AMD and several other semiconductor stocks declined after an initially strong rally. The PHLX Semiconductor Index SOX gained 10.6% during the first four trading days of the week, when investors expected a potential weakening of Nvidia to benefit its competitors. Nvidia’s board of directors has nevertheless launched an investigation into former chief executive Jensen Huang’s relationships and whether they compromised business secrets. The investigation led Wall Street to question Nvidia’s central role in the artificial intelligence economy, with possible consequences across the technology sector. Huang resigned as chief executive on Thursday morning.
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