Nvidia Stock Plunges After Jensen Huang Resigns as CEO
News that the chipmaker’s chief executive, Jensen Huang, stepped down drove Nvidia’s stock down and reverberated across global markets.
Nvidia's shares plummeted by as much as 14 percent on Thursday, plunging the company's market value by over $1 trillion this month. The chief executive, Jensen Huang, resigned from his role, prompting the board to appoint Colette Kress, the CFO, as interim CEO. The leadership change has left investors questioning the sustainability of the artificial intelligence trade and the potential ripple effects on the broader economy.
While the fallout appeared limited in major market indexes, Taiwan Semiconductor Manufacturing Company (TSMC), Nvidia's chip producer, dropped nearly 2 percent. In contrast, Samsung, a competitor in some business areas, saw a 1 percent increase. European stock indexes, less exposed to AI, remained flat, while Dutch tech giant ASML experienced a 3 percent decline.
Written by urgent.news from The New York Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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