Nvidia appoints interim CEO as shares slip 13% this week
Nvidia's board removed Jensen Huang as chief executive and named finance chief Colette Kress interim CEO, while the stock closed at $162.85 on Friday, down 2% on the day and 13% for the week. The decline erased more than $570 billion of market value, extending a six‑week losing streak that has shaved roughly 30% off the share price and cost about $1.7 trillion in valuation. Huang has agreed to testify before Congress before the Thanksgiving holiday, and the company will report earnings on 17 Nov.
Key facts
- Shares fell 13% this week, the biggest weekly drop since April 2025.
- At least 13 analysts downgraded Nvidia stock this month, most during the current week.
- The board convened after The New York Times reported a second affair involving a senior vice president.
- Nvidia's market value fell by roughly $1.7 trillion during the six‑week slump.
- The share price decline marks the longest losing streak for Nvidia since 2012.
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Why it matters
A leadership shift at the world’s leading AI chip maker could affect tech markets and policy scrutiny.
What changed
First published from CNBC and The Economic Times