Jensen hangs on as Nvidia tumbles
A look at the day ahead in European and global markets from Gregor Stuart Hunter Jensen Huang is fighting for his job as the crisis deepens at Nvidia. Nvidia’s board met late on Wednesday to decide the fate of the embattled founder and CEO, who’s now embroiled in two separate scandals, a source told Reuters . The New York Times reported late on Wednesday that Huang had had an affair with another…
Jensen Huang is struggling to hold onto his position as CEO of Nvidia amid a series of scandals. The AI company's board met on Wednesday to determine Huang's fate after discovering he had an affair with another executive and an investigation is underway regarding his relationship with a businesswoman believed to be a Chinese spy.
Nvidia's shares plummeted in after-hours trading, falling more than 8%, leading to concerns about a lack of succession planning for the company. Possible candidates to replace Huang include Ian Buck, who helped develop the CUDA software system, and CFO Colette Kress. Congress has also taken notice, with Democratic senators urging the Trump administration to secure all documents related to Nvidia's export of chips to China.
Despite the recent rally in semiconductor stocks following CoreWeave's earnings report, which alleviated concerns about the health of the AI sector, Nvidia's stocks have given back some of those gains on Thursday. The S&P 500 e-mini futures fell 0.4%, while Nasdaq e-mini futures dropped 1% in early European trade. MSCI's Asia-Pacific index outside Japan experienced fluctuations, closing down 1.1%, with Taiwanese shares declining 2.8%.
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- Nvidia reportedly preparing to fire CEO Jensen Huang, amid reports of second affair rnz.co.nz
- Nvidia CEO had an affair with subordinate: Report economictimes.indiatimes.com
- Nvidia CEO Huang had relationship with executive who reported to him, NYT reports channelnewsasia.com
