Nasdaq, S&P 500 Futures Fall as Nvidia Board Considers Jensen Huang's Position

US stock futures declined on Thursday, November 12, as Nvidia shares plunged following reports that its board was considering the future of Chief Executive Officer Jensen Huang. The sell-off dragged down technology stocks and threatened to reverse gains from the previous trading session.

Nasdaq-100 futures fell 0.86% at 7:03 a.m. ET, while S&P 500 futures dropped 0.4%. Dow Jones Industrial Average futures rose 16 points, or 0.03%. Nvidia shares lost 7.7% before the opening bell as investors assessed the possibility of a leadership change.

Nvidia Board Considers Jensen Huang's Position

Nvidia directors met Wednesday to discuss Huang's future following allegations about his personal relationships. The reports included an alleged relationship with an executive who reports to him and a separate relationship with a woman whom U.S. intelligence officials reportedly suspect of spying for China. Authorities have not publicly established the spying allegation.

Huang acknowledged the relationship with the woman named in the intelligence-related allegations in a message to employees. "I was unfaithful to my wife," he wrote. However, Nvidia has not announced his resignation or confirmed that directors have decided to remove him. The company has not disclosed a final decision on his position.

Huang co-founded Nvidia in 1993 and helped expand its business from graphics processors to the chips used in artificial intelligence systems. His involvement in product development and relationships with major customers has prompted questions about succession arrangements. Nvidia has not publicly named a replacement for him.

Chip Stocks Fall While AMD and Broadcom Advance

Selling extended to several semiconductor and data center companies. Intel, Marvell Technology and Micron lost between 2.7% and 3.5% in premarket trading. AI infrastructure company CoreWeave dropped about 7%, while Nebius slipped 0.4%. Shares of IREN, Applied Digital and Core Scientific also traded lower.

By contrast, Nvidia competitors Advanced Micro Devices and Broadcom gained 2.3% and 1.4%, respectively. The two companies advanced even as several other large chipmakers traded lower. Elsewhere, Tesla declined 0.7% and Amazon gained 0.3% in early trading.

The losses followed a recovery on Wednesday, when the Nasdaq-100 rose 2.3%. CoreWeave shares climbed 25% after the company reported better-than-expected results and raised its 2026 revenue outlook to between USD 13 billion and USD 13.3 billion. CoreWeave then joined the broader decline in premarket trading Thursday.

Analysts Assess Nvidia Leadership and AI Spending Risks

Market participants have questioned how Nvidia would manage its operations if Huang left. Stacy Rasgon, a senior analyst at Bernstein, said Huang had guided decisions that shaped the company's growth over the previous decade. He also questioned who could take responsibility for its future direction.

Other investors remain focused on spending by technology companies. Strategy Asset Managers CEO Tom Hulick said, "We don't see capital expenditure on AI slowing down." His comment came as investors monitored potential restrictions on data center development.

The technology sector also faces questions about financing costs. Higher borrowing rates can increase the cost of constructing data centers and purchasing equipment. Meanwhile, Nvidia's upcoming quarterly earnings report will provide another update on the company's financial performance.

Inflation Figures Keep Federal Reserve in Focus

Investors are also preparing for further U.S. economic data after October's consumer price figures exceeded expectations. The inflation report added to expectations that the Federal Reserve could raise interest rates again. Traders now see a December increase as highly likely, with a smaller chance of a larger move.

Thursday's economic calendar includes initial jobless claims and existing home sales. The Producer Price Index, due Friday, will provide another measure of inflation. Federal Reserve officials are also scheduled to speak, giving investors further information about the outlook for borrowing costs.

Separately, Strategy shares fell 6.4% before the opening bell after MSCI announced plans to remove the company from its global indexes. Nvidia is scheduled to report earnings next week, when investors will receive updated revenue figures and financial forecasts.

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