Nvidia shares fell over 7% after reports that the board is considering the removal of CEO Jensen Huang amid personal conduct allegations, while Bitcoin remains listless at $73,650.
The Wall Street Journal reports Nvidia's board is preparing to oust longtime CEO Jensen Huang after revelations of extramarital affairs, one with a Chinese businesswoman suspected by US intelligence of acting for Beijing. The stock closed at $173 and fell over 7% in after-market trading, with NVDA perpetual futures down as much as 12% to $160.99 and futures volume hitting a record $4 billion across venues. No final decision has been announced, so further board meetings could extend the uncertainty.
Nasdaq futures were down 0.75% in the article, reversing part of Wednesday's near 2% gain, as AI bellwether Nvidia — the stock at the center of the CEO-removal reports — dropped over 7% after hours. Nvidia's outsized weight in the index drags the benchmark with it, though the move so far is a modest partial reversal rather than a rout.
Bitcoin traded slightly weaker around $73,650, well within its 48-hour range, and the article describes it as listless rather than reacting to the Nvidia turmoil. Bitcoin has shown a strong positive correlation with NVDA at times, so a deepening Nvidia selloff could pressure it, but no such move is evident in the figures given.
Nvidia shares dropped over 7% in after-market trading following reports that the board is preparing to remove CEO Jensen Huang. The leadership crisis follows revelations of an extramarital affair with a Chinese businesswoman and a second alleged relationship with an internal executive. While no formal removal has been announced, perpetual futures for the stock have seen record trading volumes exceeding $4 billion.
Reports say the board is preparing to remove CEO Jensen Huang after a Nov. 8 admission of an affair with a Chinese businesswoman linked to Beijing and a second alleged relationship. Shares fell over 7% in after-market trading on top of a slide from a $243 peak on October 6.
No. The latest reports say he has not been formally removed. Directors could remove him with or without cause by majority vote under Nvidia's bylaws, but the company has not announced a final decision.
Nasdaq futures were down 0.75% as Nvidia, a heavyweight AI stock at the center of the leadership crisis, fell more than 7% in after-market trading, undoing part of Wednesday's roughly 2% gain.
Bitcoin is barely reacting. It traded slightly weaker around $73,650, well inside its range of the past 48 hours, though its past positive correlation with Nvidia could matter if the selloff deepens.