Nasdaq futures fall as Nvidia sinks 8% after hours on report board may oust Huang

Nvidia stock futures fell Wednesday evening as shares of the chipmaker tumbled more than 8% in after-hours trading. MarketWatch reported that the selloff weighed on the Nasdaq-100 and dragged down other chipmakers. CBS News noted that Nvidia shares fell to $159.51, while The Hill reported a decline of roughly 8.3%, dipping below $160 per share.

The decline follows reports that Nvidia's board of directors is preparing to oust longtime CEO Jensen Huang. According to CBS News, the company launched an investigation into Huang after he admitted to having an extramarital affair. CBS News further reported that U.S. intelligence agencies have linked Huang to Alice Huang, a Chinese business executive suspected of being an asset for China's Ministry of State Security.

RTHK News - Finance stated that the board was preparing to meet as soon as Wednesday to determine Huang's future, citing reports that he had two extramarital affairs. The New York Times reported that one of these affairs was with Kimberly Powell, Nvidia's vice president of healthcare.

The potential departure of the co-founder poses leadership challenges, as analysts noted the company lacks an obvious successor or succession plan. CBS News stated that Nvidia's market value has sunk more than $450 billion since the company announced the probe into Huang's conduct on Nov. 8, while RTHK News - Finance reported a loss of approximately $600 billion in market value this week following the announcement of the investigation.

Brief written by urgent.news from MarketWatch, CBS News, RTHK News - Finance, The Hill, Investing.com — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.