Nvidia says Jensen Huang resigned; CFO Kress named interim CEO
Original title: Nvidia’s Jensen Huang resigns, chipmaker names CFO Colette Kress as interim CEO
Shares fell more than 11% premarket Thursday after a drop of more than $300 billion in market cap since Friday.
Nvidia said its board accepted Jensen Huang's resignation as president and chief executive on Wednesday, days after he admitted a romantic affair with an alleged Chinese spy. CFO and executive vice president Collete Kress becomes interim CEO while remaining CFO. Harvey Jones, a Nvidia director since 1993, is the company's first board chair. TechCrunch says the departure raises questions about Nvidia's AI investments, cloud commitments, and credit guarantees.
Unconfirmed: The Chinese-spy description is alleged, and a possible guarantee for Nscale's West Virginia project is only what Nvidia was said to be considering.
- As of the second quarter, Nvidia reported $99 billion of investments and $25 billion of commitments.
- Cloud service commitments were $36 billion.
- Nvidia invested $2 billion in CoreWeave in January and $2 billion in Nebius in March.
- It signed up to provide up to $105 billion in credit guarantees for an OpenAI campus in Ohio.
From the original article
2 min read at techcrunch.com
Nvidia gets a new chief executive, days after former CEO Jensen Huang admitted to a romantic affair with an alleged Chinese spy.
By Ram Iyer · techcrunch.com
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