Nvidia stock falls 13% as Jensen Huang resigns

Nvidia stock tumbled nearly 13% at the Wall Street open after CEO Jensen Huang resigned immediately. The sudden departure of the founder dragged the broader stock market downward. Colette Kress, the Executive Vice President and Chief Financial Officer of Nvidia, agreed to serve as interim CEO while the company searches for a permanent successor, according to Cointelegraph.

The news sent ripples through the crypto market as well. Bitcoin fell below $72,000 for the first time since August 20, with month-to-date losses reaching 7.4%. About $730 million in crypto liquidations occurred over a 24-hour period as prices dropped.

Economist Mohamed El-Erian called the resignation a significant development that could affect more than just Nvidia. He noted the company must navigate the loss of its founder while facing various political investigations.

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Investors are also watching upcoming inflation data. Keith Alan, cofounder of the crypto trading platform Material Indicators, said a cool Producer Price Index report could change the market's direction. If the report shows lower inflation, it might lower the odds of the Fed raising interest rates in December or January. For now, the market remains volatile.