Nvidia announced on Thursday, November 12, that co-founder Jensen Huang has resigned as president, chief executive and board member, effective immediately, CoinDesk reported. CFO Colette Kress will serve as interim CEO while the company searches for a permanent replacement, Fox Business reported, adding that former Synopsys CEO Harvey Jones was named the board’s first chairman. Neither report mentions an SEC filing, and CoinDesk cited no official reason.
The move follows Nvidia’s statement of Sunday, November 8, in which the board said it had opened an independent investigation after reports that Huang was the target of a foreign intelligence effort. Huang apologized to employees the same day for an extramarital affair. The board said it had no reason to believe national security or company secrets were compromised. Fox Business reported that the board met on Wednesday, November 11, to consider removing him.
Nvidia shares fell as much as 14% on Thursday to a low of $148.80 and later traded near $165, about 5% below the previous close, CoinDesk reported. Nvidia is still scheduled to report fiscal third-quarter results on November 17.
CoinDesk said listed bitcoin miners that now host AI data centers also fell: Cipher Digital, IREN and TeraWulf lost 5% to 10%. Bitcoin traded just under $72,500 early in the session and slid toward $71,000 later, CoinDesk reported, partly after hawkish comments from Cleveland Fed President Beth Hammack.
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