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Huang Scandal Tests $4T
Nvidia, valued at nearly $4 trillion, faces an extraordinary succession test after its founder and CEO, Jensen Huang, stepped down and left the board, following reports of a personal relationship and allegations that a Chinese businesswoman had ties to intelligence agencies—claims Beijing denied. Chief Financial Officer Colette Kress took over on an interim basis as the company began searching for a permanent CEO, and nominated Harvey Jones for the newly created board chair position. Nvidia shares plunged more than 12%, threatening to wipe about $500 billion from its market value, amid concerns that coordinating the company’s ecosystem and carrying out its plans could prove difficult. Huang’s departure could also affect U.S. policy on chip exports to China, as he had been one of the most prominent opponents of broad restrictions on sales there.
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