Nvidia's Board Reportedly Weighed Removing Its CEO, And Futures Followed

Nvidia's board reportedly met Wednesday to discuss removing the chief executive who co-founded the company, and the stock fell sharply after the close. Stock futures, the contracts traders use to bet on where an index will open, followed it down on Thursday morning along with Asian markets, a day after chip stocks had rallied. Underneath all of it is a dollar that closed Wednesday at a 19-month high, because the question about the Federal Reserve has moved from whether it cuts to whether it raises again.

Fast Facts

• CoreWeave is increasingly asking customers to pay up front and looking at shorter contracts to fund its growth (Read More)
• Super Micro fell more than 4% and CoreWeave more than 5% in extended trading Wednesday, with Intel and Dell each down about 3% (Read More)
• Chip stocks rallied on Wednesday after CoreWeave's results eased worries about how the AI buildout gets paid for (Read More)
• The largest corporate holder of bitcoin, Strategy, is being dropped from MSCI's global indexes after the index provider ruled that companies without substantial operating assets now count as nonoperating (Read More)
• $64.4 billion is the most Anthropic now aims to raise in its stock market debut, at the $70 to $78 price range it set this week (Read More)
• Senators Elizabeth Warren and Chris Coons asked that documents on the administration's Nvidia and China dealings be preserved, often an initial step before a formal congressional investigation (Read More)

Global News

• Producer price inflation in Japan, which tracks what factories charge before goods reach shops, ran above expectations in October (Read More)
• Italy's industrial output climbed 1.2% in September (Read More)
• Rolls-Royce set out a $2 billion buyback running to February, part of a wider program of up to about $12 billion between this year and 2028 (Read More)
• After months of force majeure, Poland's Orlen cancelled its long-term liquefied natural gas contract with QatarEnergy, the first known cancellation with the exporter since the Iran war began (Read More)

Reports That Nvidia's Board May Remove Jensen Huang Pulled The Whole AI Group Lower

After Wednesday's close, the Wall Street Journal reported that Nvidia's board is preparing to remove co-founder and chief executive Jensen Huang, and Forbes reported that the board "met on Wednesday to discuss removing" him. Both reports follow the internal investigation into his conduct. Monday's and Tuesday's briefings covered that investigation when the board opened it, and the stock closed down 4.27% on Monday. Wednesday night moved the story from the inquiry itself to who runs the company.

In after-hours trading on Wednesday, Nvidia shares fell by roughly 8% to 10%, by MarketWatch's and Bloomberg's measures, and Bloomberg said the drop reached as much as 10% at its deepest; after-hours prices can swing sharply and may not hold when regular trading opens Thursday. Bloomberg said that if the after-hours loss held, Nvidia's market value would fall below $4 trillion when regular trading resumed. Other AI-linked stocks fell with it in extended trading. Early Thursday, the Journal had Nasdaq futures down 1% and Asian indexes declining. Those are pre-open snapshots, not closing prices.

Why does a question about one executive move prices across a whole group of companies? A share price is a claim on profits that have not arrived yet. Anything that changes how confident buyers are about who will steer the company toward those profits changes what they will pay for that claim today. That is key-person concentration. When one company sits at the center of a trade and one person is identified with that company's direction, news about that person reprices the whole group, not just the single stock.

These are reports of what a board is weighing, not an announcement from the company, and a board that meets to discuss a decision has not necessarily made one. The drop also happened after hours, when far fewer shares change hands and prices move more easily, so Thursday's regular session is the first real test of it. Not everything fell: some Chinese chip stocks rose on bets that domestic suppliers could gain share at Nvidia's expense.

Sources: MarketWatch · Economic Times · WSJ · Forbes · Rapunzl on the board's investigation into its chief executive · Rapunzl on Nvidia falling while the rest of the market rallied

The Dollar Hit A 19-Month High As Traders Bet On More Fed Increases

The dollar climbed to a 19-month high against a basket of currencies on Wednesday, the Wall Street Journal reported, as traders bet on more Federal Reserve rate increases. The euro fell to an 18-month low against it, and the yen weakened to its lowest in more than a month. The WSJ Dollar Index closed Wednesday at 97.97, up 0.44%, its second straight rising day. The bet rests on something we covered yesterday: October's inflation report ran above forecast for a third straight month.

