Nvidia shares tumble and investors react after CEO Jensen Huang resigns
Nvidia's resignation of CEO Jensen Huang sparked uncertainty about the company's financing role in the AI sector, CNN reported on 13 November. Industry leaders at a San Francisco AI summit said the departure could affect Nvidia and the broader AI chip market, Yahoo News Singapore said on 13 November. Singapore retail investors sharply increased buying of Nvidia shares, with trading volumes up to 13 times the prior average, The Business Times reported on 13 November. Earlier on 13 November, Nvidia's stock dropped 14% intraday and closed down 4. 3% after the resignation, CBC noted. On the same day, broader markets edged higher while Nvidia fell more than 4%, the New York Times said. Broadcom's shares rose over 5% after the announcement, The Motley Fool reported. Baird cut its price target to $200 and moved the rating to neutral, and Morgan Stanley removed Nvidia from its Top Pick list, The Globe and Mail reported.
Analysts projected limited upside for Nvidia through 2027 as investigations and market headwinds continue, The Motley Fool said. Nvidia's shares had tumbled nearly 10% ahead of its fiscal Q3 earnings report, The Motley Fool noted. Microsoft reclaimed the world’s second-largest market valuation on 10 November as Nvidia slid more than 6%, Yahoo Finance reported. The board launched an investigation into CEO Jensen Huang following his admission of infidelity, 24/7 Wall St. said. Jim Cramer called Nvidia stock the cheapest in about a decade and said it was on sale, 24/7 Wall St. reported.
