World · India Bureau
Nvidia shares plunge as Jensen Huang steps down as CEO
Nvidia's stock price collapsed more than 13 percent following an announcement that co-founder and Chief Executive Officer Jensen Huang is stepping down from his role. The sharp decline has dragged the chipmaker's valuation to levels not seen in over a decade.
LSN India ·
Nvidia Corporation experienced a significant market selloff after the technology giant announced the departure of Jensen Huang from the chief executive position. The stock declined sharply in trading, erasing substantial shareholder value and marking one of the steeper single-day losses for the semiconductor manufacturer in recent years.
The resignation comes at a critical juncture for the company, which has been a dominant player in the artificial intelligence and data centre chip markets. Huang co-founded Nvidia in 1993 and has helmed the company through multiple market cycles, leading its transformation into one of the world's most valuable corporations.
The sharp selloff indicates investor concern regarding the leadership transition and its potential implications for the company's strategic direction. Nvidia's valuation has retreated to levels not witnessed since 2010, reflecting the magnitude of market reaction to the news.
The company has not yet announced details regarding Huang's successor or the timeline for transitioning leadership responsibilities. Industry analysts are closely monitoring developments as Nvidia navigates this significant organizational change during a period of intense competition in the semiconductor sector.