Nvidia Falls 8% After Hours on Report Board May Oust Huang

Nvidia shares sank about 8% in after-hours trading on Wednesday after the Wall Street Journal reported the chipmaker's board was preparing to oust CEO Jensen Huang. The drop wiped out most of the stock's 2.9% gain from Wednesday's regular session.

The report landed after the close and hit index futures immediately. Nasdaq-100 futures fell nearly 1% on Wednesday evening, while S&P 500 futures slipped 0.3%. Dow futures moved the other way, rising slightly.

What is the market reaction telling us?

Nasdaq-100 futures fell nearly 1% on the news, according to MarketWatch's Market Extra column. S&P 500 futures dropped 0.3%, while Dow futures rose slightly — a split that shows the damage concentrated in tech-heavy indexes.

The Dow's resilience matters. It signals investors are rotating away from Nvidia-exposed corners of the market rather than selling everything, at least in early after-hours trading.

Who gains when Nvidia stumbles?

Not every chip stock fell. Shares of Advanced Micro Devices rose about 4% after hours, and Broadcom climbed roughly 3%.

Those gains cushioned the Nasdaq-100, limiting the index futures decline to under 1% despite Nvidia's 8% slide. Traders appear to be betting that a leadership crisis at Nvidia could open ground for its two closest rivals in AI accelerators and networking silicon.

The divergence cuts both ways. If the report proves wrong or overstated, AMD and Broadcom's after-hours pop could reverse as quickly as it formed.

Why would the board move against Huang?

The Wall Street Journal report says Nvidia's board was preparing to oust Huang, according to MarketWatch's account of the story. The report offered no detail on the reasons, timing, or whether a decision is final.

That absence of detail is the story's soft spot. An 8% after-hours move rests entirely on a single report, and after-hours volumes are thinner than regular-session trading, which tends to exaggerate price swings.

What happens next?

The regular session on Thursday will set the real test. Futures prices after hours hint at direction, but opening prints depend on whether Nvidia or the company's board responds publicly to the report before the bell.

For context on scale: Nvidia's roughly 8% after-hours drop is the kind of move that historically takes a large-cap stock months to build back, and it comes on top of a 2.9% regular-session gain that the decline largely erases.

Investors should watch three things: any confirmation or denial from Nvidia, whether AMD and Broadcom hold their gains at Thursday's open, and whether Nasdaq-100 futures stabilize or extend losses overnight. None of those outcomes is settled yet.

The report, in short, has moved real money on unconfirmed information — and the market's verdict on its accuracy arrives when U.S. exchanges open.