Nvidia Plunges 8% on CEO Ouster Reports; AMD & AVGO Climb
$NVIDIA(NVDA)$ plunged about -8% in overnight trading following reports that its board was considering removing CEO Jensen Huang.
The sell-off came amid reports of a second alleged extramarital affair, this time with an Nvidia executive, following earlier reports linking Jensen Huang to a businesswoman suspected of ties to Chinese intelligence.
Amplifying the move, the NVDA 5x Short DLC (VU6W) surged nearly +40%, while the NVDA 5x Long DLC (KJHW) fell by a similar magnitude.
Meanwhile, $Advanced Micro Devices(AMD)$ and $Broadcom(AVGO)$ each rose about +1.3% in overnight trading, as investors weighed their potential to benefit as alternative chip suppliers.
The AMD 3x Long (Z4WW) and AVGO 3x Long (Z8TW) DLCs gained close to +4%, while the AMD 3x Short (9PKW) and AVGO 3x Short (9FOW) DLCs declined by about the same magnitude.
With attention focused on Nvidia’s board and a potential leadership change, investors expecting further downside can consider the NVDA 5x Short DLC (VU6W), while those anticipating a rebound following the sharp sell-off can consider the NVDA 5x Long DLC (KJHW).
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