The company’s shares dropped 8.6 per cent in after-hours trading after The New York Times first reported the relationship with Powell and The Wall Street Journal reported that Nvidia’s board could oust Huang.
Futures tracking the tech-heavy Nasdaq 100 also dropped about 1 per cent in evening trading.
Huang’s departure from Nvidia, until recently the world’s most valuable company, would have far-reaching consequences for the AI industry and US stock market.
Nvidia’s dealmaking—including extensive equity investments in AI companies and more complex financial guarantees—has made it a central player in the financing boom surrounding the technology. Its semiconductors, meanwhile, are integral to training and running AI models from the
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