Nvidia shares fall 8.6% after hours; market cap slips to third behind Microsoft

[Financial News] Nvidia shares plunged nearly 9% in after-hours trading following a report that the company's board was preparing to remove CEO Jensen Huang, pushing its market-cap ranking down to third place behind Microsoft (MS).
Nvidia shares closed up 2.9% at $173.73 in regular trading on the New York stock market on the 11th (local time), but ended after-hours trading down 8.6% at $158.78.
That was also below this year's lowest closing price of $164.79, recorded on March 30.
Based on its after-hours price, Nvidia's market cap stood at about $3.834 trillion, shedding about $361 billion (about 481 trillion won) in a single day.
After Apple, Nvidia was also overtaken by Microsoft (about $3.863 trillion), falling to third place worldwide.
Nvidia shares fell 14.9% this week alone, while its market cap shed about $673 billion (about 897 trillion won).
Compared with its record high of $239.24 on the 6th of last month, the stock fell 33.6%. Its market cap declined by about $1.943 trillion (about 2,591 trillion won).
The Wall Street Journal (WSJ) reported after the market closed that Nvidia's board was preparing to remove CEO Huang, who had an extramarital relationship with a woman suspected of being a Chinese spy and also with a company employee.
Rivals AMD and Broadcom rose 7.3% and 4.0%, respectively, in regular trading, then gained a further 3.3% and 2.1% in after-hours trading on expectations of spillover benefits. Nvidia is scheduled to report its quarterly results on the 17th.


[email protected] Lee Seok-woo, international affairs specialist Reporter