Tech Shares Fall After Nvidia CEO Ouster

Shares of rival Advanced Micro Devices rose, while CoreWeave, a data-center developer and key Nvidia partner, surrendered part of its post-earnings gains. Nebius, a CoreWeave rival, tumbled after cutting its revenue projection for the year, citing delays in third-party capacity.

SpaceX, the space travel and AI firm, unveiled plans to invest roughly $24 billion in a Texas data center and $50 billion in an Arizona campus. Investors have been concerned about the implications of AI skeptic Gina Hinojosa’s victory in the Texas gubernatorial race for data-center development plans in the state.

Strategy shares fell in premarket trading after MSCI determined the company was ineligible for inclusion in its global equity indexes.