Is Nvidia Stock a Buy the Dip or a Sell After Jensen Huang?
Erik James Roberts — Founder & CIO, Infinitus Wealth Management. Purple Heart recipient, Wharton MBA.
Updated November 12, 2026
Is Nvidia stock a buy the dip or a sell after Jensen Huang's resignation? The answer depends on facts that are still coming in, so this article lays out every one we have. The business is still at the center of the U.S. artificial intelligence buildout, with the same chips, software, and customers it had a week ago. What changed on November 12 is who runs it, and how many questions are now open at the same time.
This article puts the facts in one place: what happened, who is investigating what, how much revenue is tied to China, what Congress can do in January, and how the stock is priced today. Where something is unconfirmed, I say so.
One note before we start. I'm an advisor, just not your advisor. Nothing here tells you to buy or sell anything. If you want to know whether we're buying, selling, holding, or avoiding, become a client.
Is Nvidia Stock a Buy or a Sell? Start With What Happened
Jensen Huang resigned as president, CEO, and board member on November 12, effective immediately. The board named Chief Financial Officer Colette Kress interim CEO while it looks for a permanent leader.
The sequence, based on public reporting:
Late October. The New York Times reported that Huang had a close relationship with Alice Huang (no relation), a former executive at Megaspeed, a Singapore-based data center company and Nvidia customer. U.S. officials reportedly believe she was working for Chinese intelligence. China's Foreign Ministry has called that allegation unsubstantiated, and Megaspeed denies wrongdoing.
November 8. Huang acknowledged an extramarital relationship in a message to employees, according to CBS News. Nvidia's board opened an independent investigation.
November 11. The Times reported a second relationship, this one with an Nvidia executive who reported to him. The Wall Street Journal reported the board was preparing to remove him.
November 12. Huang resigned before the market opened.
The market reaction was sharp and then partly reversed. Nvidia shares opened near $151, touched $148.80, and traded around $166 by midday, down about 4.5% on the day. That is roughly 32% below the 52-week high of $243.37, and it puts the company's market value right at $4 trillion. Past performance does not guarantee future results.
Leadership: Nvidia After Jensen Huang
Colette Kress is the executive Wall Street already knows from every earnings call. She is a finance operator, and she gives investors continuity on the numbers. She is not the product architect.
That distinction matters because of what Huang did day to day. He set the product roadmap. He ran the relationships with the largest customers. He was also the industry's most effective voice in Washington against tighter chip export limits. Those are three jobs, and the company has to cover all of them.
What is known about the search:
Bloomberg reports Nvidia is working with an outside firm to identify CEO candidates.
No timeline has been announced.
At least one professional investor quoted by CNBC criticized the absence of a visible succession plan.
The open questions I'm watching are direction and retention. Chip generations are designed years ahead, so the near-term product lineup is largely set. The longer-term question is who makes the next round of big calls, and whether the senior engineers who built the current lineup stay to see it through. In my view, who gets the permanent job is the single biggest variable in this story.
Who Is Investigating What
The criminal investigation is aimed at Megaspeed, the customer, and not at Nvidia or Jensen Huang. That is the most misunderstood fact in this story, so here is the full list.
Who | Focus | Type | Status |
Justice Department, National Security Division | Megaspeed and people tied to it | Criminal, export controls | Ongoing. No charges reported |
Justice Department | Supermicro | Inquiry tied to Alice Huang | Reported by Semafor |
Justice Department | Nvidia | Antitrust | Predates this scandal. Subpoenas were reported in 2024 |
FBI | Huang's relationship with the alleged spy | Counterintelligence | Confirmed publicly by President Trump |
Nvidia's board | Jensen Huang | Internal, independent | Ongoing |
Shareholders | Nvidia and Huang | Civil class action | Filed in federal court in San Jose |
Congress | The administration and Nvidia | Oversight | Document requests sent. Hearings expected |
Semafor, citing two administration officials, reports there is no indication the Justice Department would seek criminal charges against Nvidia or Huang at this time. That is a snapshot and it can change.
Two more details matter here:
The handoff. The Commerce Department began investigating Megaspeed in 2024. The Times reports that Nvidia's general counsel emailed the agents on the case in August 2025, and the case later moved to the Justice Department as a criminal matter. Reporting has not shown that Nvidia caused the transfer.
