Nvidia (NVDA) fell 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%, with sales remaining focused on Nvidia, with AMD climbing 7% to $482.
Jim Cramer wanted a $500 billion buyout along the lines of Apple, but Nvidia authorized no such program despite adding a record $150 billion.
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Jim Cramer spent months claiming that Nvidia (NASDAQ:NVDA) is expected to repurchase a huge amount of its own shares. In the September 1, 2026 episode of Crazy moneyhe said the chipmaker should “buy back a spectacular amount of stock” because “there is nothing more valuable in this market than Nvidia.” He ended with: “Think it, show it, do it.” This could be the best investment this incredible company has ever made. »
Tulane Public Relations/Wikimedia Commons
He made this decision more than two months before Monday’s selloff, and this decline is testing his logic. As of 9:45 a.m. ET on November 9, Nvidia was trading at $175.90, down 5.76% from Friday’s close of $186.64. A delayed quote a few minutes later showed $177.49, down 4.9%. These intraday figures could change by the close. The sale remained mainly at 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 board opens independent review of its CEO
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According to CBS News, Nvidia’s board of directors announced on Sunday (November 8) an independent investigation into CEO Jensen Huang, overseen by independent directors accompanied by external counsel. Huang remains CEO, supports review and admitted 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 “baseless speculation.” The board said in a statement reported by CNBC: “While the board has no reason to believe that NVIDIA’s national security or secrets were compromised, the board’s investigation will consider all available information.”
Dan Ives of Yorkville Ives called it a “black eye moment” and told CBS there was a clear risk that Huang could be fired depending on the findings. Vital Knowledge’s Adam Crisafulli said this could increase the chances of tougher US rules on chip exports. Three House Republican committee chairmen have requested a closed-door briefing on November 18.
The investigation only explains part of the shift. According to CBS News, shares had already fallen nearly 20% from the previous month amid an AI sell-off.
How much stock Nvidia is already buying back
On his May 20 show, Jim Cramer noted that after repurchasing nearly $20 billion in stock that quarter, Nvidia announced a new $80 billion program, with nearly $40 billion remaining on pre-authorization. According to TheStreet, Nvidia repurchased nearly $40 billion in stock during 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 returned 60% of free cash flow year-to-date, compared to a plan of 50% or more.
According to 24/7 Wall St., about $99 billion remained at the end of the quarter. On September 28, the board added a record $150 billion, bringing the remaining capacity to $235 billion through fiscal 2028. Cramer wanted more. According to TheStreet, he called for a $500 billion buyout, or about 10 percent of the company at the time, per 24/7 on Wall St., modeled after Apple (NASDAQ:AAPL). Nvidia has not authorized any such programs.
Why a lower price fits Cramer’s playbook
Jim Cramer described a $5 trillion company that’s practically printing money and explained “why a much larger buyout is needed.” He wanted Nvidia to buy daily and “get bigger on the down days, take advantage of the sales.” He argued that “whatever Nvidia does is simply not rewarded by Wall Street.” In late September, he described the stock as “the best investment Jensen Huang could make.”
According to Cramer’s reasoning, a cheaper stock means that each dollar of repurchase allows more shares to be retired. Nvidia’s market value now stands at nearly $4.23 trillion, or about 38 times current earnings.
Skeptics say revenue can do the job
Per 24/7 Wall St., New Street Research’s Pierre Ferragu called a $400 stock price “very, very, very likely” within 18 months based on earnings power alone, with no buyback required. He cited growth forecasts of at least 70% next year and a single-digit multiple for 2028 earnings, a forward-looking measure. Another 24/7 Wall St. article published in late September puts Nvidia at around 46 times earnings. Cash also competes with the $279 billion in supply commitments and the nearly $50 billion Nvidia has invested in cutting-edge AI labs.
NVDA Analyst Ratings – 24/7 on Wall St.
Key dates Nvidia investors need on the calendar
Nvidia’s third-quarter results are due after the close on November 17, a date the company has not confirmed. Management has been pointing toward revenue of $108.0 billion ±2%, and the buyback line should show whether Nvidia has adhered to October’s weakness. Investors should also monitor whether the requested briefing to Congress on November 18 will take place.
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