Nvidia announces Jensen Huang's resignation; market value evaporates by more than $1 trillion in less than a month

Nvidia announced Jensen Huang's resignation; less than an hour after the announcement, the company's market value had evaporated by about $546 billion, and since the scandal broke its market value has shrunk by more than $1 trillion in total. The scandal began with a late-October New York Times report saying Jensen Huang had close ties to Alice Huang, a former executive at Singapore chip buyer Megaspeed, who is alleged to be an intelligence asset of China's Ministry of State Security; during that period there were also reports that he had a second extramarital affair with an Nvidia employee; on November 8, after Jensen Huang publicly admitted the extramarital affair, Nvidia announced an investigation into its CEO. Nvidia holds about a 90% share of the market for chips used to train frontier AI models; according to regulatory filings as of August, the company held nearly $30 billion in Intel stock and about $21 billion in SpaceX stock; over the past five days AMD shares rose 28% and Broadcom rose nearly 16%. As of March, Jensen Huang held 3.5% of Nvidia shares, and the scandal has reduced the value of his personal stake by more than $50 billion.