Nvidia set to lose $700 billion in value as Jensen Huang resigns
Shares of the chipmaker extended their losses after Nvidia said its longtime CEO is stepping down amid revelations of a relationship with a suspected Chinese spy.
In a stunning turn of events, Nvidia's CEO Jensen Huang resigned unexpectedly, causing immense pressure on the company's shares. Since the close of U.S. trading on Monday, Nvidia's stock has been on a downward trajectory, potentially losing over $700 billion in value. In response to Huang's resignation, Colette Kress was appointed as the interim CEO.
The shock was amplified by revelations that Huang had an affair with a woman believed to be a Chinese asset by U.S. intelligence agencies, leading to the stock dropping 9.5% in early trading. Despite his crucial role in Nvidia's rise to prominence in the artificial intelligence sector, Huang's personal indiscretions have overshadowed the company's achievements.
Analysts now question Nvidia's future without its iconic CEO, with some predicting a significant reduction in the company's valuation if he were to depart permanently.
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- Nvidia chief Jensen Huang resigns, CFO Colette Kress named interim CEO indianexpress.com
