Hoskinson Says Buy AMD as Neoclouds Sink on Huang's Nvidia Exit

Nebius shares tanked 19% and CoreWeave slid 12% on Thursday after Jensen Huang resigned as Nvidia's CEO. Nvidia named Chief Financial Officer Colette Kress as interim CEO — she has been with the company since 2013 and is keeping the CFO job for now. The board says it will weigh internal and external candidates for the permanent role.

Cardano founder and Input Output CEO Charles Hoskinson wasted no time picking a side. "Nvidia just replaced a visionary engineer founder with a CFO. Buy AMD stock," he posted.

AMD was already running hot before Huang walked. BeInCrypto reported the stock had climbed 40% from its November 5 low, putting its $600 target in view. On Thursday morning AMD rose about 3%, while Broadcom gained as much as 6%.

The pain spread across the neoclouds — the firms renting out AI compute built on Nvidia chips. Nebius dropped its quarterly results the same day, telling investors 2026 revenue will land at the low end of its $3 billion to $3.4 billion forecast, and blaming third-party capacity slipping into early 2027, according to its shareholder letter. It also raised planned 2026 spending to roughly $27 billion, up from a previous $20 billion to $25 billion range.

The wider group bled before the bell. The Roundhill Neocloud ETF fell more than 12% premarket, and IREN dropped about 8%. Those companies were already wrestling rising AI debt costs as Treasury yields topped 5%.

Next up: Nvidia reports quarterly results on November 17 — its first earnings under Kress.