AMD fell 8.8% Friday, erasing the jump after Jensen Huang's exit

Advanced Micro Devices fell 8.8% on Friday, Nov. 13, to $534.06, more than erasing the 5.9% it gained Thursday, the day Jensen Huang resigned from Nvidia. Broadcom fell 4.8%, giving back most of Thursday's 5.5% gain.

Nvidia said Thursday that Huang, its founder, had resigned as president, chief executive and a board member, effective immediately, and that chief financial officer Colette Kress would be interim chief executive while the board looked for a successor. Nvidia fell 4.3% that day.

Nvidia fell another 2% on Friday, to $162.85. HSBC cut the stock to hold from buy.

"We believe the uncertainties will prevail until a permanent succession plan is laid out and the new CEO is able to demonstrate execution capabilities," analyst Frank Lee said in a Friday note to clients, CNBC reported.

"At first, it looked like Nvidia's pain might be the rest of the chip sector's gain," MarketWatch wrote. "But now, investors aren't so sure."

YieldMax AMD Option Income Strategy ETF AMDY fell 8.6% with AMD.

The semiconductor funds did not fall by the same amount. VanEck Semiconductor ETF SMH lost 3.0%, iShares Semiconductor ETF SOXX lost 3.6%, and Invesco Semiconductors ETF PSI lost 4.1%.

AMD was 6.0% of SMH and 6.5% of PSI. That drop accounted for about half a percentage point in each fund.

Nvidia is 17.7% of SMH, nearly three times the AMD stake, and it fell 2%. Taiwan Semiconductor, about 10% of SMH, fell 1.7%. Together those two are more than a quarter of the portfolio, and both fell less than the fund.

PSI does not list Nvidia in its latest reported holdings. Several of its smaller chip makers fell 5% to 7%, including Tower Semiconductor, down 7.1%, and Wolfspeed, down 6.3%.

SOXX fell between the other two. AMD is its largest holding, at 10.2%, and that stake accounted for 0.9 percentage points of the 3.6% drop. Nvidia is 6.9% of SOXX, well under its weight in SMH.

The damage was in the large stocks, not in the average S&P 500 company. Invesco S&P 500 Equal Weight ETF RSP, which holds each S&P 500 company at the same weight, rose 0.2%. State Street SPDR S&P 500 ETF SPY, which weights companies by size, fell 0.4%.

Tanker freight

Amplify Breakwave Tanker Shipping ETF BWET rose 6.3%, to $619. It holds futures on the cost of shipping crude, not the ships or the oil. Amplify's filings target 90% of that exposure in the Middle East-to-China route for the largest crude carriers and 10% in the West Africa-to-Europe route.

That Middle East route runs through the Strait of Hormuz. Iran's Revolutionary Guards navy said Friday that a tanker carrying liquefied natural gas struck a naval mine and exploded there, on what the Guards called an unauthorized and dangerous route, Reuters reported. Iranian media reported Thursday that four oil tankers were hit by explosions in the same waterway.

Friday's report was a gas carrier. The fund tracks crude freight.