Nvidia scandal weighs on tech stocks as investors await Cerebras and Applied Materials results
Nasdaq-100 futures slipped after fresh reports of affairs involving Nvidia's CEO and talk of a board shake-up. Markets now look to Cerebras and Applied Materials earnings for chip demand clues.
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what happened
According to Stocktwits, reports of a second alleged affair involving Nvidia CEO Jensen Huang, along with speculation that the board could remove him, pressured major AI and tech stocks on Wednesday evening. Nasdaq-100 futures fell 0.8%, while S&P 500 futures dropped 0.4%. The New York Times reported that Huang had an affair with Kimberly Powell, the company's vice president of health care, in addition to his relationship with an alleged Chinese spy, Alice Huang. A board meeting was reportedly under way on Wednesday to decide the company's direction.
In Asia on Thursday, South Korea's Kospi, heavily weighted toward Nvidia suppliers Samsung and SK Hynix, fell 0.35%, and Hong Kong's Hang Seng lost 1.03%. Investors now focus on results from Cerebras and Applied Materials, both due after the close on Thursday. Analysts expect Cerebras third-quarter revenue to rise 28% to $274.9 million, with an adjusted loss of $0.23 per share, according to Koyfin. Applied Materials is forecast to lift fiscal fourth-quarter sales 51% to $10.30 billion and adjusted profit 87% to $4.05 per share.
why it matters
The scandal hits Nvidia, the heaviest weight in the tech benchmark, so pressure spreads to the AI chip sector and, through Asian suppliers, to other markets. Applied Materials, a maker of chip equipment, is a useful gauge of semiconductor demand, and its report could shift sentiment. Cerebras shares remain well below their opening price from the May 14 debut, so reaction to its quarterly figures could be sharp in either direction.
market impact
US tech and Nvidia: the scandal and board shake-up talk pressure stocks and index futures
- Nasdaq-100 pressure down — futures fell on the Nvidia scandal and uncertainty across the tech sector
- Nvidia shares pressure down — reputational damage and risk of a CEO change during a board meeting
tags
instruments
sources
- NVDA Fallout Pressures Tech Trade As Investors Turn To Cerebras, Applied Materials For Chip Demand Cues — Stocktwits, 12 November 2026 at 05:06 UTC
prepared by the newsmetry newsroom with ai assistance from the sources listed below. not investment advice.
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