European Shares Slip From Record Highs
The STOXX 600 opened lower Friday after breaching record levels earlier this week, as Nvidia's CEO resignation added uncertainty to the AI trade.
Updated on Nov. 13, 2026 in Stock Markets
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European shares opened lower on Friday, retreating from record highs, with the STOXX 600 down 0.2% at 662.64 points at 0808 GMT. The index had breached record-high levels earlier this week for the first time since August.
Why it matters
Jensen Huang's resignation as Nvidia's CEO, following revelations of extramarital affairs, creates uncertainty over the AI trade, which he helped steer through a web of financing deals. Shares of chipmakers and the broader tech sector also slid.
The STOXX 600 slipped 0.2% to 662.64 points at 0808 GMT, while the S&P 500 sat more than 3% below its all-time high. Chip stocks Siltronic and Aixtron each fell over 1%, and the broader tech sector lost 0.6%.
The players
Jensen Huang
Co-founder and longtime chief executive of Nvidia, the chipmaker whose processors underpin much of the global AI buildout, who resigned after revelations of extramarital affairs.
Nvidia
US semiconductor company whose graphics processors are central to artificial intelligence computing and whose valuation has made it a bellwether for the AI trade.
Richemont
Swiss luxury goods group that owns jewelry and watch brands such as Cartier and Van Cleef & Arpels.
The details
Personal and household goods led sectoral declines with a 1% drop as the index retreated from its recent peak. Luxury group Richemont fell 7% after reporting 13% sales growth in the three months to September, slower than the 20% growth of the previous quarter.
Timeline
STOXX 600 breached record-high levels earlier this week for the first time since August.
Richemont reported 13% sales growth for the three months ending in September.
European shares opened lower on Friday, November 13, 2026.
Market Dynamics
The pullback comes as the AI-driven rally in chipmakers and mega-cap tech stocks has carried European and US indexes to record levels, making the sector's leadership a key driver of market direction. Goldman Sachs raised its 12-month STOXX 600 target to 700 points from 695, reflecting continued confidence despite the near-term dip.
Investors with exposure to European large caps and the STOXX 600 are seeing near-term volatility after the index breached record highs. Those holding tech or chip positions face added uncertainty following the Nvidia leadership change.
The takeaway
Record-high markets are vulnerable to sharp reversals when a single company's leadership changes. Keep diversification across sectors in view rather than concentrating in the AI names driving index gains.
Further reading
Track broader trends in global equities on the Stock Markets section.
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