Shares in Advanced Micro Devices (AMD) and Broadcom rose sharply in after-hours trading on Wednesday 11 November 2026, as investors shifted towards Nvidia's rivals after reports that the chip giant's board is preparing to remove chief executive Jensen Huang.

AMD shares climbed 4.32% in extended trading to $576.76, having already gained 7.32% in the regular session to close at $552.90. Broadcom rose 2.36% after hours to $353.36, after a 3.99% gain during the day to $345.22. Alphabet, which also stands to benefit if customers look beyond Nvidia, edged 0.3% higher. The moves came as Nvidia shares fell about 9% after hours, reversing a 2.9% gain in the regular session that had taken the stock to $173.73.

Investors rotate within the AI trade

The Wall Street Journal reported that Nvidia's board was preparing to oust Huang, who has led the company since co-founding it in 1993. Reuters reported that the board met on Wednesday evening, although no final decision had been announced. The reports follow earlier disclosures about Huang's personal conduct and an investigation into whether corporate secrets were compromised.

AMD is Nvidia's closest rival in the market for the graphics processors that power artificial intelligence, selling its Instinct line of chips to data-centre customers. Broadcom designs custom AI accelerators for large cloud companies and supplies the networking chips used across big data centres, putting it in line for extra business if Nvidia's customers hedge their orders.

What happens next

Analysts cautioned that the rotation may prove short-lived. Nvidia is due to report quarterly results on 17 November 2026, and any clarity from the board on Huang's future could quickly reset the trade. For now, though, the market's message is clear: uncertainty at the top of the world's most important AI company is being treated as an opening for its rivals.