Nvidia chief Huang resigns; shares slide and Kress steps in
Nvidia CEO Jensen Huang resigned after reports of two extramarital affairs, one with a customer suspected by U.S. intelligence of being a Chinese intelligence asset. Chief Financial Officer Colette Kress will serve as interim CEO while the chipmaker searches for a permanent successor. Nvidia's shares fell 8.2 per cent to a more than 16-month low in early trading, with market value on track to close below US$4 trillion for the first time since July 2025. Market capitalisation had been about $5.8 trillion in early October. Analysts expect fiscal third-quarter revenue of $109 billion when Nvidia reports earnings.
Key facts
- Anthropic plans to list on Wednesday or Thursday of next week, days after Nvidia's earnings report.
- Nvidia agreed to buy about $10 billion of shares in a $26 billion private placement alongside Anthropic's IPO.
- CoreWeave dropped 9.1 per cent after surging more than 27 per cent in the previous session.
- Nebius fell 16.2 per cent after saying 2026 revenue would come in at the low end of its forecast.
- The Roundhill Neocloud ETF remains down 39 percent since its launch in August 2026.
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Why it matters
Leadership change at the largest AI chip supplier is being watched as a test of investor confidence in AI demand.
What changed
First published from CNA, Fortune, DW, The Economic Times and CNBC