Nvidia shares slumped in extended U.S. trading as the chipmaker faces a leadership crisis surrounding CEO Jensen Huang.
The company is working with an outside firm to identify replacements for Huang. A person familiar with the situation said this. Reports have linked the CEO to multiple extramarital affairs, including one with a woman suspected of spying for China, and a second alleged affair with a subordinate executive. These developments arrive as Nvidia struggles with scrutiny over AI valuations and industry spending.
The turmoil at Nvidia has disrupted a global equity rally driven by artificial intelligence. Futures for the Nasdaq 100 slid 1% on Thursday. S&P 500 contracts lost 0.5%. In regular trading, the S&P 500 advanced 1.3%, the Dow rose nearly 255 points, or 0.5%, and the Nasdaq Composite jumped 1.6%. CoreWeave posted a post-earnings advance, and Nvidia saw a rebound.
Following reports from The New York Times that Huang engaged in an extramarital affair with an employee at the firm, alongside a Wall Street Journal report indicating that Nvidia’s board is preparing to oust Huang from his position, the stock experienced renewed sell-offs during extended U.S. trading, resulting in a drop of over 8%.
Japan’s Nikkei 225 fell 0.82%. South Korea’s Kospi—dominated by Nvidia suppliers Samsung and SK Hynix—dropped 1.26%. Hong Kong’s Hang Seng index declined 0.82%. China’s CSI 300 was down 0.19%. Australia’s S&P/ASX 200 closed 0.07% lower.
The broadening turmoil surrounding Nvidia CEO Jensen Huang may hit the AI ecosystem all the harder for coming at a time when optimism was building for a sustained rebound. Nvidia’s role at the heart of financing for much of the sector means that the prospect of a sudden change of management carries risks well beyond those for the company alone.
Garfield Reynolds, Markets Live team leader
Investors are weighing these risks against tech gains. On Wednesday, CoreWeave Inc. shares surged 25% following an upbeat earnings outlook. OpenAI reported quarterly revenue of $10 billion. Pictet Asset Management emerging equities investment manager Tan Altundag said that the escalating leadership crisis at Nvidia is counteracting the revived enthusiasm for artificial intelligence sparked by CoreWeave’s better-than-anticipated financial results.
Additional market movements on November 12, 2026, included:
- The euro fell 0.2%.
- The British pound declined 0.2%.
- Bitcoin fell 1.3% to $73,377.45.
- Ether dropped 1.4% to $2,040.17.
- Spot gold fell 0.6% to $3,965.41 an ounce.
While Nvidia’s leadership situation remains the primary focus, other major corporate changes are underway. Backing the expectation that data center requirements, industrial artificial intelligence, and factory automation will sustain profitability at the German industrial conglomerate, Siemens AG elevated its medium-term growth objectives following the registration of record-breaking orders throughout its 2026 fiscal year.
