Nvidia sheds nearly $500 billion in value as Jensen Huang resigns

Updated on: November 12, 2026 / 5:03 PM EST / CBS News

The shock resignation of Nvidia CEO Jensen Huang on Thursday renewed pressure on the chipmaker's shares, with the company shedding almost $500 billion in value since the close of U.S. trading last week.

Nvidia announced Huang's resignation on Thursday morning. In a statement, the company said Chief Financial Officer Colette Kress will take over as interim CEO.

Nvidia shares fell $7.54, or 4.3%, to $166.19, paring its losses after tumbling as much as 14.3% earlier in the day.

The latest drop comes after the stock shed 9.6% of its value in trading on Monday and Tuesday following the disclosure last weekend that Huang had an extramarital affair with a woman U.S. intelligence agencies believe was a Chinese asset.

Nvidia, co-founded by Huang in 1993, became a key player in artificial intelligence due to its powerful semiconductors that fuel many of the world's leading AI firms. Because of Nvidia's importance to the growing industry, its chips are subject to export controls that limit their sales to China. Huang had pushed the Trump administration to relax some of those regulations.

Huang, one of the world's best-known CEOs, has served as…

Original source: https://www.cbsnews.com/moneywatch/