Nvidia's stock fell for six consecutive weeks, the longest streak since 2012, and about $1.6 trillion in market value was wiped out.

Nvidia's stock fell for a sixth consecutive week, the longest weekly losing streak since 2012, and fell 29% over the six weeks through Thursday's close, with about $1.6 trillion in market value wiped out and its market value surpassed by Apple. Co-founder Jensen Huang resigned on Thursday after two extramarital affairs were made public, one of the partners alleged to be a Chinese spy and the other a vice president of the company's healthcare business; the board appointed CFO Colette Kress as interim CEO, and the stock fell 4.3% that day and 11% for the week. The stock had already fallen about 9% the previous week, mainly after Democrats won a landslide in the midterm elections and dozens of ballot measures that could slow AI buildout passed, and the market also worried that rising interest rates would hit large customers such as neoclouds that rely on debt markets. Nvidia will release its quarterly report on Tuesday, and according to analyst expectations compiled by LSEG, revenue will grow 91% year over year to $108.9 billion; Oppenheimer analysts expect fundamentals to take a back seat in the near term, and Huang's departure may create sustained pressure on the stock price.