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The trade that took <a href="https://www.thestreet.com/crypto/explained/explained-types-of-bitcoin-mining" rel="noopener noreferrer nofollow">cryptocurrency miners</a>&nbsp;to the artificial intelligence (AI) sector came under fresh pressure Thursday as Nvidia cofounder Jensen Huang resigned as the company CEO. The development impacted the stock market, particularly pushing the shares of AI infrastructure firms down the price ladder.&nbsp;
<a href="https://investor.nvidia.com/news/press-release-details/2026/NVIDIA-Announces-CEO-Transition/" rel="noopener noreferrer nofollow">Nvidia announced</a> on Nov. 12 that Huang had stepped down as president, CEO and director, effective immediately. Chief Financial Officer Colette Kress has been appointed as the chip giant's interim CEO, the announcement said.
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 Explained: What is Bitcoin mining? (6:23)
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Huang's departure from Nvidia comes after he admitted to have been "unfaithful" with his wife in an internal mail sent to the Nvidia team on November 8.&nbsp;
U.S. intelligence officials reportedly suspect that his extra-marital interest was recruited by Beijing to gather information on Nvidia and gain access to high-end semiconductor supply lines. The situation has&nbsp;stemmed concerns around U.S. national security, according to <a href="https://apnews.com/article/nvidia-megaspeed-china-singapore-huang-5403f152a601cf82ce939f1d24fffa0f" rel="noopener noreferrer nofollow">The Associated Press</a>.&nbsp;
Nvidia has not officially identified those allegations as the reason for his resignation.
The company said its operations and product roadmap were expected to continue uninterrupted, but the departure put the AI industry's dependence on Nvidia in focus.
<a href="https://www.thestreet.com/crypto/markets/trader-loses-millions-as-nvidia-ceo-jensen-huang-steps-down" rel="noopener noreferrer nofollow">Related: Trader loses millions after Nvidia CEO Jensen Huang steps down</a>
<h2 id="crypto-miners-helped-build-the-ai-cloud-boom">Crypto miners helped build the AI cloud boom</h2>
Several companies caught in Thursday selloff have roots in the cryptocurrency mining business.
CoreWeave (Nasdaq: CRWV) began by <a href="https://www.coreweave.com/blog/coreweave-past-present-future" rel="noopener noreferrer nofollow">mining Ethereum</a> using discounted Nvidia chips before becoming a specialized AI cloud provider. Its early relationship with Nvidia helped shape that transition.
IREN Limited (Nasdaq: IREN), formerly Iris Energy, expanded from <a href="https://www.globenewswire.com/news-release/2021/12/09/2349139/0/en/iris-energy-limited-announces-monthly-investor-update-for-november-2021.html" rel="noopener noreferrer nofollow">Bitcoin mining</a> into AI infrastructure and announced plans in March 2026 to grow its fleet to <a href="https://iren.com/resources/news/iren-expands-ai-cloud-capacity-to-150000-gpus" rel="noopener noreferrer nofollow">150,000 Nvidia GPUs</a>.
<a href="https://investors.terawulf.com/news-events/press-releases/detail/126/terawulf-reports-third-quarter-2025-results" rel="noopener noreferrer nofollow">TeraWulf</a>&nbsp;(Nasdaq: WULF) has also expanded from Bitcoin mining into high-performance computing (HPC) infrastructure, while Applied Digital, formerly Applied Blockchain, began <a href="https://ir.applieddigital.com/news-events/press-releases/detail/29/applied-blockchain-inc-launches-mining-operations" rel="noopener noreferrer nofollow">Ethereum and altcoin</a> mining operations in 2021 before moving into AI <a href="https://ir.applieddigital.com/news-events/press-releases/detail/123/applied-digital-announces-250mw-ai-data-center-lease-with" rel="noopener noreferrer nofollow">data center hosting</a>.
Nebius (Nasdaq:&nbsp;NBIS) has a different history. Formerly <a href="https://nebius.com/newsroom/nebius-group-announces-planned-resumption-of-trading-on-nasdaq-and-provides-investor-update" rel="noopener noreferrer nofollow">Yandex N.V.</a>, it emerged as an AI infrastructure company after divesting its Russian businesses.
The companies have used their experience developing large facilities and securing electricity to enter the AI market, although Bitcoin mining hardware <a href="https://www.rsmus.com/insights/industries/financial-services/bitcoin-miners-diversify-into-ai-to-sustain-profitability" rel="noopener noreferrer nofollow">cannot simply</a> be repurposed for AI computing.
<h3 id="popular-on-thestreet-roundtable">Popular on TheStreet Roundtable:</h3>
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</ul>
<h2 id="ai-infrastructure-stocks-plunge-as-nvidia-falls">AI infrastructure stocks plunge as Nvidia falls</h2>
Nebius was among the hardest-hit stocks, falling 18% to $126.47. The company also issued disappointing revenue guidance, according to <a href="https://www.cnbc.com/2026/11/12/nvidia-jensen-huang-ceo-live-updates.html" rel="noopener noreferrer nofollow">CNBC</a>, adding a company-specific pressure to the broader selloff.
CoreWeave dropped nearly 7% to $56.74, while IREN fell more than 8.5% to $19.04. TeraWulf lost more than 2% to $13.
The declines accompanied a sharp fall in Nvidia shares, which dropped more than 5% on the day to trade at $164.33, according to Yahoo Finance.
<figure><img src="https://www.thestreet.com/.image/c_fit%2Ch_675%2Cw_1200/MjI3NTgzMjQ2NjkzNTczNjYz/screenshot-2026-11-12-211357.png" height="675" width="1136">
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 Nvidia stock at press time, Source: Yahoo Finance
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<a href="https://www.jpost.com/business-and-innovation/article-914734" rel="noopener noreferrer nofollow">Reuters</a> reported that Huang's departure posed fresh risks to an AI sector in which Nvidia helps finance infrastructure built around its chips.
These businesses, however, have varied ties with Nvidia, and Thursday's price movements do not establish that their contracts or expansion plans have been affected.
<h3 id="what-investors-should-watch-next">What investors should watch next</h3>
<ul>
 <li>Nvidia's Nov. 17 earnings: whether Kress offers more detail on strategy and customer commitments.</li>
 <li>GPU deployment and funding: whether former miners remain on track with their AI expansion plans.</li>
 <li>Contracts and guidance: company updates that show whether the selloff reflects business changes or investor sentiment.</li>
</ul>
Cryptocurrency prices were also lower in the supplied market snapshot.
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 Crypto market <a href="https://coinmarketcap.com/crypto-heatmap/" rel="noopener noreferrer">heatmap </a>at press time
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Bitcoin (BTC) traded at approximately $71,797, down 2.34%, while <a href="https://thestreet.com/crypto/ethereum" rel="noopener noreferrer nofollow">Ether</a> (ETH) fell 2.03% to $2,011, according to the supplied market heatmap. The snapshot did not specify the percentage-change window.
<a href="https://www.thestreet.com/crypto/markets/trader-loses-millions-as-nvidia-ceo-jensen-huang-steps-down" rel="noopener noreferrer nofollow">Related: Trader loses millions after Nvidia CEO Jensen Huang steps down</a>

Neocloud stocks crash following Nvidia controversy

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