Nvidia shares recovered much of a steep early drop on Thursday, the first trading session since the company said Jensen Huang had resigned as chief executive. The stock fell as much as 14.3% to $148.80 at the opening bell, from Wednesday’s close of $173.73, then climbed back. At 2:07 p.m. Eastern it was at $164.06, down 5.6%, having regained more than half of the early loss.
Nvidia said Thursday morning that Huang had resigned as president, chief executive and a board member, effective immediately. Chief Financial Officer Colette Kress is serving as interim CEO while the board looks for a permanent successor, and director Harvey C. Jones was named the board’s first-ever chair. House Foreign Affairs Committee Chairman Brian Mast said Huang agreed to testify before Congress, likely before Thanksgiving. No date has been set.
Rival chipmakers rallied. Advanced Micro Devices rose 5% to $580.39 and was up as much as 7.4% earlier in the day. Broadcom gained 5.5% to $364.31.
The wider market steadied after a weak start. The S&P 500 fell as much as 0.9% in the first minutes of trading and was down 0.1% at 7,610.79 in early afternoon. The Nasdaq Composite was down 0.2%, and the Dow Jones Industrial Average was little changed at 52,499.98.
These are early-afternoon prices and may change by the close.
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