November 11 – Wall Street's confidence in Nvidia has begun to waver. An investigation targeting CEO Jensen Huang has cast doubt on the AI chipmaker's outlook. Huang previously addressed the matter in an internal memo to employees. Days later, Baird downgraded Nvidia to Neutral, and Morgan Stanley removed the stock from its top pick list. Baird analyst Tristan Gerra said the firm will maintain a more cautious stance until uncertainties surrounding potential U.S. government actions and congressional hearings are resolved, the investigation's conclusions are clear, short-term adjustments in risk channels and the impact of potential costs on revenue are quantified, and the outlook for Huang's tenure is clear. The firm sharply cut its price target from $500 to $200. The stock closed at $168.89 on Tuesday, having fallen about 10% over the past two trading days. Although Morgan Stanley remains bullish on Nvidia, analyst Joseph Moore said short-term uncertainty will persist because Huang's leadership is crucial to the company's strategic direction.