The size. Megaspeed bought more than $4.8 billion of Nvidia chips over two years, according to the Times.
Huang has reportedly retained the law firm Paul, Weiss and two of its San Francisco litigators, including a former U.S. Attorney for the Northern District of California. Hiring experienced defense counsel is a standard step for anyone near a federal inquiry, and it is not an indication of wrongdoing.
How Much Nvidia Revenue Is Tied to China
About 7% of Nvidia's revenue came from customers headquartered in China in the first half of this fiscal year, according to the company's latest quarterly filing. More than 90% came from customers based in the United States and Taiwan. That number is the starting point for anyone asking, is Nvidia stock a buy or a sell.
Customer headquarters | Revenue, first half of fiscal 2027 | Share |
United States | $123.8 billion | 69.6% |
Taiwan | $39.0 billion | 21.9% |
China, including Hong Kong | $12.4 billion | 7.0% |
Other | $2.6 billion | 1.4% |
Total | $177.8 billion | 100% |
There is an important footnote. Nvidia assigns revenue by the headquarters of its direct customer, and the filing says the end customer and shipping location may be different. That gap is exactly what the Megaspeed case is about: chips sold to a company in one country that may have ended up serving another.
So the China question has two layers:
Direct sales into China. Already small and already restricted. The filing says shipments of older data center chips to China were under 1% of data center revenue last quarter.
Indirect exposure. Sales to overseas data center operators that serve Chinese customers. Nobody outside the company can measure this precisely, and it is where tighter rules would land.
On penalties, history offers some scale. Export law allows civil penalties even when a company did not know about a violation, a risk Nvidia flags in its own filings. In 2023, Seagate paid $300 million over roughly $1.1 billion of hard drives sold to Huawei. A fine on that scale would be small for a company of Nvidia's size. The bigger variables are whether investigators find that anyone at the company knew, and whether Washington tightens the rules for overseas buyers.
What Congress Can Do in January
Congress can investigate, subpoena, and legislate, but it cannot charge or fine a company. Democrats won both chambers on November 3 and take over in early January, with 54 Senate seats and roughly 255 House seats as a few races remain uncalled.
What the new majority can do:
Subpoena documents and sworn testimony from Nvidia, its executives, and its customers.
Hold public hearings and release what they find.
Refer matters to the Justice Department, which decides on its own whether to act.
Write tighter export rules, such as location verification for advanced chips or licensing for overseas data centers.
What it cannot do:
Bring charges, levy fines, or blacklist a company. Those powers sit with the Justice and Commerce Departments.
Pass a law over a presidential veto without two-thirds of each chamber. That means 67 Senate votes and 290 House votes, so any override needs support from both parties.
This issue is not running on party lines. Senators Elizabeth Warren and Chris Coons asked the administration to preserve all records on its dealings with Nvidia. Three Republican House committee chairs separately requested a closed-door briefing with Huang. When both parties want the same thing, legislation has a path.
Who Knew What, and When
U.S. officials were aware of the concerns long before the public was. The reported timeline:
Late 2024. Commerce begins investigating Megaspeed. U.S. agencies place Alice Huang under electronic surveillance.
About a year ago. Federal agents tell some lawmakers they suspect Jensen Huang is the target of a foreign intelligence effort, per CNN.
2025. President Trump is briefed, according to the Times. The president has said he learned of the matter only recently and that he believes Huang did not know.
Spring 2026. A classified memo warns senior officials about the relationship.
Throughout. Huang never receives a defensive briefing, the warning the FBI sometimes gives Americans targeted by foreign intelligence.
There are two ways to read that. One is counterintelligence: warning him would have tipped off Beijing that her communications were being monitored. The other is commercial and diplomatic: officials did not want to disrupt Nvidia's sales or relations with China. Neither reading is confirmed, and former FBI officials have publicly questioned the decision.
For investors, the practical point is this. Officials reportedly did not believe Huang knew about her alleged role. That is meaningful for him personally. It also means the government may already hold years of evidence on where those chips went.
