, the AP reported.

Canadian markets largely sidestepped the damage. The S&P/TSX composite index slipped 31.29 points to 36,105.90 on Friday, The Canadian Press reported, as real estate, utilities, consumer staples and telecom shares held up. Brian Madden, chief investment officer at First Avenue Investment Counsel, told CP that the index’s heavier weighting in defensive sectors helped it outperform U.S. markets and that he saw limited contagion from Nvidia. Our daily market reports for Thursday, Friday midday and Friday’s close track the moves.

Canadians also have a stake through their national pension fund. Canada Pension Plan Investment Board reported holding about 51.4 million Nvidia shares worth roughly US$10.3 billion as of June 30, according to its latest quarterly 13F filing with the U.S. Securities and Exchange Commission. The filing does not show any changes made since then.

Nvidia will report third-quarter fiscal 2027 results on Tuesday, Nov. 17, at about 1:20 p.m. PT (2:20 p.m. MT), followed by an earnings call at 2 p.m. PT, the company said. It will be the first report under interim chief executive Colette Kress, who remains chief financial officer. Our earlier coverage of the board probe and Huang’s resignation has more background.

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