NVIDIA Ex-CEO Exit Sinks NVDA to $166.19, Copper AI Boom Doubts Grow

NVIDIA Corporation (NASDAQ:NVDA) shares traded at $166.19, down 1.60% on the day, as of 11:29 UTC today, after Reuters reported a third allegation against former chief executive Jensen Huang and a second involving a subordinate. Since his resignation, the stock touched a low of $148.80, a peak-to-trough decline of more than 38% from October 6. The intraday range stands at $148.80 to $167.14.

Context — Why NVIDIA's Leadership Crisis Matters Now

Warren Buffett's observation that there is "never just one cockroach in the kitchen" has an uncomfortable read here. The departure of a founder-CEO from one of the world's largest companies is rare, and the allegations compound it. NVIDIA's board is also investigating reports that foreign intelligence targeted Huang, while Washington is expected to scrutinize his China chip stance.

Russ Mould, investment director at AJ Bell, said the situation would be damaging at any company but is worsened by how strongly the market perceives key-person risk at NVIDIA. That framing matters because the company's valuation has historically rested on its founder's technical direction as much as on its order book.

For copper bulls, the timing is awkward. Data center demand has been the central pillar of the AI metals thesis, and the executive most publicly associated with copper's role in AI infrastructure has now left. Huang had touted copper as the number one solution for short-reach links, yet he also hedged against it.

Earlier this year he invested $500 million in fiber-optic leader Corning Inc. (NYSE:GLW), with up to $3.2 billion available through warrants. That money funds three U.S. plants expected to lift domestic fiber output by more than 50%. It follows roughly $4 billion NVIDIA put into Coherent Corp. (NYSE:COHR) and Lumentum Holdings Inc. (NASDAQ:LITE).

The macro backdrop adds friction. The International Energy Agency warned that data center investments have grown too large to be funded from company balance sheets alone. Alphabet Inc. (NASDAQ:GOOG) (NASDAQ:GOOGL) and Microsoft Corporation (NASDAQ:MSFT) spend roughly 65% to 75% of their budgets on servers, processors and networking gear rather than buildings.

Data — What the Numbers Show

The headline figure is the drawdown. From an October 6 peak, NVDA fell to $148.80 before recovering to $166.19, a swing exceeding 38%. The day's range of $148.80 to $167.14 shows how wide intraday dispersion has become. A 1.60% single-session decline is unremarkable for a mid-cap; for a company of NVIDIA's size it is notable.

The optics spending is the second set of numbers. NVIDIA committed $500 million to Corning, with warrants worth up to $3.2 billion, plus roughly $4 billion across Coherent and Lumentum. Those figures frame the substitution risk for copper demand.

Metric	Value
NVDA price	$166.19
Daily change	-1.60%
Session range	$148.80-$167.14
Peak-to-trough since Oct 6	Over 38%

Goldman Sachs did not mention NVIDIA, but the bank flagged downside risks to its 2027 copper price forecast of $15,400 per metric ton. It now sees $14,600 as a potential average, citing AI-related positioning and lower tariff expectations.

Analysis — What It Means for Markets and Tickers

The second-order effects run through two channels. First, key-person risk at NVIDIA touches the entire AI supply chain, from server assemblers to the copper and aluminum producers that supply racks and grids. If order visibility weakens, the metals demand timeline slips.

Second, optics substitution is structural, not cyclical. At 200 Gbps, copper starts to fade after just 2.5 meters. Huang's own framing was to use optics wherever you must and copper wherever you can. The Corning, Coherent and Lumentum investments show where the must is growing.

Copper is not displaced. Racks and grid connections still require it, and Constellation Energy Corporation's (NASDAQ:CEG) Crane plant restart, targeted for 2027, is a reminder that power infrastructure timelines are long. When substations, cooling systems or nuclear restarts stall, copper and aluminum purchases shift to later years rather than disappearing.

The counter-argument deserves weight. A cut to chip orders is not automatically a cut to copper demand, because hyperscaler capex is weighted toward compute and networking rather than buildings. Alphabet and Microsoft allocating 65% to 75% of spend to servers and processors means the metals intensity per dollar may be lower than bulls assume.

Positioning reflects that tension. AI-linked metals trades have been crowded on the long side, which is why Goldman cites positioning as a reason to trim its price average. The flow is rotating toward optics and power names and away from pure copper exposure.

Outlook — What to Watch Next

The first catalyst is the board investigation into whether foreign intelligence targeted Huang. Any disclosure would reset the governance discount on NVDA. The second is Washington's review of his China chip stance, which could reshape export exposure.

Constellation Energy's Crane plant restart, targeted for 2027, remains the clearest dated power-infrastructure milestone tied to data center demand. Corning's three U.S. plants, funded by the $500 million investment, are the optics-side counterpart.

On levels, the $148.80 low is the reference support established since the resignation. The $167.14 session high marks near-term resistance. Goldman's $15,400 and $14,600 per metric ton copper figures are the forecast band to track.

Frequently Asked Questions

What does Jensen Huang's resignation mean for NVIDIA shareholders?

It concentrates governance and key-person risk. The board is investigating reports of foreign intelligence targeting, and Washington is expected to review his China chip stance. AJ Bell's Russ Mould said the situation would be damaging anywhere but is worsened by how strongly the market perceives key-person risk at NVIDIA. The stock's more than 38% peak-to-trough move since October 6 reflects that repricing.

Why is copper demand tied to NVIDIA at all?

Copper carries short-reach data links inside racks and connects data centers to grids. Huang publicly called it the number one solution, but noted copper fades after 2.5 meters at 200 Gbps. His $500 million Corning investment, plus roughly $4 billion across Coherent and Lumentum, shows NVIDIA hedging toward optics for longer reaches while keeping copper for racks and power.

Is the AI metals boom over?

Not over, but repriced. Goldman Sachs flagged downside risks to its 2027 copper forecast of $15,400 per metric ton and now sees $14,600 as a potential average, citing AI positioning and lower tariff expectations. The International Energy Agency warned data center investment has outgrown balance-sheet funding. Stalled substations and nuclear restarts shift copper and aluminum purchases to later years rather than removing them.

Bottom Line

NVIDIA's leadership shock and optics spending are resetting the AI metals trade, with copper's upside now more modest than bulls assumed.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.