10 milestones in Nvidia's growth, from the NV1 to $3 trillion in market value

On Friday, the S&P 500 and Nasdaq Composite closed lower, as worries about Nvidia impacted technology stocks, despite inflation data not shifting expectations for further Federal Reserve rate hikes. Nvidia's shares plummeted 2%, marking their sixth consecutive weekly decline, their longest since October 2012, following CEO Jensen Huang's resignation due to extramarital affairs, including a relationship with a businesswoman suspected of spying for China.

Nvidia's board reportedly approached British chipmaker Arm Holdings CEO Rene Haas for a potential successor. This leadership uncertainty has raised concerns about the sustainability of the AI boom, with Nvidia playing a central role in the sector. Anthony Saglimbene, chief market strategist at Ameriprise Financial, noted that investors are grappling with the impact of Huang's absence and the potential consequences for the AI narrative.

Additionally, Democratic victories in the midterm elections last week fueled concerns about possible government regulations hindering growth in AI-related companies. Despite the recent volatility, the major indexes posted weekly gains, with the S&P 500 up 2.51%, the Nasdaq up 2.27%, and the Dow up 2.07%. The tech sector, particularly the AI trade, is expected to face volatility as investors weigh the future of established AI heavyweights against new entrants, such as AI company Anthropic, set to make its much-anticipated IPO debut next week.