Nvidia’s perpetual futures slid over the weekend after the company said its board is investigating CEO Jensen Huang. According to The Block, the NVDA-USDC perp on Hyperliquid fell 3.8% over 24 hours to $180.50 as of 10:10 p.m. ET on Sunday, on $170 million of volume. The contract began sliding around 4 p.m. ET and touched a local low near $178.10 before recovering slightly.
Nvidia’s board said it launched the inquiry after reports that Huang was a target of a foreign intelligence effort. It said it has no reason to believe national security or company secrets were compromised and that the review will examine all available information. Nvidia also published a memo in which Huang admitted being unfaithful to his wife, said he supports the investigation and will cooperate fully. A spokesperson said he intends to keep leading the company. The reports trace to a New York Times article, which said a memo circulated among U.S. policymakers alleged that a Chinese businesswoman was recruited by China’s Ministry of State Security to gather intelligence on him.
Analysts quoted by The Block called the move a risk-off reaction. Laevitas’ Rick Maeda noted that with U.S. cash markets closed, perps were the only venue for price discovery and took the first reaction on thinner liquidity. Bitcoin edged down 0.8% to $75,113, while Ether fell 4.2% to $2,140. Polymarket put the odds of Huang leaving by year-end at 16%.
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