When traders expect the Fed to raise rates, money held in dollars earns more, so buyers bid the dollar up against currencies whose central banks are not expected to follow. The Fed's target range for the federal funds rate, what banks charge each other for overnight loans, is 3.75% to 4.00%. The Fed raised that range a quarter point on September 16 and then held it on October 28, in a 10-2 vote where both dissenters wanted an increase. At Tuesday's close on November 10, the 10-year Treasury note stood at 4.98% and the 2-year at 4.73%, up 10 and 17 basis points from Monday, each basis point a hundredth of a percentage point. Those November 10 figures are the most recent the Treasury has published, because Veterans Day fell on Wednesday. Yields rose again in Asian trade early Thursday.

A stronger dollar makes imported goods and foreign travel cheaper for Americans and American exports pricier for buyers abroad, so the family booking a flight and the factory selling tractors in Europe feel one move from two sides. The same expectations run through borrowing costs: the 30-year Treasury bond, the long-term government debt that mortgage rates tend to track, closed at 5.35% on November 10, up 9 basis points. No one can read a mortgage rate off one session.

Sources: WSJ on the dollar's 19-month high · WSJ on Treasury yields · U.S. Treasury · Rapunzl on October's inflation report

The U.K. Economy Grew 0.7% Last Quarter, Its Strongest Since Early 2024

The United Kingdom's gross domestic product, the total value of everything an economy produces, grew 0.7% in the third quarter of 2026. That is the strongest quarterly expansion since the first quarter of 2024, and it matched what forecasters expected, according to Investing.com. The growth was not broad. Business services carried the quarter and offset a slump in construction. The Wall Street Journal credited part of the resilience to investment in artificial intelligence.

That matters on a day when the AI trade looks shaky in the United States. AI investment is money spent on real things, data centers, software and the people who install it, and that spending lands in a national statistic the quarter it happens, whether or not the returns arrive. So the U.K. print shows the building, not the payoff. It is also one quarter, in an economy where the Bank of England raised Bank Rate, its main interest rate, to 4% last week. The Journal noted European stock indexes opened higher Thursday as investors rotated away from AI shares. One good quarter is not a verdict.

Sources: WSJ · Investing.com · Rapunzl on the Bank of England's rate increase

What To Watch

Today and tomorrow:

• Fed Governor Michael Barr is expected to speak on artificial intelligence and inequality today at 10:00 a.m. ET, in a virtual appearance.
• Michelle Bowman, the Fed's vice chair for supervision, is scheduled to join a discussion at the Connecticut Bankers Association meeting on Friday at 10:50 a.m. ET.
• Vice Chair Philip Jefferson is due to speak on productivity on Friday evening at 7:00 p.m. ET. Any of the three could say something about December.

Later this month and next:

• Bloomberg reported that Nvidia is scheduled to report quarterly results on Tuesday, November 17.
• Minutes of the October 27-28 Federal Open Market Committee meeting are expected on Wednesday, November 18 at 2:00 p.m. ET. They are the record of the meeting that held rates steady over two dissents.
• The Bureau of Economic Analysis is scheduled to release gross domestic product, personal income and outlays, and corporate profits on Wednesday, November 25.
• The Federal Open Market Committee is expected to meet December 8-9.

Whether Nvidia's board announces a decision about its chief executive is the open question of the week, and no date is attached to it. This week's earnings calendar could not be retrieved from its usual source, so no other company reporting dates are listed today.

The Classroom Takeaway

A share price moved overnight on news about one person rather than on anything the company makes or sells, which is the part of markets that is hardest to believe until you watch it happen to a position you hold. Our stock market simulator lets a class hold a position through a week like this one and see for themselves what news does to a price.