US equity futures retreated on Thursday, dragged lower by a sharp selloff in Nvidia as its board reportedly considered removing CEO and co‑founder Jensen Huang. S&P 500 futures slipped 0.5%, Nasdaq 100 contracts fell 1%, while Dow futures were little changed.
Nvidia dropped 8% in premarket trading after reports indicated the chipmaker’s board was leaning toward ousting Huang. The stock has lost more than 20% so far this month, as Huang’s ties to a Megaspeed executive under investigation as a Chinese spy, combined with worries about a slower data center buildout following the Democratic Party’s victory in the US midterm elections, weighed on sentiment. AMD and Intel reversed earlier gains to trade 3% lower.
Elsewhere in the chip and cloud ecosystem, Nebius slumped nearly 10% after releasing its earnings, erasing the prior session’s advance that followed CoreWeave’s stronger‑than‑expected results. Still, other sectors provided some relief, staging a modest rebound after Tuesday’s hot CPI print reinforced expectations for multiple Federal Reserve rate increases in the current tightening cycle.