Nvidia Board Reportedly Preparing to Oust Jensen Huang
The board is weighing whether to remove Jensen Huang after reports of two affairs and a foreign-intelligence probe, sending Nvidia shares lower.
- On Wednesday, November 11, Nvidia's board convened to discuss the future of CEO Jensen Huang, with sources suggesting the meeting could result in him being ousted after 33 years leading the company.
- This scrutiny follows reports of a relationship with a woman US officials believe to be a Chinese spy, alongside The New York Times' revelation of an affair with Nvidia executive Kimberly Powell.
- Nvidia shares fell about 8% in after-hours trading, with the company losing about $600 billion in stock market value this week since the board announced its investigation.
- President Donald Trump voiced support for the chief, calling him "an honorable guy," while Longbow Asset Management CEO Jake Dollarhide suggested the board will not act without an all-star replacement.
- Huang's potential departure would leave a leadership vacuum at the roughly $4-trillion company, while rival chipmakers AMD and Broadcom rose 4% and 3% respectively on the news.
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32 Articles
Analyst Dan Ives estimates that the ouster of Jensen Huang could drop Nvidia's stock by 25%-30%, wiping more than $1 trillion off its value • Because of its huge weight in the indices, such a decline alone could detract about 2.2% from the S&P 500 and about 2.5% from the Nasdaq 100 • The report that the board is preparing to discuss the CEO's future has already shaken the stock
Asian stocks fragile, Nvidia plummets as board to decide CEO’s fate - Regional Media News
By Gregor Stuart Hunter SINGAPORE, Nov 12 (Reuters) - Global stocks wobbled at the start of Asian trade on Thursday, while Nvidia shares plunged in after-hours trading on news that its board may oust longtime CEO Jensen Huang. Nvidia's board is meeting late Wednesday to [...]
According to the Wall Street Journal, the board of directors of the electronic chip giant Nvidia was to meet on Wednesday to decide the future of its boss Jensen Huang, in turmoil since the revelations about his connection with a suspected Chinese spy.
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- 44% of the sources lean Left
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