Markets faced fresh uncertainty on Thursday as Nvidia’s leadership change rattled technology stocks, while Nebius shares tumbled despite strong quarterly revenue growth.
Oil prices recovered as tensions around the Strait of Hormuz and fading hopes of a US-Iran agreement raised supply concerns.
Gold extended its decline to a more than one-year low as rising energy prices and expectations of higher interest rates weighed on demand for the precious metal.
Jensen Huang resigns as Nvidia chief, agrees to testify before Congress
Nvidia CEO Jensen Huang has resigned as the company’s president, chief executive and a member of its board, following reports about his alleged romantic relationships with two women, including a Chinese businesswoman reportedly suspected by US intelligence agencies of having links to China’s Ministry of State Security.
The company appointed its current Chief Financial Officer Colette Kress as interim CEO.
Kress will retain her CFO responsibilities until a permanent successor is appointed.
Nvidia’s board has begun searching for a replacement, considering both internal and external candidates.
Harvey C. Jones has also been appointed as the company’s first-ever board chairman.
The leadership change followed reports that Huang had been romantically involved with Alice Huang, an executive at Singapore-based data centre company Megaspeed.
The New York Times reported that US intelligence agencies had identified her as having been recruited by China’s Ministry of State Security.
The Information reported that the relationship helped facilitate at least $7.5 billion in Nvidia chip shipments to Chinese companies.
Huang has also agreed to testify before Congress ahead of the Thanksgiving holiday.
House Foreign Affairs Committee Chairman Brian Mast confirmed the development, saying the date was still being negotiated.
The testimony is expected to take place over video and be transcribed.
Nvidia shares were down 5.64% at the time of writing.
Nebius stock falls despite strong third-quarter revenue
Nebius shares dropped around 17% in trading on Thursday, despite the AI-focused cloud provider reporting third-quarter revenue above analyst expectations.
Revenue surged 571% year over year to $980.8 million, exceeding estimates of approximately $907.5 million.
Adjusted EBITDA reached $465.8 million, while the net loss from continuing operations narrowed to $37.5 million, or 13 cents per share.
However, investors focused on the company’s outlook and rising infrastructure costs.
Nebius expects 2026 revenue to reach the lower end of its previously stated $3 billion to $3.4 billion range.
It also raised its 2026 capital expenditure forecast to approximately $27 billion, from an earlier range of $20 billion to $25 billion.
For 2027, the company expects capital expenditure of $40 billion to $45 billion.
It aims to break even on a pre-tax basis by the end of 2027.
The decline followed a rally of more than 15% in the previous session, when stronger results from CoreWeave had lifted sentiment across the neocloud sector.
Oil prices rise as Strait of Hormuz tensions persist
Oil prices advanced on Thursday as disruptions to shipping through the Strait of Hormuz and geopolitical tensions offset pressure from rising crude production.
Brent crude futures rose 3.5% to $96.04 a barrel, while US West Texas Intermediate gained 2.88% to $89.
President Donald Trump’s comments that the US no longer needed an agreement with Iran revived concerns about the prospects for a diplomatic resolution.
Iran’s military also said four oil tankers were hit by explosions in the Strait of Hormuz.
Meanwhile, Ukraine continued attacks on Russian energy infrastructure, including the Ust-Luga port area.
Higher OPEC+ production and rising US crude inventories provided some counterweight to supply concerns.
Gold falls to a more than one-year low
Gold prices dropped for a third consecutive session, with spot bullion falling 2.55% to $3,885.68 an ounce. Prices touched their lowest level since October 2025 during the session.
US gold futures for December delivery settled 2.81% lower at $3,887.80.
Rising oil prices have fuelled inflation concerns and strengthened expectations that the Federal Reserve could keep interest rates higher for longer.
Traders see an 87% probability of a 25-basis-point rate hike in December.
A stronger US dollar, which reached a near 19-month high, and hawkish comments from Fed officials also weighed on bullion.
Silver fell 3% to $50.12 an ounce, while platinum declined 1.2% to $1,518.49. Palladium dropped 3.1% to $995.91.
AI disclosure: AI tools assisted with research and drafting of this piece. An Invezz editor reviewed the facts, sources and wording before publication. Any opinions or analysis are Invezz’s, not those of an automated system.
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