Nvidia Shares Fall 2.27% Following CEO Jensen Huang's Exit
NVIDIA shares dropped 2.27% to $162.41 in Friday's session as longtime CFO Colette Kress took over as interim CEO following Jensen Huang's resignation.
Update (Nov 13, 17:57 UTC): Treasury yields climbed to 5.10% following new inflation data, while semiconductor stocks faced broad selling pressure alongside the leadership transition.
NVIDIA (NASDAQ:NVDA) shares fell 2.27% to $162.41 as of 9:52 a.m. ET in Friday's regular session, wiping out a premarket bounce one day after Jensen Huang stepped down as chief executive. The board named longtime CFO Colette Kress interim CEO and installed former Synopsys chief Harvey C. Jones as its first independent chair. Huang also left the board, effective immediately, after media reports linked his personal relationships to a U.S. national-security inquiry.
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The leadership change followed a severe market sell-off on Thursday, where shares closed 4.34% lower at $166.19 after sliding as much as 14% intraday. According to Yahoo Finance's live coverage, the company's market value fell from about $4.5 trillion a week earlier to roughly $4.0 trillion. Bernstein responded to the developments by moving its rating to Market-Perform and halving its price target to $200 from $400.
Earnings and Upcoming Tests
Despite the executive shuffle, Kress retains her CFO role, and the fiscal third-quarter report remains scheduled for Tuesday, November 17, with the earnings call set for 2 p.m. PT. While the release did not reaffirm guidance, the board stated that operations, customer commitments, and the product roadmap should continue without interruption.
Market participants continue to monitor potential risks, including whether hyperscaler buyers will hesitate while the top seat remains vacant. Additionally, Huang has agreed to testify before a House committee before Thanksgiving, maintaining legislative focus on the firm. GuruFocus notes a GF Score of 91/100, though the site flags the stock as a possible value trap given the current leadership vacuum.
Key facts
- NVIDIA shares fell 2.27% to $162.41 in Friday's session.
- Jensen Huang resigned as CEO and left the board, effective immediately.
- Longtime CFO Colette Kress was named interim CEO, and Harvey C. Jones became the first independent chair.
- Market value dropped from roughly $4.5 trillion to about $4.0 trillion following Thursday's 4.34% decline.
- The fiscal third-quarter report is scheduled for Tuesday, November 17.
Source: finance.yahoo.com
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