Nasdaq futures fall as Nvidia turmoil rattles AI stocks
NVDA•Nasdaq 100 futures fell 0.79% after Nvidia shares dropped 7% in premarket trading on reports that its board was weighing CEO Jensen Huang’s ouster, rattling AI-linked stocks.
1. Futures move lower
Nasdaq 100 futures led Wall Street lower on Thursday after Nvidia shares plunged on reports that its board was weighing the ouster of CEO Jensen Huang. Nvidia fell 7% in premarket trading, while Dow futures were up 0.04% and S&P 500 futures fell 0.38%.
2. AI-linked shares slide
Intel, Marvell Technology and Micron fell between 2.6% and 3.4%; CoreWeave dropped 7.2% and Nebius fell 4.7%. The declines threatened to erase Wednesday’s gains, when strong results from CoreWeave helped AI stocks regain some footing.
3. Investors weigh AI outlook
Nvidia’s central role in the AI boom has tied much of the industry’s fortunes to the chipmaker, leaving investors wary of the potential fallout from a leadership change. Some investors see the recent pullback as a buying opportunity, while Strategy Asset Managers CEO Tom Hulick said the firm does not see capital expenditure on AI slowing down.
