Nvidia CEO Jensen Huang quits in wake of affair with suspected Chinese spy, as firm's stocks plunge

Nvidia's CEO Jensen Huang resigned abruptly, citing personal reasons. The board appointed CFO Colette Kress as interim CEO. Analysts suggest the search for a permanent replacement may be extensive, with both internal and external candidates considered. Potential successors mentioned include Tim Cook, Nikesh Arora, Ian Buck, Johny Srouji, and Rene Haas. Nvidia's board is expected to take its time in selecting a new CEO.

Alibaba (BABA) shares dropped 7% to $94.77 amid reports of stricter US restrictions on Chinese firms accessing advanced AI chips. The US Commerce Department may block remote access to processors, affecting Alibaba's cloud computing plans. Alibaba's ties to Nvidia partner Megaspeed, linked to Chinese intelligence, also raised concerns. Nvidia's CEO resigned over the controversy. Alibaba reports Q3 earnings on November 19, with its T-Head semiconductor unit planned for a Hong Kong IPO.

Nvidia shares fell 5.4% after CEO Jensen Huang's resignation due to personal scandals. Interim CEO Colette Kress will lead while a successor is found. Investors are concerned about the impact on AI sector funding and Nvidia's market value, which may drop below $4 trillion. Rival chipmakers AMD and Broadcom rose over 4% on potential opportunities. Nvidia's forward P/E ratio is at its lowest since 2012, according to LSEG.

Nvidia's shares have dropped 25% in two weeks, erasing over $1.2 trillion in value, following reports of CEO Jensen Huang's affairs and his subsequent resignation. The company's valuation fell below $4 trillion. Analysts note uncertainty around leadership but believe Nvidia's fundamentals remain strong. Investors await the company's earnings report on Nov. 17 for guidance on future strategy and backlog orders.

Nvidia's CEO Jensen Huang resigned following revelations of extramarital affairs and a US investigation into alleged ties with a Chinese spy. The company's CFO, Colette Kress, is appointed interim CEO. The situation has political implications, with Democrats criticizing the Trump administration's handling of Nvidia's chip sales to China.

Nvidia (NVDA) named CFO Colette Kress as interim CEO after Jensen Huang's resignation. Analysts view Kress as a stabilizing figure but express concerns about long-term leadership and strategy. Price targets were lowered, with Bernstein cutting its target from $400 to $200. Nvidia's stock fell 4.79% on the news.