Nvidia sell-off continues after CEO Jensen Huang steps down

Summary

• Nvidia shares tumbled 5% in afternoon trading after CEO Jensen Huang departed suddenly amid allegations of an affair with a woman reported to be a suspected Chinese spy.
• The stock is now more than 30% below its all-time high reached just over a month ago after weeks of pressure from the affair reports & concerns about an AI sector bubble.
• The New York Times reported that Huang had a second affair with a subordinate executive, prompting the board to remove him to stabilize the company.
• Nvidia, valued at over US$4 trillion, has been a major driver of the Nasdaq Composite, which surged earlier this year & has since slumped 7%.
• Rival chipmakers AMD & Broadcom saw their shares rise sharply while CoreWeave, in which Nvidia holds a 13% stake, slid more than 7%.