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Nvidia CEO Jensen Huang steps down, shares plummet

By Reuters News

** 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)

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