Fallout from the Nvidia scandal may dampen the exuberance around the AI boom

Nvidia CEO Jensen Huang’s stunning resignation has sent ripples throughout the global technology industry, with competitors itching to take advantage of the uncertainty surrounding the chip giant. Others wonder if the downfall of one of AI’s biggest cheerleaders will dampen the mood around the civilization-altering technology. Some of Nvidia’s biggest rivals, such as Broadcom, Intel and Advanced Micro Devices, saw their shares advance Thursday following Huang’s departure, as investors predicted that its customers may be looking to diversify their suppliers. In the end, analysts say, this might not be such a bad thing.

Jensen Huang built the company that powers AI. Now Nvidia must find a way forward without him

Nvidia CEO Jensen Huang has resigned, capping a spectacular downfall for a poster boy of the artificial intelligence boom. His exit on Thursday followed reports of extramarital affairs, and it thrusts the chipmaker into an uncertain future. The resignation came after a dizzying series of headlines about Huang’s infidelity and ties to an alleged Chinese spy. Huang's departure sets off a scramble to find a permanent replacement to lead the multitrillion-dollar colossus that grew from obscurity to a perch between Apple and Microsoft at the top of the S&P index. Shares of Nvidia plummeted 14% at the opening bell, before stabilizing.

Who is Colette Kress, Nvidia's interim CEO? Longtime exec takes top spot after Jensen Huang resigns

CHICAGO (AP) — Nvidia has appointed Colette Kress as interim CEO following Jensen Huang's resignation. Kress, who joined Nvidia in 2013 and served as executive vice president and CFO, steps into the role during a challenging time for the company. Huang, a co-founder of Nvidia, resigned after reports of extramarital affairs surfaced, including one with a woman alleged to be a Chinese spy. Kress expressed her commitment to building on Nvidia's foundation and continuing its leadership in accelerated computing and AI. Before Nvidia, Kress held roles at Cisco, Microsoft, and Texas Instruments.

What we know after Jensen Huang resigns as Nvidia CEO

Nvidia CEO Jensen Huang has resigned from his top post at the chipmaker he co-founded, after reports of the tech titan’s extramarital affairs came into the spotlight this week. One of those relationships has raised national security concerns. The New York Times reported that Huang had an affair with a businesswoman U.S. intelligence suspects to be a Chinese spy, which Beijing denies. Separately, the outlet and later others found Huang was said to have had another affair with an Nvidia executive who reported to him directly — compounding calls for him to step down. Nvidia announced Huang’s resignation Thursday, effective immediately, and said CFO Colette Kress would step into the top spot in the interim.

FBI says US has seized $1.2 billion worth of cryptocurrency stolen from Binance

WASHINGTON (AP) — The FBI says it has seized or restrained more than $1.2 billion of cryptocurrency reported stolen last month from Binance. The theft of $6.3 billion from the world’s largest cryptocurrency exchange is regarded as the biggest crypto heist in history. The FBI has previously attributed it to a North Korean hacking group called TraderTraitor. The U.S. government and private sector have so far combined to freeze more than $2.7 billion of the stolen funds. The Justice Department said Thursday that it has now obtained court authorization to seize or restrain more than $1.2 billion of that total.

Is Outlook down? Widespread outage hits Microsoft email and other apps

A widespread outage has hit Microsoft platforms including Outlook, with many users encountering trouble using their email accounts and other errors across the tech giant’s suite of apps. Nearly 130,000 users on outage tracker Downdetector reported problems accessing Outlook on Thursday afternoon Eastern time. New reports have since fallen, though problems were continuing. Users in many parts of Asia also reported issues with Microsoft platforms as of Friday midmorning in the region. Others also reported issues with Microsoft’s workplace messaging app Teams, as well as its AI assistant Copilot and wider Microsoft 365 services. Microsoft said it was working on fixes.

Canada threatens to sue Stellantis over auto plant sale as Trump’s trade war shifts production south

TORONTO (AP) — Canada threatened to sue automaker Stellantis and recover hundreds of millions of dollars in government funding after the company shifted planned vehicle production to the United States during U.S. President Donald Trump’s trade war and agreed to sell its idled assembly plant in Brampton, Ontario. Industry Minister Mélanie Joly said Ottawa had issued Stellantis a formal notice alleging breaches of its funding agreement, giving the automaker 30 days to address the violations or face legal action. Stellantis abandoned plans to build the Jeep Compass at its Brampton plant and shifted production to Illinois, leaving more than 2,000 Canadian workers without jobs. Canada committed millions to help Stellantis retool its Brampton and Windsor plants for electric vehicle production.

Advocacy groups sue AI giants to freeze new models, warning of 'catastrophic' risks

NEW YORK (AP) — A coalition of online safety and consumer advocacy groups has sued five leading AI companies to halt further development. They allege the tech giants can't prevent their creations from causing "catastrophic" harm and allege their endangerment of public health has violated California law. The lawsuit targets Anthropic, Google, Meta, OpenAI, and SpaceXSI. It cites cyberattacks by AI systems and the companies' own warnings about potential risks. It comes at a moment of reckoning for a burgeoning industry that has generated both excitement and deep fear. The recent midterm election could result in more regulation of the technology.

Wall Street shakes with swings for Nvidia and oil prices but recovers most of its early losses

NEW YORK (AP) — The U.S. stock market shook, but it largely absorbed big swings for Nvidia and oil prices and finished with relatively modest losses. After dropping nearly 1% at the start of Thursday's trading, the S&P 500 erased all the loss before finishing with a dip of 0.4%. The Dow Jones Industrial Average fell 0.4%, and the Nasdaq composite slipped 0.4%. Nvidia’s stock initially plunged 14% following the resignation of its CEO, Jensen Huang. But it quickly halved its loss, while other AI chip stocks rose. Oil prices climbed after President Donald Trump said he’s no longer interested in a deal with Iran.

The average US 30-year mortgage rate falls to 7.11% this week, its fourth straight decline

The average long-term U.S. mortgage rate fell for the fourth straight week, offering more relief for prospective home shoppers at a time when many have put off buying a home due to elevated home loan borrowing costs and prices. Mortgage buyer Freddie Mac said Thursday that the average 30-year fixed-rate mortgage in the U.S. declined to 7.11% from 7.18% last week. One year ago, the average rate was 6.24%. Borrowing costs on 15-year fixed-rate mortgages, often sought by borrowers refinancing a home loan, also fell again this week. That average rate dipped to 6.45% from 6.57% last week. A year ago, it was at 5.49%. Lower mortgage rates relieve some of the pressure on prospective homebuyers facing higher borrowing costs on home loans.