Biggest story in markets right now is Nvidia — and it's not about chips, it's about leadership.

What happened

CEO Jensen Huang has resigned, effective immediately, after revelations over the weekend that he had two extramarital affairs, including one with a woman alleged to be a Chinese intelligence asset.

CFO Colette Kress will serve as interim CEO while the board searches for a permanent successor, ending Huang's 33-year run as co-founder and CEO.

The board has also appointed Harvey Jones as Nvidia's first-ever board chair.

Market fallout

Shares fell more than 6% on Tuesday after a 4.3% drop on Monday, putting Nvidia on track to shed more than $470 billion in market value over two sessions.

The drop briefly allowed Microsoft to reclaim its position as the world's second-most valuable company for the first time since June 2025.

Why investors are worried

The FBI is reportedly investigating Huang's relationship, lawmakers want hearings, and shareholders have already filed a proposed class action.

Baird downgraded Nvidia to neutral and more than halved its price target from $500 to $200, while Morgan Stanley removed it as a top pick.

What to watch next

November 16-17 earnings — Nvidia is due to report quarterly results, and that call is now expected to be one of the most closely watched in company history.

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