Live news: AI stocks slide with Nasdaq 100 futures in retreat following Wednesday's rally
The Nasdaq 100 is set to surrender some of Wednesday's gains, with futures down almost 1% ahead of Thursday's open, as Nvidia leads the reversal with a 7% premarket drop.
The kangaroo market continues its volatile pattern. After closing almost 3% higher on Wednesday, the Nasdaq 100 is set to surrender some of those gains, with futures down almost 1% ahead of Thursday's open.
Nvidia is leading the reversal, falling around 7% in premarket trading as uncertainty grows over co-founder and CEO Jensen Huang's future. The board held talks on Wednesday following reports of a relationship with a senior company executive.
AI infrastructure stocks tumble
The selloff is spreading across AI infrastructure stocks. IREN is down 5%, Cipher Digital has fallen 6%, and CoreWeave is off 7%, giving back part of Wednesday's 25% surge. The declines reflect growing investor concerns about the sector's stability.
Strategy removed from MSCI indexes
Crypto markets face a separate headwind. MSCI has confirmed that Strategy, the largest corporate bitcoin holder, will be removed from its widely tracked global equity indexes after the close on Nov. 30. The decision creates potential selling pressure from funds tracking those benchmarks.
Gold also under pressure
Strategy shares are down around 4% in premarket trading, while bitcoin has retreated to roughly $73,500. Gold is also under pressure, falling more than 1.5% over the past 24 hours to trade firmly below $4,000 an ounce, indicating broader market uncertainty.
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