Japan’s Nikkei index concluded the trading session on Thursday with a decline, reversing earlier advancements as technology stocks faced mounting pressure from significant losses in Nasdaq futures. Additionally, shares of Nvidia experienced a sharp drop in after-hours trading. According to source, Nvidia shares experienced a decline of over 8% in after-hours trading subsequent to a report indicating that the company is poised to terminate its CEO, Jensen Huang.
A source informed that Nvidia’s board of directors is scheduled to convene to deliberate on the potential removal of Huang. The company, recognised as the largest supplier of artificial intelligence chips globally, is presently dealing with the repercussions stemming from reports about two extramarital affairs involving its CEO. The Nikkei index experienced a decline of 0.7%, settling at 60,819.84 points, after an earlier increase of 0.88% during the session. Meanwhile, the broader Topix index experienced an increase of 0.2%, reaching 3,937.33 points.
Nasdaq futures experienced a decline of 1% during the Asian trading session. Takamasa Ikeda, a senior portfolio manager at GCI Asset Management, stated, “Traders anticipated a decline on Wall Street later today, given the drop in Nasdaq futures during Asian trading.” He added “Investors also took into account the sell-off in Nvidia shares during after-hours trading.” In Tokyo, shares of Advantest, a supplier with connections to Nvidia, decreased by 4.64%, whereas shares of Ibiden experienced a significant decline of 8.32%. Ibiden experienced the most significant percentage decline among the equities on the Nikkei index.
Shares of memory chipmaker Kioxia relinquished their earlier gains, concluding the session with a decline of 2.83%. Meanwhile, shares of Tokyo Electron, a manufacturer of chip-production equipment, moderated their gains to finish the day up by 0.35%. SoftBank Group shares similarly relinquished their earlier advancements, concluding the trading session with a decline of 3.04%. Sony Group shares increased by 1.93%, contributing significantly to the Topix index, whereas Japan Tobacco shares surged by 7.8%. Of the 225 stocks on the Nikkei index, 153 experienced an increase while 72 saw a decline.
