Nvidia Stock Slides as Board Investigates CEO Jensen Huang
(MENAFN) Nvidia shares declined during late trading on Sunday after the company launched an independent investigation into CEO Jensen Huang following his admission of an extramarital relationship, according to reports.
The chipmaker's stock lost approximately 4.2% in overnight trading on the Robinhood platform.
Meanwhile, shares of Nvidia's Asian suppliers showed little reaction to the controversy, as technology stocks across the United States experienced a broader recovery.
The company's board opened the internal investigation after Huang acknowledged being unfaithful to his wife and issued an apology to employees, directors and shareholders in a company-wide message over the weekend.
The inquiry comes amid reports alleging that Huang had been involved with a former executive at Megaspeed International, who is suspected by US intelligence agencies of having connections to Chinese intelligence operations.
US Secretary of State Marco Rubio reportedly oversaw the drafting of a classified intelligence assessment earlier this year, which alerted senior administration officials to potential counterintelligence risks linked to the alleged relationship.
Huang has promised to cooperate fully with the independent investigation, while reiterating his dedication to protecting US national security and maintaining the company's business operations.
The controversy creates additional challenges for the artificial intelligence chip manufacturer, whose shares have already faced downward pressure since last month amid growing uncertainty over technology investments and the potential implications of the upcoming US midterm elections.
The chipmaker's stock lost approximately 4.2% in overnight trading on the Robinhood platform.
Meanwhile, shares of Nvidia's Asian suppliers showed little reaction to the controversy, as technology stocks across the United States experienced a broader recovery.
The company's board opened the internal investigation after Huang acknowledged being unfaithful to his wife and issued an apology to employees, directors and shareholders in a company-wide message over the weekend.
The inquiry comes amid reports alleging that Huang had been involved with a former executive at Megaspeed International, who is suspected by US intelligence agencies of having connections to Chinese intelligence operations.
US Secretary of State Marco Rubio reportedly oversaw the drafting of a classified intelligence assessment earlier this year, which alerted senior administration officials to potential counterintelligence risks linked to the alleged relationship.
Huang has promised to cooperate fully with the independent investigation, while reiterating his dedication to protecting US national security and maintaining the company's business operations.
The controversy creates additional challenges for the artificial intelligence chip manufacturer, whose shares have already faced downward pressure since last month amid growing uncertainty over technology investments and the potential implications of the upcoming US midterm elections.
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