Jensen Huang resigned as Nvidia's chief executive with immediate effect, and the market's verdict came fast: the stock fell roughly 5% in Thursday trading and is now heading for its sixth consecutive weekly decline.

That would be Nvidia's longest losing streak since 2012. Thirteen years of momentum, undone in a single week of trading.

The resignation lands at the worst possible moment. Nvidia reports earnings on Tuesday, November 17, and analysts are forecasting roughly $109.2 billion in revenue. But here's the catch — those results cover a quarter when Huang was still running the company. They tell investors almost nothing about the post-Huang era.

How did Wall Street react?

With downgrades, target cuts, and in one case a full retreat. The sell side split into camps within hours of the news.

The bearish moves:

• Bernstein downgraded Nvidia to Market Perform (a neutral rating meaning "perform in line with the market") and halved its price target from $400 to $200.
• Oppenheimer downgraded to Perform and removed its price target altogether — a signal that the analyst sees too much uncertainty to even hazard a number.
• Morgan Stanley dropped Nvidia from its top-pick list, though it kept an Overweight rating and a $300 target.

The hold-the-line moves:

• Wells Fargo maintained Overweight but cut its target from $315 to $300.
• Citi kept its Buy rating while trimming the target from $285 to $225.
• Bank of America also held Buy, lowering its target from $350 to $280.

The pattern is clear. Almost nobody turned outright hostile. But nearly everyone pulled numbers down or stepped back from conviction calls.

What does the downgrade wave actually signal?

A price target cut of 50%, as Bernstein executed, isn't routine housekeeping. It's a statement that the analyst's model of the company no longer holds. When the founder-CEO who built a $3-trillion-class chip empire departs abruptly and without a transition runway priced in, analysts lose the discount rate they were comfortable applying.

Oppenheimer removing its target entirely is arguably the blunkest read. An analyst without a target is an analyst admitting the inputs have broken.

Meanwhile, the firms that kept Buy ratings — Citi, Bank of America, Wells Fargo — are effectively betting that the fundamentals don't change with the corner office. They cut targets by 21% (Citi), 20% (Bank of America), and 5% (Wells Fargo) respectively, which reads as risk repricing rather than a thesis change.

Will the November 17 earnings matter?

Only partially, and that's the problem. The forecast of roughly $109.2 billion in revenue would normally be the story of the week — a monster print for a chipmaker by any historical measure. Instead, investors will treat it as a rear-view number.

The quarter being reported belongs to Huang's Nvidia. The quarters after it belong to whoever inherits the seat, and the market has no data on how that transition will run.

For anyone eyeing the 5% dip as a buying opportunity, the question is uncomfortable but simple: the stock may look cheap against Tuesday's numbers. Whether it stays cheap against the post-Huang numbers is exactly what Wall Street can't yet price — which is why two brokerages downgraded, three cut targets, and one walked away from its own estimate entirely.