Nvidia Loses Its Founder, AMD and Broadcom Take the Crown: This Week on Wall Street
For three years, Wall Street bought the artificial intelligence boom through one ticker . This week, it went shopping for substitutes. Nvidia Corp. (NASDAQ:NVDA) founder Jensen Huang resigned as CEO and board member Thursday after the board opened a probe into reports that he had been targeted by a foreign intelligence effort. Chief financial officer Colette Kress is now interim CEO. The money…
This week, Wall Street searched for substitutes after Nvidia Corp.'s (NVDA) founder, Jensen Huang, resigned as CEO and board member following a probe into allegations of a foreign intelligence effort targeting him. CFO Colette Kress serves as interim CEO. While Nvidia's stock fell about 13% to $162, Advanced Micro Devices (AMD) and Broadcom (AVGO) were the top performers in the S&P 100.
AMD gained about 18% and Broadcom gained nearly 18%, while Nvidia was among the three worst stocks in the entire S&P 500. AMD and Broadcom saw their stocks rise significantly, with AMD up 142% year-to-date and Broadcom up 18% in a single week. The chipmaker's fiscal third-quarter results are expected on November 17, with options traders pricing a potential 9.1% move in Nvidia stock following the report.
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