The short version
- Nvidia CEO Jensen Huang resigned effective immediately on November 12, and CFO Colette Kress takes over as interim CEO while the board looks for a permanent one.
- The NVDA perp on Hyperliquid is down 10.7% at $155.73, in line with a 10.6% drop in Nvidia stock before the Nasdaq open.
- Next: Nvidia’s third-quarter results on Tuesday, November 17, around 21:20 UTC (1:20 p.m. in Santa Clara), its first earnings without Huang as CEO.
Nvidia CEO Jensen Huang is out. The chipmaker said on Thursday that Huang has resigned as president, chief executive and a board member, effective immediately, ending his run at the top of the company he co-founded in 1993.
Crypto traders had the move priced before Wall Street could react. The NVDA perp on Hyperliquid trades at $155.73 at the time of writing, down 10.7% in 24 hours. Nvidia stock sits at $155.33 in premarket trading, 10.6% under Wednesday’s $173.73 close. So who runs the world’s biggest AI chipmaker now?
Nvidia’s own newsroom posted the news at 13:49 UTC (5:49 a.m. in Santa Clara), with a one-line link to the release:
NVIDIA announces CEO transition. Read the release: nvidianews.nvidia.com/news/nvidia-an…
Who Is Running Nvidia Now?
Colette Kress, for now. Nvidia’s chief financial officer since September 2013 becomes interim CEO and keeps the CFO job until the board names a permanent successor. The board says it will look at internal and external candidates. No timeline.
Harvey C. Jones, the former CEO and executive chairman of Synopsys, becomes the first-ever chair of Nvidia’s board.
SIDE TRAIL: Jensen Huang Ouster Odds Hit 80% on Polymarket as Nvidia Perps Slide on Hyperliquid
Kress said she is “committed to building on the extraordinary foundation Jensen created over the last 33 years.” The release gives no reason for the exit. It comes a day after reports that the board was moving to oust Huang sent the odds of his exit soaring on Polymarket.
Sponsored · Affiliate link
Save 20% on fees trading on WEEX
Base Camp may earn a commission if you sign up. It never affects what we write.
Why the Nvidia CEO Exit Hits Crypto Traders Too
Because the trade runs 24/7 on-chain now. Here is the tape at the time of writing:
- NVDA perp on Hyperliquid: $155.73, down 10.7%, with $1.51 billion traded in 24 hours
- NVDA open interest: about $551 million
- Nvidia stock, premarket: $155.33, down 10.6%
- Bitcoin: $72,403, down 1.8%
- Ethereum: $2,008.81, down 2.3%
Open interest, the value of all perp positions still open, stood at roughly $91 million on November 7. Hyperliquid stock perps (perpetual futures with no expiry) gave traders a way to bet on this exit while the Nasdaq was closed, and they used it.
Bitcoin is feeling it too. BTC slipped under its 200-day moving average at $73,142, the average of the last 200 daily closes and a line it held through the overnight drop.
The first real test comes fast. Nvidia still reports its third-quarter results on Tuesday, November 17, at about 21:20 UTC (1:20 p.m. in Santa Clara), and the call follows at 22:00 UTC. It will be the company’s first earnings call without Huang as Nvidia CEO.
TRAIL MAP: Funding Rates and Open Interest: Reading the Leverage in the Market
The betting has already moved on to the successor. On the Polymarket “Next CEO of NVIDIA?” market, Nvidia executive Ian Buck leads at 27.5%. Kress, who already holds the job on an interim basis, is at 24.8%.
Satoshi Flipper has more than 20 years of trading experience, starting in stocks before moving into crypto in 2017, and holds an MBA from the Kellogg School of Management. The edge is reading the economic data: rate decisions, inflation, jobs numbers, earnings and the US markets that move Bitcoin.
More from Satoshi Flipper
