Wall St slides as Nvidia uncertainty drags tech shares lower

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USA-STOCKS/ (UPDATE 5, GRAPHICS):US STOCKS-Wall St slides as Nvidia uncertainty drags tech shares lower

NEW YORK, Nov 13 (Reuters) - US stocks were lower on Friday, as concerns about Nvidia pressured technology shares, while a reading on inflation failed to alter expectations for more rate hikes from the Federal Reserve.

Nvidia's shares fell 2.2% and were poised for their sixth straight week of declines, their longest streak since October 2012, after CEO Jensen Huang's resignation on Thursday, following revelations of his relationship with a businesswoman suspected by the US of spying for Beijing.

The Financial Times reported that Nvidia's board has approached British chipmaker Arm Holdings CEO Rene Haas in its search for a potential successor to Huang.

The uncertainty about leadership at the chipmaker has raised concerns about the durability of the AI trade, given Nvidia's primary role in the industry's boom and its financial ties to several companies in the sector, which has been a pillar of the bull market in equities.

"The tech trade, the AI trade, Nvidia is going to go through a period of volatility, and you're going to see the bulls and bears kind of wrestle on where this narrative goes through the rest of the year ... there's been a loss of confidence," said Anthony Saglimbene, chief market strategist at Ameriprise Financial in Troy, Michigan.

"The market and investors are trying to navigate what does the AI theme look like when we have the absence of Jensen Huang, who was basically the AI champion and willing to use Nvidia's balance sheet to fund a lot of this AI expansion. That's gone."

The Dow Jones Industrial Average fell 5.36 points, or 0.01%, to 52,291.73, the S&P 500 lost 38.87 points, or 0.51%, to 7,553.53 and the Nasdaq Composite lost 236.49 points, or 0.93%, to 25,129.60.

Despite the recent volatility, the major indexes were on track for weekly gains, with the Nasdaq and S&P 500 both set to snap a four-week streak of declines.

The Philadelphia Semiconductor Index fell 3.7%, with Advanced Micro Devices and Broadcom the biggest drags.

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