Nvidia lost 13% over the week, its steepest weekly decline since April 2025, when President Trump’s tariff announcements rattled global investors. The drop erased $573 billion in market value, the company’s largest weekly loss on record. Nvidia shares fell 2% Friday to $162.85, a day after former Chief Executive Jensen Huang was ousted.

The retreat spread to other chip stocks. The PHLX Semiconductor index fell 3.4% Friday, though it was still up 8% for the week. Advanced Micro Devices shares dropped 8.8%, wiping $84 billion from its market value. Cloud-computing firm CoreWeave, which had backstop deals with Nvidia, fell 6.1% to $53.13; rival Nebius lost 10% to $115.88.

The Dow Jones Industrial Average rose 50.46 points, or 0.10%, to 52,347.55. The S&P 500 slipped 30.73 points, or 0.40%, to 7,561.67, while the Nasdaq Composite fell 229.82 points, or 0.91%, to 25,136.27. Producer prices were up 6.5% in October from a year earlier, a roughly four-year high, though the increase was slightly below economists’ expectations. Treasury yields rose, with the 10-year note reaching 5.152% and the 30-year bond 5.480%. The U.S. Dollar Index also advanced amid inflation concerns and expectations of a Federal Reserve rate hike in December.

The Wall Street Journal reported that Huang clashed with interim CEO Colette Kress over unconventional customer-financing plans in the latter part of his tenure. Huang reportedly pointed to an “avalanche” of incoming component orders as a reason to keep offering financial backstops to potential customers.

Crescat Capital CEO and Chief Investment Officer Kevin Smith called the turmoil “a huge setback for the AI trade,” saying spending had outrun returns and infrastructure was being built faster than it could be used. He said competition could squeeze chip prices and heavy investment was weighing on hyperscalers’ free cash flow. “AI is not going away but it’s a bubble that’s going to unwind,” Smith said. His firm is betting against the S&P 500.

Cerebras Systems, an Nvidia rival, gained 11% to $108.72 after its third-quarter earnings beat Wall Street expectations. CEO Andrew Feldman told The Wall Street Journal the AI market was growing at an “extraordinary” pace. Coastal Bridge Advisors’ chief investment strategist David Waddell said he did not think an “AI apocalypse” was imminent and recommended diversified exposure across chipmakers rather than buying Nvidia shares on the dip.

Elsewhere, oil fell 18 cents, or 0.2%, to $88.56 a barrel in New York, completing its largest two-week retreat since June. Gold rose $1.30, or 0.03%, to $3,879.70 an ounce but lost 4.6% for the week, its largest decline since June. Richemont American depositary receipts fell 3.5% to $20.26 after the Swiss luxury group reported slower quarterly sales growth.