Nasdaq Composite slides as Nvidia shares tumble on Jensen Huang’s exit; oil prices jump: Live updates

Jensen Huang's resignation marks the end of Nvidia's 33-year founder era. The company is now searching for a successor, but no clear candidate has emerged. An espionage case involving four governments, a congressional hearing, and numerous individuals offering their picks for the CEO role are all part of the current situation.

Nvidia quickly moved to maintain continuity, with longtime director Harvey Jones serving as the company's first-ever board chair. CFO Colette Kress will take an interim role while keeping her finance position. NVIDIA is set to report quarterly results in November 17, while investors are reacting to a 13% drop in shares, briefly dropping the company below a $4 trillion market cap.

Critics debate what comes next, with some suggesting a co-CEO setup, pairing a technical leader with an operator. President Trump suggested Tim Cook could fill Huang's shoes, while Elon Musk expressed interest in hiring Huang. Analysts have floated several names, including Ian Buck, Bill Dally, Michael Kagan, and Jeff Fisher, but many lack the operating experience typically expected of a CEO.

Huang's personal attachment to the gaming business that built the company may prove crucial for future leaders. GeForce, which hit a record $16 billion in the last fiscal year, now accounts for only 7.5% of revenue. The data center business remains the dominant revenue stream. The gaming business has been feeling the impact of AI, with Nvidia reportedly cutting GeForce production by up to 40% in the first half of the year.

Untangling the business and its future is complex. While a sale is a possibility, a more likely scenario may involve slower growth, fewer launches, and cautious pricing. The impact of the AI bubble, if it bursts, could be another significant factor.