Nvidia Falls, Its Biggest Customers Rise: What The Odd Pre-Market Picture Shows

Chipmaker giant Nvidia's stock fell 4.74% to $177.79 during pre-market trading today, Nov 9, leaving the AI major 27% below its 52-week high. However, some of the biggest names powering their AI ambitions with Nvidia's technology were moving in the opposite direction, with Amazon rising 2.93%, Meta gaining 2.07%, Alphabet shares up 1.74%, Microsoft adding 1.53% and Apple rising around 0.61%.

This opposite monemwnt comes as Nvidia faces an unusual leadership controversy involving its CEO, Jensen Huang. The company's board has since launched an independent investigation following reports that Huang was targeted by a foreign intelligence operation involving a personal relationship with Alice Huang, a former executive at Singapore-based Megaspeed, a Nvidia customer suspected of helping divert advanced chips to China. Huang also admitted to being unfaithful to his wife, but the intelligence allegations remain disputed.

This comes into focus since Nvidia is quite closely tied to the AI expansion plans of the other technology giants.

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Amazon Web Services, for instance, is a major buyer of Nvidia's computing infrastructure. In August 2026, both the companies hadf announced plans to deploy two million extra Nvidia GPUs across AWS's global infra, along with deeper integration of Nvidia's CPUs and networking technology. Meta, also, has been expanding its partnership with Nvidia across chips, networking and data centre infra. An agreement in February covered millions of Blackwell and Rubin GPUs, as well as Nvidia CPUs. The companies also announced further collaboration in October on Meta's Muse family of AI models.

Another giant, Microsoft, also uses Nvidia technology across its Azure cloud and AI platforms. Its infrastructure includes large-scale deployments of Nvidia's Grace Blackwell GPUs, with the companies working together on next-generation systems. Google Cloud has similarly expanded its collaboration with Nvidia, including infrastructure built around the Vera Rubin platform. Google, however, also develops its own Tensor Processing Units, giving it an alternative for certain AI workloads.

However, Apple's relationship with Nvidia is more specialised. Despite not beinga buyer on the same scale as the other tech giants, the company has worked with Nvidia and Google Cloud to use Nvidia GPUs and its Confidential Computing technology for certain Apple Intelligence workloads through Private Cloud Compute.

Nvidia's fresh trouble is unlikely to be restricted to the Wall Street. They may reach Indian investors as well, who hold US tech stocks through local exchange-traded funds, and some of them paid far more than those stocks are worth. The Mirae Asset NYSE FANG+ ETF, which holds Nvidia as one of its 10 stocks, closed at Rs 234.91 on the NSE on Monday. Its net asset value, the actual worth of the shares it holds, was Rs 155.18 as of Nov. 6, according to AMFI data. That puts the premium at about 51%. In plain terms, every Rs 100 spent on the ETF on Monday bought roughly Rs 66 worth of US stocks.

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