Nvidia falls after Huang resigns as CEO

Nvidia shares fell 4.3% on Thursday after the company said chief executive Jensen Huang had resigned, extending a decline of more than 30% from the stock’s October record high. Chief financial officer Colette Kress is serving as interim CEO while the company seeks a permanent successor.

The drop followed reports about Huang’s personal relationships. Nvidia said he resigned on November 12. The reports included an allegation that one woman was suspected of spying for China; that allegation has not been independently established in the reporting. Nvidia’s leadership change has put attention on succession and the company’s outlook, alongside concerns about whether demand for its artificial-intelligence chips will remain strong.

Trading was volatile on Thursday. Nvidia’s shares fell as much as 14% during the session, according to one account, before closing down about 4.3%. The S&P 500 lost 0.35%, the Nasdaq Composite fell about 0.4%, and the Dow Jones Industrial Average dropped 189 points. Nvidia’s decline from its October peak was reported at more than 30%; the stock was down about 12% for the week in one account.

The selloff has pushed the company’s valuation to levels not seen in...