Nvidia Drops Over 4% as Jensen Huang Resigns as CEO; Nasdaq Falls 0.39%

Nvidia (NVDA) fell 4.34% to $166.19.

Nvidia's board of directors announced on Thursday that Jensen Huang has stepped down as president, chief executive officer, and director, effective immediately. Colette Kress, the current executive vice president and chief financial officer, has been named interim CEO and will continue to serve in her existing roles. The board has initiated a formal search for a successor, considering both internal and external candidates. The board stated that it has confidence in the current management team and expects company operations, customer commitments, and product roadmaps to continue moving forward.

The performance of large-cap tech stocks today is shown in the chart below:

The Philadelphia Semiconductor Index fell 0.54% to 10,506.67 points. Among its 30 constituent stocks, 24 declined and 6 advanced.

Nvidia Faces DOJ Antitrust Probe, While Separate Investigation Involves Super Micro Computer

Multiple ongoing investigations by the U.S. Department of Justice could involve Nvidia, with one directly targeting the company on antitrust issues, Semafor reported, citing two U.S. government officials. The report stated that there is currently no indication the DOJ plans to file criminal charges against Nvidia or Jensen Huang. Another investigation involves Super Micro Computer (SMCI). A Super Micro Computer spokesperson said the company has fully cooperated with investigations by authorities in the U.S. and Taiwan, and has proactively provided information to Singaporean authorities and responded to relevant requests.

SpaceX-Tesla Merger Talks Reportedly Progressing, Deal May Be Announced as Early as December

Merger talks between SpaceX (SPCX) and Tesla (TSLA) are progressing, with the boards and advisers of both sides discussing transaction terms and a post-merger governance structure, Bloomberg reported, citing people familiar with the matter. A deal could be announced as early as December, though the parties have also discussed the possibility of delaying the announcement until early 2027. Negotiations still involve how to ring-fence parts of Tesla's overseas operations, as well as national security concerns related to SpaceX's contracts with the U.S. Department of Defense. Both sides had previously established special committees of independent directors to evaluate potential merger arrangements.

OpenAI Reportedly Raises Cumulative $15 Billion at Valuation of Around $1.25 Trillion

OpenAI has cumulatively raised about $15 billion in its latest funding round at a valuation of around $1.25 trillion, with the capital raised representing half of its initial $30 billion target, CNBC reported on Thursday. OpenAI had initially sought at least $30 billion at a valuation of approximately $1.4 trillion, before the target was reportedly lowered to a maximum of $20 billion. The cumulative amount raised is higher than the initial tranche of about $11 billion disclosed last week.

Hammack Renews Call for Restrictive Rates, Leans Toward More Frequent, Smaller Hikes

Cleveland Fed President Beth Hammack said Thursday in Columbus, Ohio, that the Federal Reserve needs to push its policy rate into restrictive territory to bring inflation back to 2%. She noted that progress on lowering inflation has stalled noticeably, with recent price pressures moving in the wrong direction. Hammack favored tightening policy through more frequent, smaller rate hikes to prevent persistent high inflation from entrenching inflation expectations among businesses and consumers. Last month, she dissented against holding rates at 3.75% to 4%, advocating instead for a 25-basis-point hike.

Trump Says US 'Does Not Need a Deal with Iran,' Urges Vance to Focus on Domestic Issues

U.S. President Donald Trump posted on social media Thursday that the U.S. currently "does not need a deal with Iran," adding that he had asked Vice President JD Vance to turn his full attention to addressing alleged corruption and crime in Democratic-run cities and states. Trump also claimed that the U.S. holds hundreds of billions of dollars in Iranian funds and controls the Strait of Hormuz. A day earlier, The Wall Street Journal reported that Vance was considering face-to-face talks with senior Iranian security officials, though discussions remained in their early stages and no date had been set.

This content was translated using AI and reviewed for clarity. It is for informational purposes only.