Nvidia shares tumbled 13% on CEO Jensen Huang's resignation, dragging the Nasdaq down 1.5%, while oil prices rose to $93.3 and the Mexican peso weakened to 18.70 against the dollar on tariff threats.
The ad hoc board news was confirmed during the day and CEO Huang resigned, an abrupt leadership shock at the center of the AI trade. The stock gapped 13% lower before dip buyers stepped in. Rivals taking advantage shows this is company-specific rather than a broad AI collapse, but uncertainty over leadership should keep the shares under pressure.
The Nvidia leadership shock is causing tremors across the tech/AI sector, with semiconductor-heavy Asian indices underperforming, tech weak in European benchmarks and the Nasdaq down 1.5% at the open as the laggard of the day. A 13% slide in its largest weight drags the index further while dip-buying in Nvidia itself could cap the damage.
Trump threatened via social media to immediately double tariffs on Mexican goods if Mexico does not stop the migrant caravans, pushing the pair from around 18.56 to 18.70. A concrete tariff escalation threat is a direct negative for the peso, though past tariff moves have been larger and the Supreme Court curtailed Trump's tariff power earlier this year.
Trump cast doubt again on a deal with Iran, saying he doesn't need a deal and 'those days have long since passed', removing the prospect of relaxed sanctions-driven supply. Oil prices rose to $93.3, although gains were larger earlier, suggesting some of the geopolitical premium is already priced and fading intraday.
Dutch TTF natural gas prices are surging towards €91/MWh, a sharp move for a European benchmark. The article gives no explicit cause, which tempers confidence, but the magnitude of the surge towards a round-number level points to continued upward pressure in the near term.
Nvidia shares gapped 13% lower at the open following the confirmed resignation of CEO Jensen Huang. The leadership shock triggered a broader tech sell-off, with the Nasdaq falling 1.5% as the day's laggard. Meanwhile, geopolitical tensions pushed WTI crude to $93.3 and USD/MXN climbed to 18.70 after President Trump threatened to double tariffs on Mexican goods.
Reports that CEO Jensen Huang could be ousted in a special ad hoc board meeting were confirmed and he has resigned, hitting the shares hard at the open.
The stock gapped about 13% lower at the Wall Street open before dip buyers stepped in.
Tech and AI names broadly underperformed — Asian semiconductor indices, European tech and the Nasdaq (-1.5% at the open) all lagged — but Nvidia's rivals gained, pointing to rotation within tech.
Trump threatened to immediately double tariffs on Mexican goods if Mexico does not stop what he called huge migrant caravans, pushing USD/MXN from around 18.56 to 18.70.
Trump publicly cast doubt on a US-Iran deal, saying he doesn't need one, which lifted oil prices to $93.3.
Dutch TTF natural gas is surging towards €91/MWh in today's session.