NVIDIA Inquiry Weighs on Shares as Chip Stocks Post Quarterly Gains
NVIDIA shares fell 4.77% on November 9 after the company’s board said it was opening an independent investigation, while four other chipmakers traded higher following recent quarterly reports. The PHLX Semiconductor Sector Index was up 4.33% at 9,796.62 as of 10:02 a.m. ET.
- NVIDIA’s board opened an independent investigation on November 8.
- NVIDIA shares were down 4.77% at $177.74 as of 10:02 a.m. ET.
- The PHLX Semiconductor Sector Index was up 4.33% at 9,796.62.
- Astera Labs reported third-quarter revenue of $584.9 million, up 154% year-over-year.
- Four other chipmakers traded higher after recent quarterly reports.
NVIDIA board opens independent investigation
NVIDIA’s board said on November 8 that it was initiating an independent investigation “in light of recent reporting that founder and CEO Jensen Huang has been the target of a foreign intelligence effort.” The board said it “has no reason to believe that either national security or NVIDIA secrets were compromised” and that the inquiry would examine all available information.
In an email published by NVIDIA the same day, Huang said: “Regarding the national security concerns raised in news reports, NVIDIA's Board of Directors has initiated an independent investigation. I support the investigation and will cooperate fully.”
NVIDIA shares were trading at $177.74, down 4.77%, at 10:02 a.m. ET. The disclosure set the company apart from the other four chipmakers covered in the report, all of which were trading higher at that time.
Quarterly results lift four other chipmakers
onsemi reported third-quarter 2026 revenue of $1,722 million on November 2. According to the company, revenue increased 11% year-over-year, while free cash flow reached $489 million, up 31% year-over-year and equal to 28% of revenue. onsemi also said it had agreed to acquire Ferric and raised its AI data center 2030 revenue target by $500 million to greater than $3 billion. Its shares were up 5.86%.
Lattice Semiconductor reported fiscal third-quarter revenue of $291.0 million for the quarter ended October 3, 2026, and non-GAAP net income per diluted share of $0.72. The company said its FPGA revenue grew approximately 90%, citing accelerating data center AI demand and momentum across industrial and embedded applications. Lattice shares rose 4.02%.
NXP reported third-quarter revenue of $3.79 billion on October 27, up 19 percent year-on-year, and announced a $5 billion increase in its share repurchase authorization. Its shares were up 2.03%.
Astera Labs reported record quarterly revenue of $584.9 million for its third quarter, up 49% sequentially and 154% year-over-year, according to the company. It said Scorpio fabric switches became its largest product family as the Scorpio X-Series 320-lane fabric switch entered volume production. Astera shares climbed 9.84%.
What the contrasting moves show
The sector’s opening moves show how company-specific developments can outweigh a broader semiconductor rally. Results from onsemi, Lattice, NXP and Astera highlighted demand tied to AI data centers, industrial applications, automotive markets and connectivity infrastructure, while NVIDIA faced an investigation that its board said was prompted by recent reporting.
The figures and share prices in the report were recorded at 10:02 a.m. ET on November 9 and may have changed since. Fly On Wall Street also disclosed that Market Equities Limited and its owners, operators, directors and affiliates own NVIDIA shares, creating a stated conflict of interest in its coverage of NVIDIA. The publication said its material is independent news commentary and not personalized financial advice.
