ASX Falls as Nvidia Weighs on Tech After Huang Resigns
The S&P/ASX 200 fell 0.6% to 9096 in early trade on November 13, 2026, with nine of 11 sectors lower. Nvidia chief Jensen Huang's resignation hit tech stocks, while oil producers gained after Donald Trump dropped interest in an Iran deal.
The ASX falls and Nvidia weighs on sentiment: the S&P/ASX 200 was down 50.8 points, or 0.6%, at 9096 in early trade on November 13, 2026, after a rocky night on Wall Street. Nine of 11 industry sectors were in negative territory.
Energy was the exception. Oil prices rose after US President Donald Trump said he is no longer interested in a deal with Iran to end the war. He said he had instead asked Vice President JD Vance to investigate US cities and states run by Democrats.
Energy up, miners and banks down
Oil producers advanced with crude. Woodside jumped 1.2%, Ampol rose 1.1% and Santos added 1.3%.
Miners slid. BHP lost 0.5%, Rio Tinto 0.9% and Fortescue 1.9%. Gold producers Northern Star and Evolution Mining shed 1.5% and 1.2%.
The big four banks retreated. Commonwealth Bank, Westpac and ANZ each lost 0.7%, and National Australia Bank slipped 0.2%.
Tech hit by Nvidia's leadership shock
Technology stocks fell as the sector grappled with the resignation of Nvidia CEO Jensen Huang. WiseTech lost 1.1% and Megaport 3.5%. Codan and NEXTDC both fell 2.8%.
Nvidia's board had announced an investigation into Huang over a relationship with a woman suspected of being a Chinese government agent. The board then said he had resigned and named Chief Financial Officer Colette Kress interim CEO.
Wall Street absorbs the swings
Nvidia plunged 14% at the start of US trading before paring its loss. It finished down 4.3%, and that recovery helped the broader market.
The S&P 500 dropped nearly 1% early, erased the loss, then closed down 0.4%. The Dow Jones Industrial Average fell 189 points, or 0.4%. The Nasdaq composite also sank 0.4% after trimming an early drop of 1.6%.
The moves suggested Wall Street sees limited fallout for the artificial intelligence industry, which carries immense influence on the market. Nvidia's stock set a record last month after soaring 1,722% in four years, against nearly 109% for the S&P 500. From that peak it dropped 27% through Wednesday.
Other AI-linked shares swung with the uncertainty. CoreWeave, which buys Nvidia chips and rents out access to them over the cloud, fell 6.9%.
The question of how Nvidia will navigate a future without Huang is still unanswered, and it looms over a market that has leaned on the AI boom for its records.
