Nvidia Shares Slump 13% After Jensen Huang Resigns As CEO

Nvidia shares sank early Thursday after Chief Executive Jensen Huang resigned from the AI giant following revelations that he had an affair with a woman accused of spying for China.Pressure building on Huang heightened further Wednesday after The New York Times reported that he had another affair with an Nvidia executive who worked under him. The company's pioneering semiconductor technology has been at the centre of the artificial intelligence boom.About 25 minutes into trading, the Dow Jones Industrial Average was up 0.1 per cent at 52,518.60.The broad-based S&P 500 lost 0.3 per cent at 7,598.94, while the tech-rich Nasdaq Composite Index dropped 0.4 per cent to 25,362.29.Other AI stocks were mixed, with so-called hyperscalers Alphabet and Microsoft higher and Oracle and CoreWeave dropping.

AMD, considered a rival to Nvidia, rose about two per cent. After opening down more than 13 per cent, Nvidia shares were later off 7.1 per cent as the company announced a shakeup that had begun to look inevitable, appointing Chief Financial Officer Colette Kress to serve as interim CEO.