Key insights
- NVDA stock fell 10.55% premarket to $155.40 after Huang’s resignation.
- Colette Kress became interim Nvidia CEO while remaining its CFO and executive vice president.
- The chipmaker named Harvey C. Jones, board chair, began a permanent Nvidia CEO search.
NVDA stock fell 10.55% in premarket trading after Nvidia announced Jensen Huang’s immediate resignation.
He left his roles as Nvidia CEO, president, and board member, ending a 33-year tenure at the chipmaker he co-founded.
Nvidia named CFO Colette Kress interim CEO and Harvey C. Jones board chair.
NVDA Stock Falls 10.55% Before the Opening Bell
The announcement followed a steep decline in Nvidia stock after regular trading. Shares closed at $173.73 on November 11, after opening at $172.80.
During the session, NVDA stock reached $177.54 and fell to $170.77. The chart shows Nvidia stock prices holding near $174 to $177 for much of the day.
After the close, the chart shows NVDA stock dropping from around $174 into the $160 range. They then fluctuated near $158 to $161. At 9:06 a.m. premarket, the displayed quote stood at $155.40. That was $18.33 below the previous close, a 10.55% decline.
Meanwhile, the selloff in NVDA stock spread to AI Neocloud stocks before the opening bell. Nebius fell 20.1%, while CoreWeave dropped 13.6%. The Roundhill Neocloud ETF declined 12.5%, and IREN lost 8.1%. The reported figures showed further declines across AI cloud infrastructure stocks.
Nvidia CEO Transition Names Kress Interim Leader
The board accepted Huang’s resignation on November 11 and announced the change the following day. All three departures took effect immediately. Directors began searching for a permanent Nvidia CEO and said they would consider internal and external candidates.
Kress will retain her executive vice president and CFO roles while serving as interim Nvidia CEO. She has held the CFO position since joining Nvidia in September 2013. The company did not name a permanent successor in its announcement.
Jones said Kress understood Nvidia’s business, customers, operations, and financial position. He also cited support from the company’s experienced leadership team.
The board expressed confidence in Kress and said it expected operations, customer commitments, and the product roadmap to continue without interruption.
Kress said she planned to build on the foundation Jensen Huang created over 33 years. She also said Nvidia would continue its work in accelerated computing and artificial intelligence.
Earlier Reports Covered Huang’s Event Withdrawals and Cloud Policy
Amid the recent Nvidia stock plunge, earlier coverage focused on Jensen Huang’s participation in industry events before the board announced his departure. Business Insider reported that he withdrew from Anthropic’s executive forum and the ElevenLabs New York summit on November 9.
The report placed those absences amid growing scrutiny of the Nvidia CEO. The Coin Republic linked to that coverage in its November 10 article.
Separately, Nvidia News reported on November 3 that Nvidia had directed global cloud providers to limit Chinese customers’ access to AI computing services. The Coin Republic covered that report in a November 4 article.
