Global Stocks Drop as Nvidia Weighs CEO Exit; Dollar Hits Multi-Month High
Asian markets fell sharply after Nvidia shares plunged nearly 9% on reports its board may remove CEO Jensen Huang, while expectations of a U.S. interest rate hike pushed the dollar higher.
Global stock markets tumbled on Thursday after technology shares suffered a major selloff. The drop was sparked by news that chip giant Nvidia's board is considering removing longtime CEO Jensen Huang. Following reports of the board meeting, Nvidia's stock plunged 8.8% in after-hours trading, sending shockwaves through Asian markets.
Because Nvidia is the main supplier of artificial intelligence (AI) processors, its troubles dragged down tech-heavy markets across Asia. Taiwan's main stock index fell 2.6%, South Korea's Kospi dropped 0.9%, and Japan's Nikkei 225 lost 0.9%. The broader MSCI Asia-Pacific index sank 1.2%, while U.S. S&P 500 futures dipped 0.5%.
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