Nvidia (NVDA) tumbled about 6% after its board opened an independent investigation into CEO Jensen Huang, who remains in his role and supports the review.
AMD and Broadcom jumped more than 6% as selling stayed concentrated in Nvidia, with AMD climbing 7% to $482.
Jim Cramer wanted a $500 billion buyback modeled on Apple, yet Nvidia has authorized no such program despite adding a record $150 billion.
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Jim Cramer has spent months arguing that NVIDIA (NASDAQ:NVDA) should buy back a huge amount of its own stock. On the Sept. 1, 2026 episode of Mad Money, he said the chipmaker should “repurchase a spectacular amount of stock” because “there’s nothing more valuable in this market than Nvidia.” He ended with: “Mean it, show it, do it. It might be the best investment this amazing company’s ever made.”
Tulane Public Relations/Wikimedia Commons
He made that call more than two months before Monday’s selloff, and the drop puts his logic to the test. As of 9:45 AM ET on Nov. 9, Nvidia traded at $175.90, down 5.76% from Friday’s $186.64 close. A delayed quote a few minutes later showed $177.49, down 4.9%. These intraday figures may change by the close. The selling stayed mostly with Nvidia: AMD (NASDAQ:AMD) rose 7.27% to $481.70 and Broadcom (NASDAQ:AVGO) gained 6.23% to $312.
NVDA Price Target — 24/7 Wall St.
Nvidia’s Board Opens an Independent Review of Its CEO
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According to CBS News, Nvidia’s board announced on Sunday, Nov. 8 an independent investigation of CEO Jensen Huang, supervised by independent directors with outside counsel. Huang remains CEO, supports the review and has admitted to infidelity. CBS, citing the New York Times, reported that U.S. intelligence officials say a former executive at Nvidia customer Megaspeed worked for China’s Ministry of State Security, which China calls “groundless speculation.” The board said in a statement reported by CNBC: “While the Board has no reason to believe that either national security or NVIDIA secrets were compromised, the Board’s inquiry will examine all available information.”
Dan Ives of Yorkville Ives called it a “black eye moment” and told CBS there is clear risk Huang could be removed depending on the findings. Vital Knowledge’s Adam Crisafulli said it could raise the chance of tighter U.S. chip export rules. Three House Republican committee chairs have requested a closed-door briefing on Nov. 18.
The investigation explains only part of the slide. Per CBS News, shares had already fallen almost 20% over the prior month amid a broader AI selloff.
How Much Stock Nvidia Already Buys Back
On his May 20 show, Jim Cramer noted that after buying back nearly $20 billion of stock that quarter, Nvidia announced a new $80 billion program with close to $40 billion remaining on the prior authorization. Per TheStreet, Nvidia repurchased nearly $40 billion of stock in the first two quarters of fiscal 2027. In the second quarter, the company returned a record $26 billion to shareholders, and CFO Colette Kress said it had returned 60% of free cash flow year to date against a plan of 50% or more.
Per 24/7 Wall St., about $99 billion remained at quarter end. On Sept. 28, the board added a record $150 billion, raising remaining capacity to $235 billion through fiscal 2028. Cramer wanted more. Per TheStreet, he called for a $500 billion buyback, about 10% of the company at the time per 24/7 Wall St., modeled on Apple (NASDAQ:AAPL). Nvidia has authorized no such program.
Why a Lower Price Fits Cramer’s Playbook
Jim Cramer described a $5 trillion company that’s practically printing money and laid out “why a much bigger buyback is needed.” He wanted Nvidia buying daily and to “get bigger on the down days, take advantage of the selling.” He argued that “whatever Nvidia is doing simply isn’t being rewarded by Wall Street.” In late September, he described the stock as “the single best investment Jensen Huang can make.”
By Cramer’s reasoning, a cheaper stock means each buyback dollar retires more shares. Nvidia’s market value now sits near $4.23 trillion, at about 38 times trailing earnings.
Skeptics Say Earnings Can Do the Work
Per 24/7 Wall St., New Street Research’s Pierre Ferragu called a $400 share price “very, very, very likely” within 18 months on earnings power alone, no buyback required. He cited guidance for at least 70% growth next year and a single-digit multiple on 2028 earnings, a forward measure. A separate late-September 24/7 Wall St. article put Nvidia at about 46 times trailing earnings. Cash also competes with $279B in supply commitments and the nearly $50 billion Nvidia has invested in frontier AI labs.
NVDA Analyst Ratings — 24/7 Wall St.
Key Dates Nvidia Investors Need on the Calendar
Nvidia’s third-quarter earnings are expected Nov. 17 after the close, a date the company has not confirmed. Management guided to $108.0B ±2% in revenue, and the repurchase line should show if Nvidia bought into October’s weakness. Investors should also watch whether the requested Nov. 18 congressional briefing takes place.
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