# Nvidia sinks about 7% premarket as its board weighs Jensen Huang's future Canonical URL: https://mrkts.gg/desk/morning-2026-11-12 Last updated: Nov 12, 2026, 6:20 AM ET Morning brief · Published Nov 12, 2026, 6:20 AM ET > Nvidia is down about 6.8% premarket after wires reported its board is meeting to decide whether to keep CEO Jensen Huang, and that one stock is pulling the Nasdaq proxy down about 0.8% while the Dow proxy holds flat. Jobless claims land at 8:30 AM ET, and Cisco and Applied Materials report after the close. ## In short - One stock is setting the tone: the Nasdaq proxy is down about 0.8% and the chip ETF about 2.4%, while the Dow proxy and small caps are flat. - Nvidia is down about 6.8% as its board weighs replacing its CEO, and CoreWeave has given back about 6% of Wednesday's surge. - Weekly jobless claims come at 8:30 AM ET and existing home sales at 10:00 AM ET, with Cisco and Applied Materials reporting after the close. ## Key numbers - SPY PRE: −0.39% (6:15 AM ET vs Wed close) - QQQ PRE: −0.77% (6:18 AM ET · Nvidia drags) - NVDA PRE: −6.83% (6:19 AM ET · CEO's future) - SMH PRE: −2.36% (6:18 AM ET · chips slip) - CRWV PRE: −6.20% (6:18 AM ET · after +24.9% Wed) - VXX PRE: +1.97% (6:18 AM ET · vol firms) - DIA PRE: +0.05% (6:18 AM ET · Dow flat) - JOBLESS CLAIMS: 8:30 AM (No forecast listed) Thursday, November 12 opens with one question: does Nvidia keep its CEO? Wires report its board is meeting on Jensen Huang's future after reports of affairs, one with a woman reportedly suspected of spying for China. No decision has been announced. ## Setup into the open Wednesday closed Choppy, with the Nasdaq proxy up about 2.3% on a chip rally. As of about 6:18 AM ET, the S&P proxy is −0.39%, the Nasdaq proxy −0.77%, small caps −0.02% and the Dow proxy +0.05%. Nvidia is −6.83% and the chip ETF −2.36%, while AMD is +3.56%. Long Treasuries are +0.10%, the vol proxy +1.97%, crude −0.35%, gold −0.91% and the dollar +0.51%. Bitcoin is near $73,300, about −0.5% since midnight. ## What to watch After Wednesday's close, Corteva is down about 8.9% premarket against a calendar estimate of $0.09 a share and an implied move of about 7.2%, and Franco-Nevada is up about 0.5% against $1.77. CoreWeave is down about 6.2% after Wednesday's jump of about 24.9%. This morning, Brookfield reports with an estimate of $0.72 a share and an implied move of about 4.3%, and Nebius with a −$0.61 loss and about 11.1%. Existing home sales follow at 10:00 AM ET (prior 4.00 million). After the close, Cisco reports with $1.33 and about 7.5%, and Applied Materials with $4.06 and about 6.2%. Producer prices come Friday at 8:30 AM ET. ## What X is saying Posts say some directors have floated the finance chief, Colette Kress, as interim CEO and that Nvidia reports earnings next Tuesday. Others argue there is no obvious successor. Wires report Beijing warned Washington not to use the scandal to justify new chip curbs, and Chinese AI stocks fell overnight. ## Insight This is a single-stock shock big enough to move the index. Nvidia's drop accounts for much of the Nasdaq proxy's slide, while the Dow proxy and small caps barely move, so it isn't a broad selloff yet. AMD rising suggests some traders are rotating within chips rather than leaving them. A board decision, either way, would likely matter more today than jobless claims. ## Desk stance The mood stays Choppy from Wednesday's close: the damage is concentrated in one name. It would slip to Spooked at the 9:45 AM ET refresh if the S&P proxy falls below about −1% with the vol proxy up more than 5%, and steady if the equal-weight S&P holds green. ## Scenarios - If If the board keeps Huang and Nvidia trims its loss…: Chips steady and the S&P proxy drifts back toward flat. - If If no decision comes and Nvidia stays down about 7%…: Big tech lags while the equal-weight S&P and small caps hold up. - If If the board names an interim CEO during the session…: Nvidia swings hard on the headline and drags the AI names with it. - If If the selling spreads beyond chips…: The S&P proxy drops more than 1% and the vol proxy jumps. --- Get the Desk's daily market feature by email: https://mrkts.gg/newsletter?ref=ai&src=desk-morning-2026-11-12 AI-assisted commentary. Not investment advice.