Nvidia shares tumble 8.2% after Jensen Huang resigns as CEO
Why it matters: The exit rattled AI-linked stocks worldwide, erased more than $550 billion in Nvidia value this week and raised fears of slower chip and data-center investment.
Nvidia shares fell 8.2% on Thursday after Jensen Huang resigned as chief executive, deepening a sell-off across AI-related stocks and unsettling suppliers in Taiwan and South Korea. The company said Chief Financial Officer Colette Kress will serve as interim CEO while it searches for a permanent successor. Reuters reported Nvidia has lost more than $550 billion in market value since its board disclosed an investigation on Sunday into Huang’s relationship with businesswoman Alice Huang, who is alleged to be a Chinese spy. TSMC fell 2%, SK Hynix lost 1.6% and the Philadelphia chip index slid 1.3% as investors weighed risks to Nvidia-backed cloud, chip and infrastructure spending.
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