Nasdaq 100 futures fell more than 1% as Nvidia dropped more than 8% in premarket trading, weighing on chip shares. The semiconductor index had risen over four sessions but remained below resistance near its 200-day moving average.
Nvidia’s premarket decline came as reports that its board was weighing CEO Jensen Huang’s future rattled AI-related shares. The PHLX Semiconductor ETF fell more than 2.5%, while AMD and Broadcom rose about 1.7% and 0.7%, respectively.
The PHLX Semiconductor Index had fallen 38.4% from its June 22 peak to its November 5 low, then climbed over the past four sessions to close Wednesday at 10,564. It remained below resistance around 10,867-10,869, near its 200-day moving average and the 50% retracement level of its March-June advance.
A decline below the 61.8% retracement near 9,976 could put the November 5 low back in view, with further support at 8,498. Nvidia’s relative strength versus the semiconductor index had been trending lower since peaking in early August 2025, while AMD and Broadcom’s premarket gains offered some contrast to Nvidia’s drop.
