Nasdaq 100 Forecast: Nvidia CEO Huang is Out – What’s Next for NDX?
While the issue is as idiosyncratic as it gets, Nvidia’s turmoil may nonetheless have broader market implications for the Nasdaq 100 and AI trade as a whole.
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NASDAQ 100, NVDA KEY TAKEAWAYS:
- Jensen Huang has resigned as NVIDIA’s CEO, president and board member, effective immediately, ending his 33-year leadership of the company
- Nvidia’s turmoil may nonetheless have broader market implications, especially for the Nasdaq 100 and AI trade as a whole.
- For the Nasdaq 100, the 200-day moving average at 28,000 is the key level to watch for the rest of the week.
Nvidia’s CEO Jenson Huang Resigns
Well, that escalated quickly.
After a series of scandals over the last week, including concerns relationships with subordinates and a potential spy for China, Jensen Huang has resigned as NVIDIA’s CEO, president and board member, effective immediately, ending his 33-year leadership of the company.
CFO Colette Kress will serve as interim CEO while the board searches for a permanent successor, and Harvey C. Jones has become the board’s first chair. NVIDIA says its operations, customer commitments and product roadmap will continue without interruption. Third-quarter fiscal 2027 results remain scheduled for November 17.
While the issue is as idiosyncratic as it gets, Nvidia’s turmoil may nonetheless have broader market implications. The company still produces the “best in market” chips that power the AI buildout, and that’s unlikely to change in the near term, but looking out toward 2028 and beyond, investors will start to question whether the company can continue to innovate and execute at the highest level. NVDA shares are accordingly falling by more than -10% at the open to trade at levels last seen in June 2025.
Nasdaq 100 Technical Analysis – NDX Daily Chart
Source: TradingView, StoneX
Given its (falling) 7.5% weight in the Nasdaq 100 and close relationship with other AI labs and chipmakers, NVDA’s troubles are weighing on the broader tech focused index.
From a technical perspective, the Nasdaq 100 is holding up relatively well, as traders price in potential upside for NVDA’s rivals, including AMD, Broadcom, and Intel, with NDX opening down a little more than -1%.
Moving forward, the 200-day moving average at 28,000 is the key level to watch for the rest of the week. A close below that level would hint at a retest of previous support near 27,000 or 26,250, whereas a recovery above it would leave the door open for a near-term rally toward previous-support-turned-resistance at 28,875.
-- Written by Matt Weller, Global Head of Research
Check out Matt’s Daily Market Update videos on YouTube and be sure to follow Matt on Twitter: @MWellerFX
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