Elon Musk, Trump, Kress, Nvidia’s Board On Jensen Huang’s Exit: Mag 7 Voices This Week

Detailed summary

This week, Nvidia's Jensen Huang resigned as president, CEO, and a board member, just four days after the board publicly expressed confidence in his leadership.

At the start of the week, Nvidia's (NVDA) board publicly expressed "absolute confidence in Jensen and his leadership team." Four days later, CEO Jensen Huang had resigned, effective immediately, leaving the company facing an unexpected leadership transition just days before its next earnings report.

Nvidia said Huang stepped down as president, CEO, and board member. Chief Financial Officer Colette Kress will serve as interim CEO while the board searches for a permanent replacement. The company is scheduled to report third-quarter results next Tuesday.

See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox

The abrupt departure prompted reactions from across the board, including Tesla (TSLA) and SpaceX (SPCX) CEO Elon Musk and President Donald Trump. Their comments ranged from Musk suggesting it would be an honor to bring Huang to his companies to Trump publicly floating former Apple CEO Tim Cook as a possible successor.

Nvidia's board issued the above statement on Sunday while announcing an independent investigation into reports that Huang had been targeted by a foreign intelligence effort. It also said it had "no reason to believe" that national security or Nvidia's confidential information had been compromised.

Four days later, the board's tone had shifted. Its announcement of Huang's departure thanked him for his "immeasurable contributions to the company and the industry," but offered no reason for his resignation and included no statement from Huang.

This week, NVDA stock logged its longest weekly losing streak since 2012, with its market capitalization sinking by over $1.6 trillion. On Stocktwits, retail sentiment around Nvidia trended in the 'extremely bullish' territory over the past week, with chatter rising to 'extremely high' from 'high' levels. Platform data showed an uptick of nearly 400% in message volume over the last seven days.

Kress struck a continuity-focused tone in her…

The board…

Opening of the article, excerpted from Yahoo Finance. To read the rest, open the article on the publisher's site.