Nvidia’s VIP Pass Vanishes, but Its Buy Rating Survives the Exit Interview

Bank of America removed Nvidia, Micron Technology and Lam Research from its US 1 List of highest-conviction investment ideas, with Nvidia, Micron and Lam Research all retaining their Buy ratings. The bank released no research note explaining the November 10, 2026 decision and declined to say whether Nvidia’s removal was connected to CEO Jensen Huang’s recent controversy.

The cut came days after Huang admitted an affair with a woman whom US intelligence reportedly suspected of spying for China. Nvidia’s board was probing Huang, and the company’s shares fell more than 4% on Monday, November 9, 2026, while $MU and $LRCX climbed. Bank of America had similarly reshuffled the list in February, adding Lam Research and removing AMD, which also retained its Buy rating.

Nvidia entered a bear market Monday, trading about 26% below its October record, even as Bernstein reaffirmed its Outperform rating on November 9. The chipmaker remains a major holding in most US index funds, extending its market moves beyond active traders to ordinary savers. Bank of America chip analyst Vivek Arya said, “We continue to view AI/data center to drive the majority of gains.”

Huang faces a November 11 deadline to tell Congress whether he will brief lawmakers. Nvidia is scheduled to report earnings on November 17, one day before the proposed closed-door briefing. The US 1 List removal means Nvidia is no longer among Bank of America’s strongest stock ideas, although the bank continues to rate the shares a Buy.