Nvidia shares crash as Jensen Huang resigns as CEO

Clay Webster FXStreet

Nvidia (NVDA) shares collapsed in Thursday's premarket trading after longtime CEO and co-founder Jensen Huang resigned as CEO in the face of board scrutiny over several affairs. Nvidia shares have shed 10% at the time of writing as the leading AI chipmaker chose chief financial officer (CFO) Colette Kress as interim CEO.

Shares of what was once the largest publicly-traded stock are trading near $155 at 16-month lows.

Nvidia's board opened an investigation into Huang's relationship with Huang Le, an executive at the Singapore-based Megaspeed, after The New York Times reported that US government officials believe that she was working with Chinese intelligence. During her relationship with the Nvidia CEO, Megaspeed purchased billions of dollars of Nvidia GPUs that the US has banned from being sold to China. Some US government officials allege that Megaspeed then resold those chips to Chinese corporations in violation of the export ban.

Then on Wednesday, it came to light that Jensen Huang had an inappropriate relationship with an Nvidia executive who reports directly to him, a violation of the corporation's bylaws.

Nvidia's board said that it will immediately start a search committee to hire a new permanent CEO. In addition, the board of directors announced that it has appointed Harvey Jones as its first-ever Chairman of the Board. Jones was previously the CEO and Executive Chairman of Synopsys (SNPS).

Author

Clay Webster

FXStreet

Clay Webster grew up in the US outside Buffalo, New York and Lancaster, Pennsylvania. He began investing after college following the 2008 financial crisis.

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