Is Nvidia Stock a Buy at Today's Price? How It Is Valued
Nvidia trades at about 18 times this fiscal year's expected earnings and about 10.5 times next fiscal year's, based on analyst consensus at midday on November 12.
Measure | Figure |
Share price, midday November 12 | about $166 |
52-week high | $243.37 |
Consensus earnings per share, fiscal year ending January 2027 | $9.29 |
Price to those earnings | 17.8x |
Consensus earnings per share, fiscal year ending January 2028 | $15.81 |
Price to those earnings | 10.5x |
Read those multiples with care. Most of these estimates were published before the resignation, and analysts are likely to revise them. Estimates are opinions about the future, and they change. None of this is a forecast of where the stock goes next.
How an Active Manager Reads Nvidia After Jensen Huang
I separate this into three questions, because they have different answers on different timelines.
Is the business intact? The products, the software platform, and the customer relationships did not change this week. The company remains central to how the United States is building AI capacity.
Is the leadership question answered? Not yet. An interim CEO is a bridge. The permanent choice shapes product direction, culture, and whether key engineers stay.
Are the legal and political questions answered? Not yet. The board investigation, the Justice Department inquiries, and the congressional calendar are all open, and each one can produce new facts.
Active management is built for moments like this one. It means knowing in advance which facts would change your view, sizing positions so that no single headline decides your outcome, and acting on evidence as it arrives. Here is what I'm watching:
Who the board names as permanent CEO, and how quickly
Retention of senior engineering talent
Guidance and commentary on the next earnings call
Any movement on export rules for overseas data centers
Whether any investigation widens beyond Megaspeed
Nvidia after Jensen Huang will be defined by those five things far more than by this week's headlines.
Frequently Asked Questions
Is Nvidia stock a buy the dip or a sell right now?
There is no single answer, because it depends on your portfolio, your time horizon, and how much uncertainty you can carry. Three questions are still open: who becomes permanent CEO, where the investigations lead, and whether export rules tighten. This article gives you the facts and does not make a recommendation.
Why did Jensen Huang resign from Nvidia?
Huang resigned on November 12, 2026, after reports of two extramarital relationships, one with a former executive of an Nvidia customer whom U.S. officials reportedly suspect of working for Chinese intelligence, and one with an Nvidia executive who reported to him. The board had opened an independent investigation four days earlier.
Who is the CEO of Nvidia now?
Colette Kress, Nvidia's longtime chief financial officer, is interim CEO. The board is searching for a permanent CEO and has not announced a timeline.
Is Nvidia under criminal investigation?
The reported criminal investigation targets Megaspeed, a Singapore-based Nvidia customer, over possible export control violations. Nvidia faces a separate antitrust inquiry. As of November 12, officials cited by Semafor saw no indication of criminal charges against Nvidia or Huang.
How much of Nvidia's revenue comes from China?
About 7% in the first half of fiscal 2027, or $12.4 billion of $177.8 billion, measured by customer headquarters. That figure does not capture chips sold to companies in other countries that may serve Chinese customers.
What can Congress do about Nvidia?
Congress can subpoena records, hold hearings, and pass tighter export laws. It cannot bring charges or impose fines. Any new law needs the president's signature or a two-thirds vote in both chambers.
What is Nvidia's forward P/E ratio?
At about $166 per share, Nvidia trades near 17.8 times consensus earnings for the fiscal year ending January 2027 and 10.5 times for the following year. Those estimates largely predate the CEO change and may be revised.
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Disclosure
This article is for informational and educational purposes only. It is not investment, legal, or tax advice, and it is not a recommendation or solicitation to buy, sell, or hold any security. Infinitus Wealth Management is a registered investment adviser. Registration does not imply a certain level of skill or training. The information here is drawn from public news reports, company filings, and third-party data believed to be reliable as of November 12, 2026, and has not been independently verified. This is a developing situation, and facts may change after publication. Allegations described in this article are unproven, and no person or company named has been charged with a crime in connection with these matters as of the date above. Analyst estimates and price targets are opinions of third parties and are not guarantees. Past performance does not guarantee future results. All investing involves risk, including possible loss of principal. Infinitus Wealth Management, its clients, and its employees may hold positions in securities discussed and may change those positions at any time without notice. Consult a qualified professional about your own situation before making any investment decision.
