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Why Is Nvidia Stock Down Today?
Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.
Nvidia shares fell close to 10% in premarket trading on Thursday to around $156, after Jensen Huang stepped down as CEO, president and board member with immediate effect. The drop builds on Wednesday’s after-hours slide from a close of $173.73 and leaves the stock about 36% below its record high of $243.37. Chief financial officer Colette Kress, who joined Nvidia in 2013, has been named interim CEO and will keep her CFO role during the transition. Former Synopsys chief Harvey C. Jones becomes the company’s first board chair. The board said the change will not disrupt operations, customer commitments or Nvidia’s product roadmap, and it has started searching for a permanent CEO from inside and outside the company. The first big test comes on November 17, when Nvidia reports fiscal third-quarter results. Investors will watch for any sign the leadership shake-up affects strategy, key customer ties or the rollout of next-generation AI chips.
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