Nvidia’s market value fell by about $360 billion following reports of a board investigation and a search for candidates to replace CEO Jensen Huang. In after-hours trading on November 11, AMD and Broadcom gained approximately $78 billion in market value. Turmoil at Nvidia weighed on stocks in companies it has invested in and on the broader market. Investors awaited results from Cisco and Applied Materials, while the U.S. 10-year Treasury yield rose amid speculation about a Federal Reserve rate hike.
The board appointed Harvey C. Jones as its first chairman as investors weigh the leadership transition and an independent investigation ahead of third-quarter results on November 17.
Read the full storyReports indicate Jensen Huang's exit as NVIDIA CEO following board investigations, as William Blair upgrades competitor AMD.