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What happened
Nvidia said Thursday morning that Jensen Huang has resigned as president, chief executive officer and a member of the board, effective immediately, in a company release at 7:48 AM CT. Colette Kress, Nvidia's chief financial officer, is interim CEO and keeps her CFO role until a permanent successor is named. The board is starting a search and will consider internal and external candidates, the company said. Nvidia also named Harvey C. Jones as its board's first-ever chair.
In the release, Jones said the company expects its "operations, customer commitments and product roadmap to continue without interruption."
What we know / what we don't know yet
Nvidia said it will still report its quarterly results on Tuesday, Nov. 17, as previously scheduled, with results at about 3:20 PM CT and the call at 4:00 PM CT.
Here's the shift from this morning's Brief: the question mark is gone. The market now knows who's running Nvidia for now, but not who runs it next. That second question is still open, and Tuesday's report is the next scheduled update from the company.
What we don't know yet: who the permanent CEO will be, how long the search takes, and how the cash market takes it at the open.
The market reaction so far
- Nvidia: down 10.22% at $155.97 premarket at 7:56 AM CT (Yahoo Finance data).
- Nasdaq 100 futures: down 1.20%; S&P 500 futures: down 0.66% at 7:56 AM CT (Yahoo Finance data).
- Gold futures: down 2.54% at $3,899.00 at 7:56 AM CT (Yahoo Finance data).
What happens next
- US stocks open at 8:30 AM CT, the first cash trading since the news.
- Nvidia reports quarterly results Tuesday, Nov. 17, after the close.
- We'll have how the day played out, and why, in tonight's Close.
The short version (the what and the result)
- Jensen Huang resigned as Nvidia's CEO and from its board, effective immediately (Nvidia).
- CFO Colette Kress is interim CEO; the board is searching for a permanent one (Nvidia).
- Nvidia −10.22% premarket; Nasdaq 100 futures −1.20% at 7:56 AM CT (Yahoo Finance data).
- Earnings stay on for Tuesday, Nov. 17.