US stock futures slide as Nvidia board weighs CEO's future
US stock futures fell sharply after reports that Nvidia's board is considering removing CEO Jensen Huang, with Nasdaq 100 futures dropping over 1% and S&P 500 contracts losing 0.5% following a 10% late-trading decline in Nvidia shares. The board meeting follows Huang's admission of an affair with a woman US officials reportedly believe is a Chinese spy, as well as a relationship with Nvidia healthcare vice president Kimberly Powell. The crisis threatens to shake confidence in the AI trade, impacting suppliers like Taiwan Semiconductor, Samsung, and SK Hynix, while competitors AMD and Broadcom rose on speculation they might benefit. The turmoil interrupted a strong session for tech shares, with the Nasdaq 100 having jumped 2.3% Wednesday. Investors are also bracing for tighter monetary policy, with the dollar at an 18-month high and traders fully pricing a quarter-point Federal Reserve rate hike next month.