Volatile trade as Nvidia chief executive Jensen Huang resigns

Detailed summary

The chip maker was down 4.8% at the time of the London equity market close.

Stocks in London ended a volatile session mixed on Thursday as brighter economic growth data was overshadowed by the resignation of Nvidia’s boss Jensen Huang.

The FTSE 100 index closed up 27.62 points, 0.3%, at 10,863.09, recovering after drifting into the red in the early afternoon.

The FTSE 250 ended just 8.20 points lower at 24,916.84, and the AIM all-share shed 8.03 points, 1.1%, at 756.26.

In Europe, the CAC 40 in Paris rose 0.3%, while the DAX 40 in Frankfurt climbed 0.4%.

In the US, equity markets were higher across the board. Around the time of the London equities close on Thursday, the Dow Jones Industrial Average was up 0.4%, the S&P 500 was 0.3% higher, as was the Nasdaq Composite.

Nvidia was down 4.8% at the time of the London equity market close, but well above earlier lows, as the chip maker confirmed that chief executive Mr Huang had resigned.

On Sunday, Mr Huang admitted to an extramarital affair with Alice Huang, whom US intelligence officials have reportedly identified as a suspected Chinese intelligence asset, raising concerns about potential risks to sensitive information relating to US restrictions on AI chip exports to China.

Separately, the New York Times reported that the former chief executive had a second extramarital relationship with Kimberly Powell, Nvidia’s vice president of healthcare, who reported directly to him.

Colette Kress, who has served as Nvidia’s chief financial officer since September 2013, will retain her finance responsibilities while serving as interim chief executive. The board has launched a search for a permanent successor, considering both internal and external candidates.

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