Nvidia CEO Jensen Huang steps down, shares plummet
** Nvidia's NVDA.O shares plunge 13% in morning trading; stock is on track for biggest daily drop since January 2025
** CEO Jensen Huang to step down immediately
** Finance chief Colette Kress will take over as interim CEO as Nvidia looks for a permanent successor, company says
** Huang, who co-founded Nvidia and is its fourth-largest investor with a stake of about 3.61%, will also exit the company's board
** Nvidia names former Synopsys CEO and board member Harvey Jones as its first board chairman
** "The long-term implications are far-reaching, as he has put himself at the center of AI and the buildout," says Paul Nolte, senior wealth adviser & market strategist at Murphy & Sylvest
** As of last close, NVDA has fallen 6.8% YTD
** Following are the actions brokerages took on the stock this week:
Brokerage | Rating | PT |
Oppenheimer | perform (from outperform) | - |
Bernstein | market perform (from outperform) | $200 (from $400) |
Evercore ISI | in line (from outperform) | $186 (from $465) |
Melius Research | hold (from buy) | $185 (from $315) |
Citigroup | buy | $225 (from $285) |
J.P.Morgan | overweight | $215 (from $320) |
RBC Capital Markets | outperform | $230 (from $330) |
BofA Global Research | - | $280 (from $350) |
William Blair | market perform (from outperform) | _ |
Stifel | buy | $205 (from $315) |
Baird | neutral | $200 (from $500) |