Tech & AI
Nvidia tumbles after hours on Times report board may oust Huang
Nvidia Corp. (Nasdaq: NVDA) tumbled 8.6% to $158.78 in after-hours trading Wednesday after The New York Times reported that its board is preparing to remove Chief Executive Jensen Huang. An earlier Times report said Huang had an alleged affair with Kimberly Powell, Nvidia's vice president of health care, who reports to him. Citing people who worked at the company, the Times said the pair were caught on video "being affectionate" at a hotel during an Nvidia conference in March.
The after-hours drop more than erased a regular session in which Nvidia jumped 2.9% and added $120 billion in market value. Nvidia accounts for 4.7% of the value of the 500 largest U.S. companies, so that gain added $134 to $100,000 spread across them by size. The Times said the board could meet as soon as Wednesday to decide its next steps. Nvidia did not immediately respond to a request for comment.
For readers
What it means for you: Nvidia closed Wednesday's regular session at $173.73, already 27.4% below its 52-week high of $239.24. The after-hours drop on the Times report came on top of that gap. A single stock carries company news in full, with no other holdings to offset it. On $100,000 in a Nasdaq-100 fund, the regular session added $2,280, and none of the after-hours move is in that number. Weekly jobless claims arrive today at 8:30 a.m. ET, an hour before Nvidia's first regular trade since the report.
The numbers
| Nvidia (NVDA) price | $173.73 |
|---|---|
| Nvidia (NVDA) change | +2.87% |
| Nvidia (NVDA) market value | $4.2 trillion |
| Nvidia (NVDA) 52-week high | $239.24 |
| S&P 500 change | +1.31% |
| 10-year Treasury yield | 4.98% |
Wednesday’s close
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