by Coinstrooper Crypto Articles
Quick Take
  • Nvidia shares fell 10.38% to $155.69 in premarket trading, according to Yahoo Finance.
  • The exit comes four days after the board said it had confidence in Huang.
  • Nvidia is one of the largest companies in the S&P 500, so the slide reaches American index funds and retirement accounts, not only direct shareholders.
  • S&P 500 futures were down 0.4% and Nasdaq-100 futures down 0.8% earlier Thursday.

What Happened

House Republicans on the China Select Committee have also requested a closed-door briefing from Huang on November 18. Investors now face a question Nvidia has never had to answer: what the stock does without its founder.

Market Context

Jensen Huang resigned as Nvidia’s chief executive, president and board member on Thursday, effective immediately, ending 33 years leading the AI chip company he co-founded. Nvidia shares fell 10.38% to $155.69 in premarket trading, according to Yahoo Finance.

Why It Matters

BeInCrypto flagged that night that Huang could be out as CEO.

Kress’s first test comes on Tuesday, November 17, when Nvidia reports third-quarter fiscal 2027 results as scheduled. Jones said the board expects no disruption.

“The Board has full confidence in Colette and the leadership team, and we expect the company’s operations, customer commitments and product roadmap to continue without interruption.”

Details

The exit comes four days after the board said it had confidence in Huang. Nvidia is one of the largest companies in the S&P 500, so the slide reaches American index funds and retirement accounts, not only direct shareholders. S&P 500 futures were down 0.4% and Nasdaq-100 futures down 0.8% earlier Thursday.

Who Is Running Nvidia Now?

Chief Financial Officer Colette Kress will serve as interim CEO while keeping her CFO post until a permanent successor is named, Nvidia said in a press release.

She has run the company’s finances since September 2013, after nearly 25 years at Cisco, Microsoft and other tech firms.

Harvey C. Jones, a former Synopsys CEO, becomes the board’s first-ever chair. The board will weigh internal and external candidates for the top job.

Nvidia gave no reason for Huang’s departure. The board thanked him for his “immeasurable contributions” to the company and the industry.

Why Did Huang Step Down?

The resignation follows two weeks of scandal. On October 29, The New York Times reported Huang’s close relationship with Alice Huang, a Megaspeed executive alleged to be a Chinese government agent. Beijing denied the claim.

Huang later admitted in an internal message that he had been unfaithful to his wife. On Wednesday, the Times reported a second alleged affair with an Nvidia executive, and The Wall Street Journal said the board was preparing to remove him.

What Comes Next for Nvidia Shareholders?

The post Jensen Huang Resigns From Nvidia. How Will Stock React? appeared first on BeInCrypto.