Nvidia sheds $601 billion as Jensen Huang resigns as CEO

Nvidia stock fell as much as 14% on Nov. 12, wiping out as much as $601 billion in market value after Chief Executive Jensen Huang resigned following reports about two relationships, including one involving a former executive at Singapore-based Megaspeed International who was suspected of spying for China. The drop pushed Nvidia’s valuation below $4 trillion and left it trailing Apple and Microsoft after having recently been the world’s most valuable company. Nvidia named Chief Financial Officer Colette Kress interim CEO and board member Harvey Jones its first chairman. The turmoil comes just days before the chipmaker reports third-quarter earnings on Tuesday, with analysts also reassessing broader AI spending and demand.