Nvidia's 9% Slide: Is the Nasdaq 100 in Trouble?

Fresh uncertainty surrounding Nvidia's CEO has put the AI trade back under pressure. With the chipmaker's influence extending across the tech sector, the Nasdaq 100 could face another test.

Nvidia is facing growing uncertainty over Jensen Huang's future. According to media reports, its board has been discussing his position and potential successors. The reports sent Nvidia shares down as much as 9% in after-hours trading.

The implications go beyond one company. Nvidia is a key supplier to the AI industry, and any disruption to its leadership could weigh on confidence in the broader AI investment boom.

For the Nasdaq 100, the timing is not ideal. The index has already struggled to sustain its recent rebound, with concerns over high technology valuations, inflation and interest rates keeping investors cautious.

Nasdaq 100: Key levels to watch

The latest technical picture remains cautious, with the index trading below its key moving averages.

1. 28,800: First major resistance. A sustained move above this level could improve the recovery outlook.
2. 27,420: Near-term support. A break below it could expose the 26,990 area.
3. 26,990: Next downside level if selling pressure intensifies.

Nvidia's leadership uncertainty adds another risk to an already sensitive technology market. Investors will also be watching Nvidia's November 17 earnings report for clues about AI chip demand and future spending.

For Nasdaq 100 traders, the key question is whether the latest headlines trigger another round of selling in AI-related stocks or whether buyers step in to defend support.