Nvidia drops 14%, wiping out $601 billion after Huang resigns

Nvidia shares fell as much as 14% on Thursday, erasing up to $601 billion in market value after CEO Jensen Huang resigned, deepening a crisis at the company at the center of the AI boom. The drop pushed Nvidia’s valuation below $4 trillion for the first time since 2025 and left the stock down roughly 35% from its early October peak. Chief Financial Officer Colette Kress was named interim CEO. The shock rippled across markets: CoreWeave fell 9.1%, Marvell Technology dropped 3.8%, Oracle lost 2.6% and the Philadelphia chip index slid 1.3%, while the Nasdaq opened down 1.47%. Nvidia is due to report third-quarter earnings Tuesday as investors reassess AI spending, financing and regulation risks.