S&P 500 and Nasdaq fall as Nvidia CEO exit hits AI stocks
The S&P 500 and Nasdaq Composite fell on Thursday as Nvidia CEO Jensen Huang's resignation rattled AI stocks, while rising oil prices pushed investors to the sidelines. Nvidia shares dropped 7.6% following the news. Huang's exit, tied to reports of a second extramarital affair, left the AI heavyweight without its central strategist, with CFO Colette Kress named interim CEO. AI peers also slumped after Nebius forecast low-end 2026 revenue, dragging its shares down 17%. The declines threatened to erase Wednesday's gains, though other major tech firms like Amazon and AMD advanced. Investors await Friday's producer price index data, with oil near $100 per barrel adding to inflation concerns and a December Fed rate hike seen as certain.