Nvidia shares slide after CEO Jensen Huang resigns amid spy affair

Nvidia shares fell sharply after CEO Jensen Huang resigned Thursday, dragging Wall Street indices into negative territory. The stock dropped below $150 for the first time since mid-2025, down nearly a third from its October record high of $243.37. Huang stepped down following reports of an affair with Alice Huang, who is suspected by US authorities of spying for China, and a relationship with a senior Nvidia manager. He admitted to an affair on November 8 without naming anyone. The CFO has taken over leadership, while analysts at Citigroup, JPMorgan, and Bank of America cut price targets. Competitors gained, with AMD up 5.9 percent and Broadcom up 5.5 percent as investors bet on market share shifts. The scandal has also reached Washington, where officials are reportedly considering replacing Commerce Secretary Howard Lutnick over export control concerns, though President Trump maintains confidence in him.