Nvidia shares plunge 13% at open after CEO Jensen Huang resigns

Summary

• Nvidia shares fell 13 percent at the open on Thursday following the resignation of CEO Jensen Huang.
• The resignation occurred after reports stated Huang had an affair with a Chinese woman who allegedly fed intelligence & advanced chips to China.
• Nvidia shares dropped 8.6 percent in after-hours trading on Wednesday as its board met to discuss the situation.
• The S&P 500 slipped 0.4 percent while the Dow Jones Industrial Average remained nearly unchanged.
• European markets rose with France's CAC 40 up 0.7 percent, Germany's DAX up 1.0 percent, & Britain's FTSE 100 up 0.3 percent.
• Asian markets declined with Japan's Nikkei 225 down 0.7 percent, South Korea's KOSPI down 0.6 percent, & Taiwan's Taiex down 2.6 percent.
• Investors remain concerned about potential profitability slowdowns in the broader AI industry.
• Analysts noted that Nvidia's ecosystem advantages would persist despite the CEO's departure.
• U.S. crude oil prices rose 0.8 percent to $87.26 a barrel while Brent crude increased 0.8 percent to $93.53 a barrel.
• The U.S. dollar fell to 159.64 Japanese yen while the euro rose to $1.1095.