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Nvidia perpetual futures on Hyperliquid plunged as much as 10% after reports that the chipmaker's board was considering CEO Jensen Huang's future. The NVDA-USDC contracts touched roughly $156.14 before recovering to $158.86 at 7:50 p.m. ET Wednesday, down 6.8% over 24 hours. Tokenized Nvidia stock NVDAx fell as much as 9%, while Nasdaq-listed Nvidia shares dropped 8% in after-hours trading.
Why it matters
The Wall Street Journal reported, citing people familiar with the matter, that Nvidia's board could meet as soon as Wednesday to discuss Huang's future. The New York Times reported that Huang had an extramarital relationship with Nvidia health care vice president Kimberly Powell. It also reported that Huang was under investigation over an affair with Alice Huang, a Chinese businesswoman suspected of being a Chinese spy.
An earlier Times report cited a memo circulated among senior U.S. policymakers that alleged Alice Huang was recruited by China's Ministry of State Security to gather intelligence on the Nvidia CEO. Nvidia's code of conduct says employees should avoid personal relationships that could create conflicts of interest.
Market impact
NVDAx, issued by xStocks, rebounded to $159.51 after its decline. On Kalshi, the implied chance of Huang stepping down before Nov. 13, 2026, rose to 64% from about 37% a few hours earlier. Polymarket showed a 67% chance of his departure by Nov. 12 and 71% by Nov. 13.
The sell-off extended beyond Nvidia: S&P 500 futures fell 0.4% and Nasdaq 100 futures dropped 0.8% Wednesday evening.
Frequently asked questions
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Where did Nvidia perpetual futures trade after the initial drop?
The NVDA-USDC contracts on Hyperliquid touched roughly $156.14 before recovering to $158.86 at 7:50 p.m. ET Wednesday. They were down 6.8% over the preceding 24 hours.
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What did reports say Nvidia's board was considering?
The Wall Street Journal reported that Nvidia's board could meet as soon as Wednesday to discuss CEO Jensen Huang's future.
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How did tokenized Nvidia stock and its Nasdaq shares react?
NVDAx fell as much as 9% before rebounding to $159.51. Nvidia's Nasdaq-listed shares fell 8% in after-hours trading.
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How did prediction markets price the chance of Huang's departure?
Kalshi's implied chance of Huang stepping down before Nov. 13, 2026, rose to 64% from about 37% a few hours earlier. Polymarket showed a 71% chance of his departure by Nov. 13.
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How did U.S. stock futures respond to the Nvidia turmoil?
S&P 500 futures fell 0.4%, while Nasdaq 100 futures dropped 0.8% Wednesday evening.
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