Nvidia Shares Fall Amid Reports of Potential CEO Jensen Huang Ouster
Nvidia (NVDA) shares dropped 8% in after-hours trading following reports from The Wall Street Journal and The New York Times suggesting the board is considering ousting CEO Jensen Huang. The potential leadership change stems from an investigation into personal conduct, including allegations of an affair with a company executive and a separate reported connection to an individual at Singapore-based Megaspeed. Jim Cramer expressed significant concern regarding the scandal, noting that a 'Jensen-less Nvidia' would be undesirable for many investors. While Cramer believes the company possesses sufficient internal talent—specifically citing Ian Buck—to survive a leadership vacuum, he indicated he will not buy more shares during this sell-off, especially with upcoming earnings reports. The uncertainty has led to rating downgrades and increased interest in competitors like Advanced Micro Devices (AMD).
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Topics: Board of Directors CEO investigation Corporate scandal Stock price volatility