Overview
- Nvidia said on Thursday that chief financial officer Colette Kress will serve as interim chief executive as the company seeks a permanent successor after U.S. reports about Jensen Huang’s personal conduct and board discussions about his future.
- Nvidia shares plunged in after-hours and premarket trading and the selloff spilled into global tech stocks, with U.S. chip and AI names falling and South Korea’s KOSPI reversing a two-day rally.
- Investors are trading more cautiously because U.S. consumer prices rose 0.3 percent in October and Treasury yields have climbed, which raises borrowing costs and makes markets more sensitive to company-specific shocks.
- The tech rally that had been supported by strong neocloud results from CoreWeave and anticipation of the Anthropic IPO has lost momentum as questions about Nvidia’s leadership raise concerns over strategy continuity and supplier links, shown by big drops in companies with ties to Nvidia such as Naver.
- Market-watchers will focus on Nvidia’s search for a permanent CEO, upcoming corporate earnings and U.S. economic data for signs of how policy and demand will affect AI investment and the broader chip supply chain.