Nvidia Loses 240 Trillion Won in Market Value Overnight

Nvidia's market capitalization shrank by 240 trillion won in a single day after CEO Jensen Huang resigned on Friday (local time) amid allegations of an extramarital affair. Nvidia announced that Huang stepped down immediately from his roles as CEO and board member.

Chief Financial Officer Colette Kress has taken over as interim CEO, and the board has begun searching for a permanent successor from candidates both inside and outside the company. Roughly 60 people reported directly to Huang, who left without a clear succession plan in place.

Huang built the company—once a maker of graphics chips for gaming—into the leader of the AI semiconductor market. He expanded its software ecosystem and also served as the industry's external emissary, lobbying the White House to relax chip export restrictions on China.

The Nvidia board launched an independent investigation on Monday, stating there was no evidence at the time that national security or company secrets had been compromised. China's Foreign Ministry countered that the US had fabricated espionage allegations as a pretext for a technology blockade.

Rep. John Moolenaar, chairman of the US House Select Committee on China, urged the appointment of leadership that prioritizes national security. The upcoming selection process and the investigation's findings remain key issues to watch.