Nvidia shares tumble after Jensen Huang resigns as CEO

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Set us as preferred Nvidia’s stock fell sharply Thursday after co-founder Jensen Huang resigned as chief executive, leaving the world’s most valuable company without the leader who built it into the center of the AI boom.The stock dropped more than 11% in pre-market trading on Thursday and was down 5% by early afternoon, just five days before the company reports third-quarter earnings.Shares have fallen by as much as 19% since Friday.In a regulatory filing, Nvidia said Chief Financial Officer Colette Kress will serve as interim CEO while keeping her finance role until a permanent successor is named.

Harvey C.Jones was appointed the board’s first-ever chair.

Huang, who owns about 3.6% of Nvidia, will also leave the board.Business Nvidia is facing a major test as revelations surface that he had an affair with a suspected Chinese spy.“Jensen’s contributions to NVIDIA are profound,” the company said in its statement.

“NVIDIA is one of the most consequential technology companies in the world.The Board and the company thank Jensen for his immeasurable contributions to the company and the industry.”Huang’s resignation follows reports of two extramarital affairs, including one with Alice Huang, a Singapore-based businesswoman whom U.S.

intelligence officials reportedly suspect of working for Chinese intelligence.Nvidia’s board launched an independent investigation into national-security concerns raised by the reports.Huang has been a key player in the growth of the AI industry and his ouster sparked worries about the effects it would have on Santa Clara-based Nvidia and other companies that depend on its computer chips.The revelations have also highlighted national security concerns in Washington, where federal lawmakers have called for an investigation into accusations that China targeted the powerful tech mo...