Chip stocks surged 5.66% on November 11, but Nvidia later fell about 8% after hours while AMD rose. The split suggests investors stayed with AI, but shifted money toward other chipmakers and memory stocks instead.

One Chip Rally, Then a Very Different Story

November 11 began as a broad chip rally. CoreWeave reported quarterly revenue of $3.66 billion, up 168% year over year, and its shares jumped 24.7%. The SOX semiconductor index climbed 5.66%. Micron gained 11.9%, SanDisk rose 14%, Arm added 12%, and AMD closed 7.32% higher. Nvidia gained a smaller 2.87%.

Then the story changed after the US market closed. Reports that Nvidia’s board was considering removing CEO Jensen Huang sent Nvidia down more than 8%. AMD, however, rose another 4.32% after hours, while Broadcom gained 2.39%.

The chip rally had not disappeared. Nvidia had become a separate problem.

CoreWeave Gave Chip Stocks a Demand Signal

CoreWeave matters because its business depends on building and operating large amounts of AI computing infrastructure.

Its third-quarter revenue reached $3.66 billion, compared with $1.37 billion a year earlier. CoreWeave also reported a revenue backlog of about $132.5 billion and raised its full-year 2026 revenue guidance to $13 billion to $13.3 billion.

For chip investors, the message was simple: demand for AI computing capacity was still growing.

That matters to companies selling the hardware behind it.

CoreWeave Q3 2026	Figure
Revenue	$3.66B
Year-on-year growth	168%
Revenue backlog	$132.5B
2026 revenue guidance	13B-13.3B
CoreWeave stock, Nov. 11	+24.7%

Strong CoreWeave demand does not guarantee that every chip company benefits equally. But it gave investors a reason to buy companies supplying AI processors, memory, networking equipment, and related hardware.

And they did.

Why Did Micron and Other Chip Stocks Rise Faster Than Nvidia?

AI servers need more than GPUs.

They also need fast memory, storage, networking equipment, CPUs, and other specialized chips. That makes the AI infrastructure trade much larger than Nvidia alone.

On November 11, several chip stocks dramatically outperformed Nvidia.

Stock	Regular session
SanDisk	+14%
Arm	+12%
Micron	+11.9%
AMD	+7.32%
Nvidia	+2.87%

The important part is the timing.

These stocks were already beating Nvidia before the Nvidia CEO reports appeared.

That suggests the move toward other chip companies had already started during normal trading. The after-hours Nvidia news then made that split much larger.

Nvidia Then Became a Nvidia Story

After the market closed, reports said Nvidia’s board was considering whether to remove Jensen Huang as CEO.

Nvidia shares fell more than 8% in extended trading, reaching roughly $159.51 at one point.

But the rest of the sector did not move with it.

Stock	Nov. 11 close	After hours
Nvidia	+2.87%	More than -8%
AMD	+7.32%	+4.32%
Broadcom	+3.99%	+2.39%
Micron	+11.9%	—
SanDisk	+14%	—

AMD’s move is especially useful.

It did not simply avoid Nvidia’s fall. It rose further after Nvidia dropped. AMD closed at $552.90 and reached $576.76 after hours, a further gain of 4.32%.

That is why this looks different from a broad rejection of the AI trade.

If investors suddenly believed AI chip demand was collapsing, Nvidia’s competitors would normally face some of that pressure too.

Instead, Nvidia fell while several alternatives gained.

So, Did Money Leave the AI Trade?

The November 11 data suggests money moved within the AI trade rather than leaving it altogether.

That distinction matters.

A sector selloff happens when investors reduce exposure across the group. A rotation happens when they sell one part of the group and buy another.

November 11 showed more signs of the second pattern.

CoreWeave rose 24.7%. The SOX gained 5.66%. AMD rose 7.32%, Micron gained 11.9%, and SanDisk rose 14%.

Then Nvidia’s company-specific news arrived.

AMD kept rising.

That does not prove the rotation will continue. But it shows why Nvidia falling and the AI chip trade weakening are not necessarily the same thing.

Why SOXL Makes This Story More Volatile

SOXL adds another layer to the story because it targets 300% of the daily performance of the NYSE Semiconductor Index.

The key word is daily.

Direxion specifically warns that SOXL should not be expected to produce three times the index’s cumulative return over periods longer than one day.

Consider a simple two-day example:

	Semiconductor index	SOXL target
Starting value	100	100
Day 1: +10%	110	130
Day 2: -10%	99	91
Two-day return	-1%	-9%

The semiconductor index almost gets back to where it started.

SOXL does not.

This happens because the fund resets its leverage each day. Large moves in opposite directions can therefore hurt returns even when the underlying index finishes close to where it began.

That becomes especially relevant on days when Nvidia and the rest of the chip sector start moving in different directions.

Final Thoughts: Three Ways This Can Develop

There are now three broad cases to watch. 

First, Nvidia’s leadership issue is resolved quickly and the stock rejoins the wider chip rally. 

Second, Nvidia remains under pressure while money continues moving toward AMD, Micron, Broadcom, and other AI hardware companies, extending the rotation seen on November 11. 

Third, Nvidia’s fall begins to weigh on confidence across the entire AI trade, pulling the wider semiconductor sector lower. Right now, the November 11 numbers fit the second case better than the third. But Nvidia’s size means that can change quickly.

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