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Nvidia Sinks 8.6% Late on CEO Report; Taiwan Falls 2.6%

AI Trade — Taiwan Falls 2.6%, Nasdaq Futures 0.9% as Nvidia Sinks 8.6% on a CEO Ouster Report

The Wall Street Journal reported that Nvidia's board is preparing to remove chief executive Jensen Huang; the board met late on Wednesday and no decision has been announced. AMD and Broadcom rose after hours. Wall Street had closed higher: the S&P 500 gained 1.3% and is back above its level from before last week's sell-off, the chip index rose 5.7%. Bonds trade again today; Cisco reports tonight.

In this edition

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The Morning 10 Thu, Nov 12, 2026 ~90 seconds 08:55 CET

The ten points

Asia's chip markets gave back part of Wednesday's rally, and US futures point lower, after a report that Nvidia's board is preparing to remove its chief executive. Taiwan's TAIEX fell 2.6%, Japan's Nikkei 0.7% and Korea's Kospi 0.6%; all three had opened flat or higher and were sold through the session. Nasdaq 100 futures are down 0.9% and S&P 500 futures 0.4%.

The report came after the US close. The Wall Street Journal wrote that Nvidia's board is preparing to remove Jensen Huang, and Reuters reported that the board met late on Wednesday to decide. Nvidia fell 8.6% in after-hours trading to 158.78, under its lowest price of the past 52 weeks. As of 07:50 UTC no decision has been announced.

The night's trading did not treat all chip stocks alike. AMD rose 4.3% after hours and Broadcom 2.4%. Companies that supply Nvidia or buy from it fell: TSMC's US shares lost 2.0%, Micron 2.8% and CoreWeave 6.4%.

Before the report, Wednesday had been the strongest day of the rebound. The S&P 500 gained 1.3% and closed above its level of 30 October, the last close before the sell-off; the chip index SOX rose 5.7%. Today the US bond market reopens after Veterans Day, jobless claims are due at 13:30 UTC, and Cisco reports after the close.

  1. AI Trade in Asia — Taiwan −2.6%, Nikkei −0.7%, Kospi −0.6%, all sold from a higher open
  2. Asia's AI Bellwethers — TSMC −2.3% and back under its October close, Advantest −4.6%
  3. Europe — record close on Wednesday; Siemens reports orders up 58%, chip stocks face the Nvidia news
  4. Wall Street on Wednesday — S&P 500 +1.3% and above its pre-sell-off close, chip index +5.7%
  5. Nvidia — down 8.6% after hours to 158.78 on a report the board may remove its CEO
  6. Chips After Hours — AMD +4.3% and Broadcom +2.4%; Nvidia's suppliers and customers fell
  7. Rates — bonds trade again after the holiday; the 10-year yield stood at 4.98% on Tuesday
  8. Dollar, Gold, Oil, Bitcoin — dollar at a 52-week high, gold back under $4,000
  9. AI Indices — Rubin 100 rose 4.9% on Wednesday and has 82% of last week's loss back
  10. Today — jobless claims, Nebius before the open, Cisco and Applied Materials after the close

  1. AI Trade in Asia — Taiwan −2.6%, Nikkei −0.7%, Kospi −0.6%, all sold from a higher open

    Structure
    What
    Taiwan's TAIEX fell 2.63% to 43,091.87. It was up 0.6% at its high, fell as much as 3.0% and closed just above the low. Korea's Kospi opened 0.2% higher, rose as much as 1.6%, fell as much as 1.5% and closed down 0.61% at 5,342.73. Japan's Nikkei was up 0.9% at its high and closed down 0.70% at 60,819.36. Elsewhere the moves were smaller: Shanghai lost 0.7%, Hong Kong's Hang Seng is down 1.3% and India's Nifty is flat.
    If
    Nvidia's board makes a statement before the US open and US chip stocks recover in pre-market trading. Asia would then have sold a headline that New York does not follow.
    Why
    Asia trades the AI hardware names before New York opens. The report on Nvidia was out before these markets opened, and they still started higher on Wall Street's gains. The selling came during the session and was largest in Taiwan, where Nvidia's suppliers carry the most weight in the index.
    Then
    Of the loss of the week to 6 November Taiwan now has 62% back (83% on Wednesday), Japan 58% (65%) and Korea 42% (47%). Taiwan is 4.7% under its close of 30 October, Japan 3.9% and Korea 6.8%.

  2. Asia's AI Bellwethers — TSMC −2.3% and back under its October close, Advantest −4.6%

    Structure
    What
    TSMC fell 2.30% to NT$2,340 and is again under its close of 30 October (NT$2,370), a level it had regained on Wednesday. MediaTek lost 3.51%. In Tokyo Advantest fell 4.63% to ¥29,985, Kioxia 2.83% and Lasertec 2.20%; SoftBank was up 4.6% at its high and closed down 3.04% at ¥3,738. SK Hynix closed down 1.80% at 1,254,000 won after a range of +2.6% to −2.5%. Two names held gains: Samsung Electronics rose 0.97% to 208,000 won and Tokyo Electron 0.35%. Hon Hai lost 0.83%.
    If
    The split inside the group widens. Samsung and Tokyo Electron rose on a day TSMC and Advantest fell; that would say investors are sorting chip stocks by how closely they are tied to Nvidia.
    Why
    The names that fell most are the ones nearest to Nvidia's products: TSMC makes its chips, Advantest's equipment tests them. Memory and equipment makers with a wider customer base lost less or rose.
    Then
    TSMC is 1.3% under its close of 30 October, SK Hynix 11.6% and Samsung 7.6%. Advantest is 14.0% under it and SoftBank 16.6%.
  3. Token Split Pulse Chinese versus US model usage, measured in tokens — the demand side of the AI race, daily. See the split →

  4. Europe — record close on Wednesday; Siemens reports orders up 58%, chip stocks face the Nvidia news

    Structure
    What
    The Stoxx 600 closed at a record on Wednesday, up 0.7%; the Euro Stoxx 50 rose 1.0% and the DAX 1.2% to 26,662.77. Siemens Energy gained 10.8% to €132.76 after its results; it now targets a profit margin of 20% to 22% by 2030 (company). The chip names rose with Wall Street: ASM International 7.0%, Infineon 6.3%, BESI 5.9%, STMicroelectronics 5.2% and ASML 3.1%. The power and cable names followed: Prysmian +4.3%, Nexans +4.2%, Schneider Electric +3.0% and ABB +2.5%. This morning Siemens reported fourth-quarter orders of €34.8 billion, up 58% from a year earlier, and raised its medium-term growth target (company figures as reported by Investing.com and GuruFocus). Before the open the DAX was indicated at about 26,830, above Wednesday's close (Investing.com, 07:37 UTC).
    If
    Europe's chip stocks open lower with Taiwan while the DAX rises on Siemens. That would show the Nvidia news as a chip story, not a market story.
    Why
    Europe closed before the Nvidia report, so its chip stocks have all of Wednesday's gain to defend. ASML closed 0.6% under its level of 30 October and Infineon 3.1% above it.
    Then
    European cash markets open at 08:00 UTC.

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Today in line 11: what the night's trading says about Nvidia and the rest of the AI trade, what it does not say, the price levels we watch, and where Thomas's two chart readings stand.

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