Nvidia stock falls 5% after CEO Jensen Huang resigns over spy affair reports

Nvidia shares fell five percent Thursday after CEO Jensen Huang stepped down following reports of an affair with a woman alleged to be a suspected Chinese spy, a sudden departure that shook the AI chipmaker. The stock is now more than 30 percent below its all-time high from a month ago. The New York Times reported Huang had a second affair with an Nvidia executive reporting to him. Analyst Dan Ives said the board acted decisively to move the company forward without Huang, whose value was "dramatically different" after the revelations. Nvidia remains valued at over $4 trillion. The crisis boosted rivals AMD and Broadcom, while CoreWeave, in which Nvidia owns a 13 percent stake, slid over seven percent. Nvidia's slump has contributed to a seven percent drop in the Nasdaq Composite over the past month.