Nasdaq-100 Futures Slide, Dragged Down by Nvidia CEO Reports
Nasdaq 100 futures fell 0.9% on Thursday, November 12, 2026, after reports that Nvidia's board is weighing the future of CEO Jensen Huang. Alibaba also dropped in Hong Kong, and investors turned to earnings from Cisco, Applied Materials, Alibaba and Tencent.
A Nasdaq-100 futures slide dragged technology stocks lower on Thursday, November 12, 2026, after reports that Nvidia's board was considering the future of Chief Executive Jensen Huang. Renewed uncertainty over US chip exports to China added to the pressure.
At 03:09 ET (08:09 GMT), Nasdaq 100 futures were down 0.9%, or 240 points. S&P 500 futures fell 0.4%, or 32 points. Dow Jones futures were broadly unchanged.
The drop followed a rally on Wednesday, November 11, when the Nasdaq Composite gained 1.6% on renewed interest in artificial intelligence companies, including CoreWeave.
Nvidia under pressure
Nvidia shares fell more than 6% in extended trading. The trigger was a report that the board was considering Huang's future, citing allegations about his personal relationships, including an alleged link to an individual tied to Chinese intelligence.
Neither the allegations nor any leadership change has been confirmed. Huang owns about 3.6% of the company and has been central to its growth in AI chips.
Analysts at Yorkville Ives estimated Nvidia could lose about 25% of its market value if Huang left. They described that as a hypothetical assessment.
China tech sells off
Alibaba shares fell more than 6% in Hong Kong. Investors worried the Nvidia story could prompt more US scrutiny of chip exports to China.
Reports linked Alibaba's access to Nvidia computing equipment through Megaspeed to people named in the allegations. Those connections have not been independently established. MiniMax and Z.AI also declined.
Chinese authorities urged Washington not to use the allegations as grounds for new chip export restrictions.
Earnings and macro backdrop
Markets are still digesting US inflation data that came in higher than expected. That has raised bets on a larger Federal Reserve interest rate increase in December.
Nebius Group was due to report before the US open. Its shares rose more than 15% on Wednesday after CoreWeave updated its financial projections. Cisco Systems and Applied Materials report after the close, while investors also await results from Alibaba and Tencent, focused on AI spending and access to computing capacity.
Oil prices were little changed. The Wall Street Journal reported that US Vice President JD Vance was considering direct talks with a senior Iranian security official, though arrangements were preliminary. Crude had recovered from roughly two-month lows on Wednesday, with the Strait of Hormuz and the US naval blockade still shaping supply expectations.
