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Nvidia Board Moves to Oust CEO Jensen Huang Amid Scandal, Stock Falls 10% After Hours
Read this in the Market Flux appNvidia's board is preparing to remove longtime CEO Jensen Huang following a cascade of revelations about his personal conduct. The New York Times reported that Huang had a relationship with one of his direct reports, and losses in extended trading deepened after the Wall Street Journal reported the board is actively moving to oust him. Huang had already admitted over the weekend to a separate affair with an alleged Chinese spy.
Nvidia shares had recovered during Wednesday's regular session, rising 2.92% to close at $173.73 after two days of sharp declines. That rebound evaporated in postmarket trading, where the stock fell as much as 10% in New York as investors grappled with the prospect of the company operating without Huang.
As the board deliberates, succession candidates are emerging. Some board members favor CFO Colette Kress as an interim CEO if Huang is ousted, according to Semafor. Reuters separately reported that a top engineer is also among the leading candidates. At least one Nvidia analyst has floated AMD CEO Lisa Su as a potential longer-term successor. Bloomberg reporters held a live Q&A on November 12 to address what a leadership change could mean for AI markets more broadly.
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Sources
- LivemintUp and down, Why Nvidia stock crashed after bouncing back - What led to its fall? More trouble for CEO Jensen Huang!
- Cointelegraph🚨 LATEST: Some Nvidia board members favor Nvidia CFO Colette Kress as interim CEO if Jensen Huang is ousted, per Semafor.
- BusinessWill Nvidia oust Jensen Huang as CEO? And what’s next for AI markets? Bloomberg reporters answer your questions in a Live Q&A on Nov. 12 at 12 p.m. HKT:
- ETMarkets#Nvidia Corp. shares sank in extended trading Wednesday as investors grappled with the possibility of the company without Chief Executive Officer #JensenHuang at the helm. The stock fell as much as 10% in postmarket trading in New York. Shares began to drop following a New York Times report that the CEO had a relationship with one of his direct reports. Losses extended after the #WallStreet Journal said Nvidia’s board is preparing to oust him. Huang admitted over the weekend that he had a separate affair with an alleged Chinese spy. #ETMarkets Read more here
- ReutersExclusive: A Chinese university with deep ties to the People's Liberation Army bought Nvidia's powerful H200 AI chips last month despite being on a US export blacklist, procurement records show, highlighting gaps in Washington's efforts to curb China's access to advanced technology
- France24_enNvidia board to decide whether to oust longtime CEO Jensen Huang ➡️
- InvezzWho is Colette Kress? Nvidia board's preferred interim CEO if Jensen Huang is ousted
- FinancialjuiceChinese AI firms rushing to secure more Nvidia-powered computing capacity at overseas data centers, sources say
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- WallstengineCHINESE AI FIRMS ARE RUSHING TO RENT NVIDIA $NVDA CHIP CAPACITY AT DATA CENTERS OUTSIDE CHINA, FEARING THE HUANG SPY SCANDAL COULD SPUR US CURBS ON REMOTE ACCESS; GREY-MARKET TRADERS ARE STOCKPILING RESTRICTED NVIDIA CHIPS: REUTERS
- PiQMarketsNvidia's leadership crisis: Winners, losers and what it means for the AI trade
- Marketsday#Nvidia Corp. shares sank in extended trading Wednesday as investors grappled with the possibility of the company without Chief Executive Officer #JensenHuang at the helm. The stock fell as much as 10% in postmarket trading in New York. Shares began to drop following a New York Times report that the CEO had a relationship with one of his direct reports. Losses extended after the #WallStreet Journal said Nvidia’s board is preparing to oust him. Huang admitted over the weekend that he had a separate affair with an alleged Chinese spy.
- SeekingAlphaNvidia working with outside firm to identify CEO candidates: report $NVDA #stocks #markets #stockmarket