12/11/2026
U.S. stock-index futures declined and the tech rally lost steam following reports that Nvidia Corp.’s board is considering removing Chief Executive Officer Jensen Huang.
Nvidia shares tumbled roughly 10% in late trading, pulling Nasdaq 100 futures down more than 1% and S&P 500 futures 0.5% lower. People familiar with the matter said Nvidia’s board was meeting to discuss Huang’s future. Huang had acknowledged an affair with a woman whom U.S. officials allegedly regard as a Chinese spy.
The New York Times reported on Wednesday, citing multiple company employees, that Huang’s relationship was with Kimberly Powell, Nvidia’s vice president of healthcare.
The crisis threatens to spill over into Asian markets, hitting suppliers including TSMC, Samsung Electronics and SK Hynix. As the dominant supplier of AI chips, turmoil at Nvidia risks eroding confidence in the artificial intelligence trade, the key engine behind global stock gains this year.
Regional benchmarks were little changed early Thursday. SK Hynix slipped, while Samsung Electronics pared its gains.
AI-linked stocks came under pressure in late U.S. trading. Server makers Super Micro Computer Inc. and Dell Technologies Inc. fell, while AMD and Broadcom Inc. advanced on speculation they could benefit from Nvidia’s troubles.
The developments interrupted a strong rebound for U.S. tech shares. The Nasdaq 100 climbed 2.3% on Wednesday, on track for its best weekly performance since May. AI compute provider CoreWeave Inc. surged as much as 25% after releasing upbeat guidance before paring gains into the close.
Signs of robust AI demand remain elsewhere. OpenAI hit $10 billion in quarterly revenue, and Anthropic PBC’s planned initial public offering is said to be many times oversubscribed.
Nvidia’s slump will test the renewed enthusiasm for AI stocks after the recent selloff. Solid earnings and ongoing spending had helped restore confidence, even as investors remain wary of AI regulation following Democrats’ sweeping congressional victory.
Beyond equities, investors are bracing for tighter U.S. monetary policy. The U.S. dollar climbed to an 18-month high. Traders broadly expect the Federal Reserve to raise rates by 25 basis points next month, with odds of a 50-basis-point hike seen as low.
Global benchmark Brent crude rebounded to around $92.70 a barrel after two days of losses. A senior Iranian official ruled out abandoning uranium enrichment, signaling deadlock in talks between Washington and Tehran.
Gold kept falling early Thursday, pressured by the selloff triggered by hotter-than-expected U.S. inflation and hawkish Fed remarks. Bullion dropped as much as 1.2% in U.S. trading, falling below $4,000 an ounce.
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