- Nvidia shares fell about 8% to 9% after hours as its board weighed Huang’s role.
- SK Hynix slid while Samsung gave up early gains as traders watched TSMC closely.
- The Hang Seng slid 1%, and the Hang Seng Tech Index fell 1.2% in early trading.
Asian markets opened mixed on Thursday, Nov. 12, after reports that Nvidia’s board is weighing whether to remove chief executive Jensen Huang pushed the stock down about 8% to 9% in after-hours trading. The news unsettled chip supply chains from Seoul to Taipei.
Scoreboard
- Japan: The Topix rose 0.51%, and the Nikkei 225 fell 0.25%.
- South Korea: The Kospi fell $0.38% at the time of writing.
- Taiwan: The Taiex fell 2.31% to 43,235
- Hong Kong: The Hang Seng slid 1% and the Hang Seng Tech Index 1.2%.
- Australia: The ASX 200 lost 0.31%.
- Southeast Asia, latest session: Indonesia’s IDX Composite rose 1.45% to 5,188.97, Thailand’s SET 0.39% to 1,502.11 and Singapore’s STI 0.06% to 5,293.04. Malaysia’s KLCI fell 0.58% to 1,585.95, and the Philippines’ PSEi fell 1.14% to 5,628.27.
The yen hovered near 160 per dollar, the level at which Tokyo intervened this summer. Wholesale prices in Japan rose 7.1% in October from a year earlier, beating the 6.5% forecast. A weak yen made imports roughly 25% more expensive in yen terms. The figures add weight to the case for the Bank of Japan to raise interest rates in December.
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Hong Kong: Tech Weakness and Two Debuts
Futures had signaled the Hong Kong drop, trading at 24,107 against the previous close of 24,315.92. The city also saw two chip-related debuts. Amicro Technology, which makes chips for robots, opened at HK$13.62, 37.6% above its HK$9.90 offer price, and later traded at HK$16.81 after retail investors oversubscribed their shares almost 14 times. Hosin Electronics, a maker of memory products, debuted flat at HK$72.80 against its HK$72.83 offer price.
Nvidia Shock Hits the Chip Chain
A person familiar with the matter said Nvidia’s board was meeting late Wednesday to decide on Huang’s future, as the company deals with allegations that he had an affair with a woman suspected of spying for China. Nvidia’s slide came after a strong US session in which the Nasdaq 100 had gained 2.3%. Nasdaq 100 futures then fell more than 1% and S&P 500 futures lost 0.4% to 0.5%.
AMD and Broadcom rose as traders bet they could win business if Nvidia stumbles, while Super Micro and Dell fell. CoreWeave surged as much as 25% on an upbeat outlook before pulling back.
Oil and India
Brent held near $91.46 a barrel after two straight losses. A senior Iranian official rejected surrendering enriched uranium, a sign that US-Iran talks remain stalled, which matters for oil-importing Asia.
In India, GIFT Nifty pointed to a muted start with a positive bias after several strong sessions, and MSCI added Life Insurance Corporation of India, Coforge, Adani Green Energy and Meesho to its Global Standard Index.
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Related: India’s Nifty 50 Rallies 10% in November as Investors Return — Why Is Bitcoin Lagging Behind?
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