The US stock market steadied itself on Thursday after absorbing big swings for Nvidia’s stock and oil prices. The moves suggested Wall Street sees limited fallout for the artificial intelligence industry, which carries immense influence on the market, despite the sudden fall of one of its biggest evangelists, the Associated Press notes. After dropping nearly 1% at the start of trading, the S+P 500 erased all of the loss and then drifted between small gains and losses before dipping 0.3%. The Dow Jones Industrial Average was down 88 points, or 0.2%, with an hour remaining in trading, while the Nasdaq composite was down 0.5% after trimming an early drop of 1.6%. At the center of the swings was Nvidia’s stock. It plunged 14% at the start of trading following the resignation of Jensen Huang, its CEO, co-founder and face of the brand. It’s a stunning fall for Huang and for Nvidia, which had become Wall Street’s most valuable and influential stock because of its central role in the AI boom.
Nvidia turmoil continues as Jensen Huang resigns over affairs scandal and company appoints interim CEO – as it happened
This live blog is now closed. Analysis: Jensen Huang built an AI kingdom. What now? Full report: Jensen Huang resigns as Nvidia CEO Too big – and too well-connected – to sack? Huang does not enjoy the supercharged voting rights that are par for the course elsewhere – his shareholding is a plain vanilla 3.6%. On the other hand, Nvidia’s board does not appear to have spent much time worrying about succession planning and “key person risk” or other standard concerns of corporate governance wonks outside the US. Continue reading...




