US stock futures traded mostly lower on Thursday, November 12, 2026, as reports concerning Nvidia’s leadership and renewed uncertainty over semiconductor exports to China weighed on technology stocks.
At 03:09 ET (08:09 GMT), Nasdaq 100 futures declined 0.9%, or 240 points, while S&P 500 futures fell 0.4%, or 32 points. Dow Jones futures were broadly unchanged.
The declines followed gains on Wall Street on Wednesday, when the Nasdaq Composite advanced 1.6%, supported by renewed interest in artificial intelligence companies, including CoreWeave (NASDAQ:CRWV), Anthropic (NASDAQ:ANT) and OpenAI (NASDAQ:OAI).
Markets also continued to assess higher-than-expected US inflation data, which had increased expectations of a larger Federal Reserve interest rate increase in December.
Nvidia Shares Fall Following Reports Concerning CEO
Nvidia (NASDAQ:NVDA) shares declined more than 6% in extended trading following a Wall Street Journal report that the company’s board was considering the future of Chief Executive Jensen Huang.
The report cited allegations concerning Huang’s personal relationships, including an alleged connection to an individual linked to Chinese intelligence. The allegations and any potential leadership change remained unconfirmed.
Huang, who owns approximately 3.6% of Nvidia, has played a central role in the company’s expansion within the artificial intelligence semiconductor market.
Analysts at Yorkville Ives estimated that Nvidia could lose approximately 25% of its market valuation if Huang departed, although this remained a hypothetical assessment.
Alibaba Declines Amid Semiconductor Export Concerns
Alibaba (NYSE:BABA) shares fell more than 6% in Hong Kong trading amid concerns that developments involving Nvidia could lead to additional US scrutiny of semiconductor exports to China.
Reports linked Alibaba’s access to Nvidia computing equipment through Megaspeed to individuals mentioned in the allegations surrounding Huang. These reported connections had not been independently established.
Other Chinese artificial intelligence companies, including MiniMax and Z.AI, also declined.
According to Bloomberg, Chinese authorities urged Washington not to use the allegations as grounds for additional chip export restrictions.
Investors were also awaiting quarterly results from Alibaba and Tencent, with attention focused on artificial intelligence investment and access to computing infrastructure.
Technology Earnings in Focus
Further technology-sector earnings were expected from Cisco Systems (NASDAQ:CSCO) and Applied Materials (NASDAQ:AMAT) after the US market close.
Nebius Group (NASDAQ:NBIS) was also scheduled to report results before trading began. Its shares had risen more than 15% on Wednesday following updated financial projections from CoreWeave.
Oil Prices Fluctuate Amid Iran Diplomatic Developments
Oil prices traded around unchanged levels as investors assessed reports of possible renewed negotiations between the United States and Iran.
The Wall Street Journal reported that US Vice President JD Vance was considering direct discussions with a senior Iranian security official, although arrangements remained preliminary.
Uncertainty surrounding the Strait of Hormuz and the US naval blockade continued to influence expectations for Middle Eastern oil supplies.
Crude prices had recovered from approximately two-month lows during Wednesday’s session.