US stocks decline as Jensen Huang quits as Nvidia CEO; Alphabet, AMD rise

The US stocks settled in the red on Thursday after Nvidia co-founder Jensen Huang's departure as the president, chief executive and board member of the chipmaker with immediate effect.

Tech-heavy NASDAQ Composite declined 0.39% to 25,366.09, while the S&P 500 index fell 0.35% to 7,592.40. The Dow Jones Industrial Average dropped 0.36% to 52,297.09.

Nvidia has named chief financial officer (CFO) Colette Kress as interim CEO. She will keep the top post until a permanent CEO is named.

Kress joined Nvidia in 2013. Before that, she held finance roles for nearly 25 years at technology companies, including Cisco and Microsoft.

The California-based company also named Harvey C Jones, former CEO of Synopsys, as the first-ever chair of its board.

Huang's exit comes days after reports alleged that he had an extramarital affair with a Chinese businesswoman who is reportedly suspected by the United States authorities of spying for Beijing.

The company has opened an independent inquiry into Huang's alleged extramarital relationship with a spy. On November 8, US President Donald Trump announced that the FBI was also probing the matter.

Nvidia shares ended 4.34% lower at $166.19 apiece. The company's competitors Advanced Micro Devices (AMD) and Broadcom rose 5.86% and 5.54%, respectively. Alphabet shares also gained 1.78%.

Nvidia said it will post its third-quarter earnings for fiscal 2027 on Tuesday, November 17.

Meanwhile, Apple's shares hit an all-time high of $359.37 apiece intra-day. It closed 0.14% lower at $354.88.

In a Truth Social post, Trump said that the US does not need a deal with Iran. "We don’t need a deal with Iran. Those days have long since passed. We’ve got their money, hundreds of billions of dollars, and we’ve got their Strait," he said.

The Brent Crude is hovering above $95 per barrel, while the West Texas Intermediate is trading at $88.06 a barrel.