US stocks open in red: NASDAQ 100 dips over 300 pts; Nvidia slips 10% after Jensen Huang resigns

The US benchmark indices opened in red on Thursday after Jensen Huang’s resignation soured investor sentiment around the AI stocks. NASDAQ 100 opened over 200 points lower, led by a sharp pullback in the chip stocks. The S&P 500 and the Dow Jones opened 0.2% lower on Thursday.

Investors turned their focus to NVIDIA after its shares plunged over 14% at the open on Thursday. The board announced that the Founder and CEO, Jensen Huang, had resigned from the position of President and CEO. He was replaced by Colette Kress as the interim CEO. She is currently working as the Executive Vice President and joined the company in September 2013.

Meanwhile, President Trump wants Tim Cook to fill the shoes as Nvidia’s new CEO. President said this via a post on the social media platform Truth Social, saying, “ Now that Nvidia CEO Jensen Huang, who has done a fantastic job, has resigned, there is only one man to take his place- Tim Cook of Apple. A legend replaces a legend.

Owing to pessimism around the AI major stock, the chip stocks also plunged over 5% on Thursday. Among the major stocks, Micron (-5%), Intel Corporation (-4.2%), Marvell Technology, and CoreWeave (-10%) were the key losers during Thursday’s session.

On the flip side, investors rotated their bets away from AI and tech stocks towards consumer, retail, and financial stocks. Shares of McDonald's (+1.2%), Johnson & Johnson (+1.1%), Procter & Gamble Company (+0.8%), and Walmart (+0.5%) were among the major winners in Thursday’s session.

Among the megacap space, Amazon Inc (+1.8%), Apple Inc (+0.6%), and Microsoft (+0.7%) were the key gainers for Thursday’s session. Despite the broader pessimism around the AI tech stocks, investors continued their bargain hunting in the AI hyperscalers at lower levels.

Meanwhile, the jobless claims data further indicated strengthening labour market conditions after the initial jobless claims for the week ending November 2026 jumped to 2,00,000. A resilient job market gives the Federal Reserve enough headroom to increase interest rates.

The CME’s Fedwatch tool now shows a 93.7% probability of a 25 bps rate hike in the coming policy meeting in December, sharply higher than 87.3% the previous day.