Nvidia announced the immediate resignation of its co-founder and chief executive Jensen Huang, who had led the company for 33 years, without specifying the reason for his departure. Colette Kress became interim chief executive and Harvey Jones was appointed chairman of the board. Nvidia shares fell as much as 10% in premarket trading, reducing the company’s market capitalization to about $3.8 trillion, nearly $2 trillion below its October peak. The leadership crisis spread to cryptocurrency markets, with Bitcoin dropping below $71,500 and Ether below $1,990, while CoreWeave and Nebius fell by more than 13% and about 20%, respectively. Investors are concerned about whether Huang’s successor can sustain the circular financing arrangements supporting the AI infrastructure boom, although existing contracts have not changed.
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