ISTANBUL
Nvidia was on course for its sixth consecutive weekly decline on Friday, its longest losing streak since 2012, with roughly $1.6 trillion erased from its market value since the slide began in early October.
The US chipmaker’s shares have fallen about 29% over the period, pushing its market capitalization below Apple’s. The stock ended Thursday down 4.3%, bringing its losses for the week to approximately 11%.
A lower close for the week would mark Nvidia’s first six-week losing streak since October 2012.
The latest decline came as Nvidia announced Thursday that co-founder Jensen Huang had resigned as president, chief executive and board member, effective immediately.
Chief Financial Officer Colette Kress was appointed interim CEO while the board searches for a permanent successor, considering both internal and external candidates. She will retain her finance responsibilities during the transition.
Huang’s departure followed reports of extramarital affairs, adding leadership uncertainty to concerns over the outlook for artificial intelligence investment.
Nvidia’s selloff began before the leadership crisis, amid concerns that higher interest rates could increase financing costs for debt-dependent companies investing in AI infrastructure, including customers buying its chips.
Attention now turns to the company’s quarterly results on Tuesday, Nov. 17, its first earnings announcement under Kress.
Nvidia said its operations, customer commitments and product roadmap were expected to continue without interruption following the leadership change.
