Bank of America Removes Nvidia From Top Stock List Amid CEO Scandal

Bank of America has taken Nvidia off its US 1 List, which is the bank's select group of top stock recommendations. The removal happened days after Nvidia CEO Jensen Huang acknowledged a relationship with a woman whom US intelligence is believed to have suspected of spying for China.

The bank gave no explanation for the move. Nvidia still carries a Buy rating from Bank of America. But since the chipmaker is held in most US index funds, any decline affects regular savers, not just professional traders.

Did Bank of America Target Nvidia Because of the Huang Scandal?

Nvidia was not the only stock removed. Bank of America also took off Micron, a memory chip manufacturer, and Lam Research, a producer of chipmaking equipment. Neither of those companies has any connection to Huang.

BANK OF AMERICA REMOVES NVIDIA, MICRON AND LAM RESEARCH FROM TOP STOCK PICKS

Bank of America has removed three major semiconductor stocks from its US 1 List, which represents the firm's highest-conviction investment ideas.$NVDA — NVIDIA$MU — Micron Technology$LRCX — Lam…

— *Walter Bloomberg (@DeItaone) November 10, 2026

All three stocks retain their Buy ratings.

The three stocks also moved in opposite directions on Monday. Nvidia fell more than 4% as its board investigated Huang, while Micron and Lam Research rose.

So in one move the bank removed a stock hit by scandal along with two that were advancing. No research note explaining the decision was issued, according to ROIC.

What Does Losing a Top-Pick Slot Mean for Nvidia Shareholders?

A Buy rating signals the bank expects the stock to go up. A US 1 slot indicates one of its highest levels of conviction. Nvidia lost the latter.

BOFA REMOVES $NVDA, $MU AND $LRCX FROM ITS 'US 1' LIST

— Wall St Engine (@wallstengine) November 10, 2026

The bank has made similar adjustments before. In February it added Lam to the list and removed AMD, which kept its Buy rating.

Elsewhere on Wall Street, Bernstein reaffirmed its outperform rating on Nvidia on November 9.

Meanwhile, Nvidia entered a bear market on Monday, trading roughly 26% below its October peak.

Bank of America's chip analyst, Vivek Arya, has linked the sector's growth to artificial intelligence spending.

"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 testify. Nvidia reports earnings on November 17, one day before the proposed closed-door briefing.

Nvidia now holds a mixed status at Bank of America. The bank still rates it a Buy but no longer considers it among its top ideas.