Nvidia shares fell sharply Thursday after co-founder Jensen Huang resigned as chief executive, dropping more than 14% at one point during trading. The stock recovered some ground after the board named Chief Financial Officer Colette Kress interim CEO, but still ended the day lower. It remains unclear whether Kress will serve only temporarily or be considered for the permanent role.
The board has begun a search for a permanent successor, weighing both internal and external candidates. Names reportedly under discussion from within the company include Ian Buck, a longtime Nvidia engineer, and Harvey C. Jones, the company’s first chairman. Arm CEO Rene Haas has also been mentioned.
Among outside names reportedly under consideration are AMD CEO Lisa Su, Micron CEO Sanjay Mehrotra, Marvell Technology CEO Matt Murphy and Apple’s Johny Srouji. President Donald Trump has reportedly suggested Tim Cook, the former Apple chief executive. None of the names has been officially confirmed as a candidate.
The leadership change could have a significant impact on Nvidia, which holds roughly 90% of the market for advanced AI chips and is among the world’s most valuable companies. Its market value reached nearly $6 trillion under Huang. His abrupt exit, together with scrutiny by US lawmakers of his ties to China, presents a major challenge for the company.