Nasdaq 100 futures fall 1% after Nvidia drops 9% in extended trading
Key Facts
U.S. stock futures fell Thursday morning, November 12, with Nasdaq 100 futures leading losses, down 1% to 28,205.75 by 02:23 Eastern time, as concerns about Nvidia’s leadership spread to AI-linked stocks. S&P 500 futures fell 0.5%, while Dow Jones futures slipped 0.1%, according to Investing.com data. The Associated Press linked the futures weakness to investor concerns about the chipmaker’s leadership. Nvidia shares fell 8.6% in extended trading after reports of a board meeting Wednesday evening to discuss CEO Jensen Huang’s position. Bloomberg reported that the company was working with an outside firm to identify potential successors.
The futures decline followed a rising U.S. session on Wednesday, highlighting the divergence between the indexes and Nvidia’s post-market move. The Nasdaq Composite rose 1.6%, the S&P 500 gained 1.3%, and the Dow Jones added 254 points, or 0.5%, according to the Associated Press. The Nasdaq 100 also rose 2.3% during the session, according to a Bloomberg report published by Swissinfo. Nvidia shares themselves gained 2.9% in regular trading Wednesday before reversing into a sharp loss in extended trading. EL7 data showed the stock closed at $173.73 on November 11, with its subsequent losses coming after the board reports.
Extended trading showed divergence within the chip sector: AMD and Broadcom each rose more than 3%, while Nvidia fell 9%, according to Bloomberg via Yahoo Finance. The rivals’ gains came amid bets that they could benefit from leadership turmoil at Nvidia, while AI stocks broadly faced pressure from leadership reports. In Asia, Japan’s Nikkei fell 0.7% Thursday morning, South Korea’s Kospi slipped 0.2%, and Taiwan’s Taiex dropped 2.6%, according to the Associated Press. The moves placed Asian chip stocks within the decline following the Nvidia news. By contrast, cloud computing company CoreWeave surged 24.7% on Wednesday after its results showed a smaller loss than analysts had expected during the summer.
The market’s sensitivity to company news coincided with broader concerns about the AI sector’s trajectory. Investors fear the industry could slow, the Associated Press said, amid ongoing questions about whether its earnings will justify the large investments in the technology. Those concerns place Nvidia’s move within a broader assessment of returns on AI spending, alongside the board news’ effect on the stock. In its latest financial results published before these developments, Nvidia reported record revenue of $81.6 billion in the first quarter of fiscal 2027, ended April 26, 2026, up 85% year over year. Data center revenue totaled $75.2 billion that quarter, according to the company.
Nvidia’s board said in a statement issued November 8 that it had begun an independent investigation overseen by a committee of independent directors, with the assistance of independent legal counsel. “The Board has no reason to believe that national security or Nvidia secrets have been compromised,” the board added. On November 10, the company announced that its independent directors had retained John Kim and Wachtell, Lipton, Rosen & Katz to conduct a thorough and independent investigation. The statements place the company’s announced investigation in a separate context from reports about discussions of Huang’s position and succession options. The Associated Press and Bloomberg reports did not link the futures decline to regulatory investigations; they pointed to leadership concerns and board reports.
Attention is turning to Nvidia’s third-quarter fiscal 2027 results, with the company scheduling its results call for November 17, 2026, at 2 p.m. Pacific time. Investor relations said results would be announced at about 1:20 p.m. Pacific time, with the CFO’s commentary to follow the announcement. The date comes as investors weigh the company’s operating results against leadership concerns that affected extended trading. First-quarter results showed strong revenue and data center revenue growth, while Wednesday’s news focused on the CEO’s position. The upcoming results call is scheduled to provide the company’s latest published figures for this period.