Nvidia’s stock tumbled after the closing bell Wednesday on reports that the chipmaker’s board of directors is preparing to remove co-founder and CEO Jensen Huang, CBS News reported.
The Wall Street Journal first reported the board’s plans. Sources told CBS News that the Trump administration is aware of them. Nvidia had not publicly announced a leadership change as of Thursday morning.
Shares fell more than 8% to $159.51 in after-hours trading. The drop continued a steep decline that has wiped out more than $450 billion of Nvidia’s market value since the company announced an investigation into Huang’s conduct on Nov. 8, according to CBS News. Huang has admitted to an extramarital affair, the network reported.
Huang co-founded Nvidia in 1993 and is widely seen as the face of the artificial intelligence boom. The company’s chips provide much of the computing power behind frontier AI models.
Wall Street analysts told CBS News that the company lacks an obvious successor, and that losing Huang would be a major blow.
Sources: CBS News, KTAR News/AP. Thee Arizona Times uses AI-assisted reporting reviewed against the sources listed.
Photo: Unknown / Public domain via Wikimedia Commons.
