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Jensen Huang didn't just sell chips for the AI boom. He helped pay for it, and Wall Street is now repricing everyone on his tab. Huang resigned as Nvidia's (NVDA) CEO and left its board Thursday, effective immediately, after reports of two affairs, one involving an alleged Chinese spy. CFO Colette Kress is now interim CEO, and the company still plans to report earnings Tuesday. Nvidia stock sank to its lowest level in more than a year, putting it about $2 trillion below its October record at its low. But the selling hasn't hit the AI trade evenly. Nebius (NBIS) and CoreWeave (CRWV), cloud companies that rent out Nvidia chips, took the worst of it, while rivals Broadcom (AVGO) and AMD (AMD) and most of Big Tech held up.
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