Nvidia’s board is preparing to meet as soon as today to determine Jensen Huang’s future as the chipmaker’s chief executive, WSJ reported.
- The S&P 500 ended Wednesday 1.3% higher, the Nasdaq 100 added 2.3%, and the Dow Jones Industrial Average rose 0.5%.
- CoreWeave Inc. jumped 25% on an upbeat outlook.
- Congress is prepared to subpoena Nvidia Corp. Chief Executive Officer Jensen Huang, according to Fox Business.
U.S. stock indices ended higher on Wednesday, as an upbeat outlook from CoreWeave aided overall AI sentiment; however, stock futures dipped after-hours amid reports that Nvidia’s board was meeting to discuss Jensen Huang’s ousting as CEO.
Nvidia Corp.(NVDA) share price dropped 5% after-hours as the chipmaker’s board reportedly prepares to remove Chief Executive Officer Jensen Huang following internal and federal scrutiny over extramarital affairs, including one with an executive reporting to him and another with an alleged Chinese intelligence asset.
Nasdaq-100 futures lost 1%, while S&P 500 futures fell 0.4%. Dow Jones Industrial Average futures were little changed after-hours at the time of writing.
The S&P 500 ended Wednesday 1.3% higher, the Nasdaq 100 added 2.3%, and the Dow Jones Industrial Average rose 0.5%. The Russell 2000, which tracks small-cap stocks, ended 0.9% higher.
The SPDR S&P 500 ETF (SPY) rose 1.3%, and the SPDR Dow Jones Industrial Average ETF (DIA) gained 0.5%. Meanwhile, the Nasdaq-100 tracking Invesco QQQ Trust (QQQ) ended 2.3% higher on Wednesday.
Meanwhile, the VanEck Semiconductor ETF (SMH) and the iShares Semiconductor ETF jumped between 5% and 6% each on Wednesday after CoreWeave (CRWV) raised its 2026 revenue guidance to $13 billion to $13.3 billion and adjusted operating income guidance to $1.27 billion to $1.37 billion. The broader Vanguard Information Technology ETF (VGT) rose 3%.
However, most tech and AI related ETFs were trading lower after hours following the news of the possible ousting of Huang.
Retail sentiment on Stocktwits for SPY, QQQ, and DIA was ‘bearish.’
US Market Drivers
| Index | Move | Close |
| Dow Jones Industrial Average | 0.5% | 52,486.49 |
| S&P 500 | 1.3% | 7,619.38 |
| Nasdaq 100 | 2.3% | 28,374.25 |
Traders are assessing whether the AI-led market surge will retain momentum amid ongoing softness in Nvidia Corp., though an upbeat quarterly report and boosted revenue guidance from CoreWeave Inc. bolstered long-term optimism heading into Thursday’s trading.
“We continue to favor US large-cap stocks, which we believe offer attractive exposure to the AI theme and trade at a discount to their 10-year average forward price-to-earnings multiple,” Brock Weimer at Edward Jones told Bloomberg. His firm also favors mid-cap shares, which would benefit from economic strength.
Moreover, increasing takes from Federal Reserve officials about the need for higher rates following inflation data this week which showed heightened price pressures have pushed traders to factor in a near 100% probability of an interest rate hike in December.
"It's another distressing report—borderline disturbing," Goolsbee said during an interview with PBS NewsHour on Tuesday relating to the latest CPI print. He emphasized that escalating inflation demands action, noting that lingering drivers such as service-sector costs and tariffs have not moderated as anticipated.
Key Trending Stocks
Shares of Capricor Therapeutics (CAPR) jumped after the company’s third-quarter earnings call, where management reiterated confidence in its Deramiocel trial data, boosting investor optimism ahead of an FDA decision on approval.
SanDisk (SNDK) share price soared after Evercore ISI reinforced a bullish view on the NAND flash sector, while CoreWeave's positive outlook helped support the broader AI sector.
Tesla CEO Elon Musk said Wednesday that Cybertruck production will continue through the end of summer 2027, later than the June-July wind-down he previously outlined, to fulfill more existing orders.
Senior House Republicans reportedly warned Wednesday that Congress is ready to issue subpoenas compelling Nvidia Corp.(NVDA) Chief Executive Officer Jensen Huang to testify regarding his involvement with a woman suspected of acting as a Chinese spy.
Famed investor Michael Burry said on Wednesday that he bought back into apparel maker Lululemon Athletica (LULU) after shares fell into the $106 range, framing the move as a bet on temporary neglect rather than permanent damage.
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