Nvidia CEO Jensen Huang Ousted, Raising AI Industry Concerns

Nvidia CEO Jensen Huang stepped down Thursday after the board ousted him over reports of extramarital affairs, with CFO Colette Kress named interim CEO, triggering a nearly 5% drop in Nvidia shares and raising concerns about the AI boom's future. Investors fear the leadership change could disrupt Nvidia's strategy of financing AI infrastructure, potentially cutting off funding to smaller companies that rely on its credit support. Rival chipmakers Broadcom and AMD gained, while Chinese GPU makers surged on hopes of increased market share. Huang co-founded Nvidia and built it into a roughly $4 trillion chipmaker over three decades, with shares rising 900% since ChatGPT launched. Kress, who joined in 2013, holds about $750 million in company stock and will lead while a permanent successor is sought.