NVIDIA stock falls 2.01% to $162.85 on Saturday. This extends losses from a day after co-founder Jensen Huang resigned as CEO. After hours, shares slid another 1.13% to $161.01.
On Thursday, the stock fell as much as 13%. However, retail buying helped narrow the loss to about 4%.
Meanwhile, the broader crypto market fell 2.25% to $2.27 trillion. Bitcoin led the decline, dropping below $68,000. Ether traded near $1,900. XRP slipped below $1.
NVIDIA stock falls as board eyes Arm CEO
NVIDIA’s board approached Arm CEO Rene Haas about succeeding Huang. Arm shares fell 6.5% Friday before finishing about 5% lower.
Haas is one of several candidates under consideration. He has not received a job offer. It remains unclear if he would accept.
NVIDIA’s board said it is choosing a search firm. It has not started formal talks with candidates. Arm declined to comment. Reuters could not independently confirm the report.
Finance chief Colette Kress took over as interim CEO. Longtime director Harvey Jones became board chair.
Haas spent seven years at NVIDIA, rising to vice president. He joined Arm in 2013 and became CEO in February 2022. Arm returned to public markets in 2023 and joined the Nasdaq-100. Arm says revenue and profit have nearly doubled under Haas.
Elon Musk backs petition for Huang’s return
Elon Musk said on X he would sign a petition for Huang’s reinstatement. Huang led NVIDIA since 1993. He oversaw its expansion into AI chips. He stepped down after acknowledging an extramarital affair. NVIDIA’s board commissioned an independent review.
An open letter now has over 65,000 signatures. It alleges Huang was removed “without meaningful due process.” More than 35,000 shareholders signed it. So did 4,700 current and former employees.
Musk publicly stated he signed the petition. He fully supports Huang’s return.
Before Huang resigned, a longtime NVIDIA engineer urged the board to consider employee sentiment. The post drew over 1,600 comments. Several workers called for his return. NVIDIA declined to comment on Musk’s post or the employee campaign.
NVIDIA stock prediction: will NVDA rebound from $160?
NVIDIA opened near $170 on Friday. It dropped to about $158.40, then recovered some loss by the close. Shares lost about 6.3% across two sessions from Wednesday’s $173.73 finish.
The drop to $161.01 brought the $160 support level back into focus. A sustained move below $160 would put Friday’s low near $158.40 back in view.
If $160 holds, a rebound above $165 would bring Thursday’s close of $166.19 into play. A move through $166.19 could set up another test of $170. Friday’s early rally stalled there.
Key levels to watch
Support sits at $160, then $158.40. Resistance sits at $165, then $166.19 and $170. Therefore, traders should watch whether NVDA holds $160.