US Futures Fall Further After Huang Resigns as Nvidia CEO
US stock futures fell further after Jensen Huang resigned as Nvidia president and CEO, injecting uncertainty into the global AI sector. Contracts for the S&P 500 fell 0.8%, the Nasdaq 100 fell over 1%, and the Dow inched lower. Nvidia shares sank 10% premarket after CFO Colette Kress was named interim CEO following a board meeting that resulted in Huang's resignation over his involvement with a Megaspeed executive widely suspected of being a Chinese spy. Huang's stewardship of Nvidia saw the company grow to a market cap of nearly $6 trillion and led deal-making across the entire AI supply chain, implicating the global tech sector in the leadership change. AMD and Broadcom were higher, although AI infrastructure stocks sank sharply. Meanwhile, Nebius sank nearly 10% after delaying some data center capacity buildout. Still, other sectors offered some respite, rebounding after the hot CPI reading on Tuesday supported bets of more Federal Reserve rate hikes in the current tightening cycle.
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US stock futures fell further after Jensen Huang resigned as Nvidia president and CEO, injecting uncertainty into the global AI sector. Contracts for the S&P 500 fell 0.8%, the Nasdaq 100 fell over 1%, and the Dow inched lower. Nvidia shares sank 10% premarket after CFO Colette Kress was named interim CEO following a board meeting that resulted in Huang's resignation over his involvement with a Megaspeed executive widely suspected of being a Chinese spy. Huang's stewardship of Nvidia saw the company grow to a market cap of nearly $6 trillion and led deal-making across the entire AI supply chain, implicating the global tech sector in the leadership change.
AMD and Broadcom were higher, although AI infrastructure stocks sank sharply. Meanwhile, Nebius sank nearly 10% after delaying some data center capacity buildout. Still, other sectors offered some respite, rebounding after the hot CPI reading on Tuesday supported bets of more Federal Reserve rate hikes in the current tightening cycle.