Asia stocks slip as Nvidia turmoil clouds AI trade; China chipmakers rally
Asian markets plunged on Thursday, as concerns over Nvidia's leadership cast doubt on the artificial intelligence sector, while Beijing-backed chipmakers surged amid heightened U.S. scrutiny. The MSCI Asia Pacific Index edged up 0.3%, buoyed by tech shares, despite the Nasdaq 100 futures falling 1% and S&P 500 futures dropping 0.4%.
Nvidia shares plummeted more than 8% after-hours, following rumors that its board was deliberating about replacing CEO Jensen Huang. Directors reportedly met to discuss his future, and the company was exploring potential successors with an outside firm. The board initiated an investigation and deemed no secrets or national security compromised.
The turmoil underscores the potential impact of leadership changes on Nvidia's supply chain and confidence in the AI boom. Chinese semiconductor stocks rallied, with Shanghai-listed Semiconductor Manufacturing International Corp. up 2.4% and Hong Kong-listed Hua Hong Semiconductor advancing 2.7%. Mainland Chinese markets were mixed, with the Shanghai Composite up 0.2% and the CSI 300 trading flat.
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