Nvidia shares fell 9.63% after trading closed on Wednesday, November 11, to $157.00 after The New York Times reported that CEO Jensen Huang had had an extramarital affair, amid reports that Nvidia's board of directors was convening to discuss his dismissal. UNN reports, citing BeInCrypto.
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According to the publication, the shares closed the regular session up 2.92% at $173.73.
According to Reuters, Nvidia shares fell 7% in U.S. premarket trading on Thursday, November 12, adding to a decline that wiped out about $600 billion in market value this week.
According to Bloomberg, as of 4 a.m. on November 12 in New York, notable moves had occurred in the AI supply chain in U.S. premarket trading:
- Nvidia shares fell 7.2%;
- shares of Broadcom and AMD, which compete with Nvidia in the production of AI chips, rose by about 3%;
- shares of other chipmakers and companies that produce chip-making equipment were mostly trading lower. Intel shares fell 2.9%, Qualcomm shares fell 2.2%, and Micron shares fell 3.3%;
- shares of CoreWeave, a neocloud company backed by Nvidia, fell more than 7%. Its competitor Nebius fell 1.5%
Outside Nvidia, the so-called "Magnificent Seven" of U.S. technology companies remains stable. Shares of Alphabet, which produces TPUs used in AI computing, rose 0.5%.
Nvidia's board of directors is convening to discuss the dismissal of CEO Jensen Huang amid reports of two extramarital affairs, one of them with a woman who is allegedly a Chinese spy.
With no obvious successor, Huang's potential departure would leave a leadership vacuum at the approximately $4 trillion chipmaker, Reuters notes.
The 63-year-old Huang owns about 3.6% of Nvidia's shares and has dozens of direct reports, underscoring the tight control he exerts over the company he co-founded.
U.S. President Donald Trump called the head of Nvidia an "honest man," while congressional leaders are calling for an investigation into national security risks.
Nvidia chief admits to infidelity amid scandal over ties to an alleged Chinese spy09.11.26, 11:09