Nvidia stock plunges as founder Jensen Huang resigns
Nvidia's CEO resigned right away. He admitted to an affair with a woman. US intelligence says she was gathering information for China.
Jensen Huang has resigned as CEO, president and board member of Nvidia. The resignation takes effect immediately.
An independent investigation found he had an affair with Alice Huang, a former executive at a Singapore data centre company. US intelligence assessed that she was gathering information for China.
Beijing has denied the spying allegations. Nvidia said it had no reason to believe company secrets or national security were harmed.
Colette Kress is Nvidia's Chief Financial Officer. She will serve as interim CEO until a permanent replacement is found.
Nvidia shares fell 13 per cent on the news. They have now dropped at least 24 per cent over the past month.
This wiped roughly $2 trillion from the company's market value.
- 13 percent
- Stock drop
- $2 trillion
- Market value lost
- 33 years
- Years as CEO
- Colette Kress
- Interim CEO
Why it mattersNvidia is the world's top supplier of AI chips. Shares have already fallen sharply, affecting broader markets.
AustraliaAustralian tech portfolios and superannuation funds hold Nvidia shares; the stock collapse will affect retirement savings and investment returns for many Australians.
Corroborated byThe Sydney Morning Herald·The Guardian
✓ Claims checked against the source. checked 2 d ago
