Nvidia on track for longest weekly losing streak since 2012 as market value sinks by $1.6 trillion
Jensen Huang's resignation added to Nvidia's market woes, with the stock already in a downward slide since early October.
TL;DR
- Nvidia's stock is on track for its longest weekly losing streak since 2012.
- The company has lost 29% of its value, approximately $1.6 trillion, and has fallen below Apple in market cap.
- CEO Jensen Huang resigned after two extramarital affairs were made public.
- Colette Kress has been named interim CEO.
- Analysts anticipate a challenging transition for Nvidia following Huang's departure.
- The stock's decline began before Huang's resignation, influenced by midterm election results potentially slowing AI development and concerns about rising interest rates affecting debt-heavy companies.
- Nvidia is scheduled to report quarterly results next week, with analysts projecting significant year-over-year revenue growth.