{"id":74583,"date":"2026-11-12T11:38:16","date_gmt":"2026-11-12T15:38:16","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/nvidia-ceo-jensen-huang-resigns-amid-espionage-probe-openai-secures-15b-funding\/74583\/"},"modified":"2026-11-12T11:38:16","modified_gmt":"2026-11-12T15:38:16","slug":"nvidia-ceo-jensen-huang-resigns-amid-espionage-probe-openai-secures-15b-funding","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/nvidia-ceo-jensen-huang-resigns-amid-espionage-probe-openai-secures-15b-funding\/74583\/","title":{"rendered":"Nvidia CEO Jensen Huang Resigns Amid Espionage Probe; OpenAI Secures $15B Funding"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Jensen Huang has resigned as CEO of <a href=\"https:\/\/stockmarketwatch.com\/stock\/NVDA\" data-internallinksmanager029f6b8e52c=\"15\" title=\"stock: NVDA\">Nvidia<\/a> (<a href=\"\/stock\/NVDA\">NVDA<\/a>)<\/strong> effective immediately following reports of personal misconduct and an investigation into ties with a suspected Chinese spy; <strong>CFO Colette Kress<\/strong> has been named interim CEO.<\/li>\n<li><strong>OpenAI has reportedly raised $15 billion<\/strong> in a new funding round, bringing its private valuation to <strong>$1.25 trillion<\/strong> as it prepares for a potential future IPO.<\/li>\n<li><strong>U.S. existing home sales plummeted 5.5% in October<\/strong> to a seasonally adjusted annual rate of <strong>3.75 million units<\/strong>, the weakest pace since 2010.<\/li>\n<li><strong>Stellantis (<a href=\"\/stock\/STLA\">STLA<\/a>) CEO Antonio Filosa<\/strong> warned that chip shortages and raw material inflation will cost the automaker <strong>billions of euros<\/strong> in 2027 and 2028.<\/li>\n<li><strong>Federal Reserve Governor Michael Barr<\/strong> cautioned that AI adoption could cause <strong>&quot;serious short-term disruptions&quot;<\/strong> in the job market and potentially deepen economic inequality.<\/li>\n<\/ul>\n<h2>Nvidia Leadership Shakeup Amid Espionage Allegations<\/h2>\n<p>In a move that has sent shockwaves through the technology sector, <strong><a href=\"https:\/\/stockmarketwatch.com\/stock\/NVDA\" data-internallinksmanager029f6b8e52c=\"15\" title=\"stock: NVDA\">Nvidia<\/a> (<a href=\"\/stock\/NVDA\">NVDA<\/a>)<\/strong> announced on Thursday that co-founder <strong>Jensen Huang<\/strong> has resigned as President, CEO, and board member. The resignation is effective immediately and follows a series of reports concerning Huang&#39;s personal conduct, including an alleged affair with <strong>Alice Huang<\/strong>, a businesswoman identified by U.S. intelligence as a suspected agent for China&#39;s Ministry of State Security.<\/p>\n<p>The company\u2019s board has appointed long-time Chief Financial Officer <strong>Colette Kress<\/strong> as interim CEO while initiating a search for a permanent successor. <strong>Harvey C. Jones<\/strong> has been named the first-ever Chair of the Board. Markets reacted sharply to the news, with <a href=\"https:\/\/stockmarketwatch.com\/stock\/NVDA\" data-internallinksmanager029f6b8e52c=\"15\" title=\"stock: NVDA\">Nvidia<\/a> shares falling as much as <strong>13%<\/strong> in early trading, wiping out hundreds of billions in market capitalization as investors weigh the impact of the founder&#39;s departure on the company&#39;s dominant position in the AI chip market.<\/p>\n<h2>OpenAI Valuation Hits $1.25 Trillion<\/h2>\n<p><strong>OpenAI<\/strong>, the creator of ChatGPT, has successfully raised <strong>$15 billion<\/strong> in its latest funding round, according to sources cited by CNBC. This capital injection values the artificial intelligence powerhouse at <strong>$1.25 trillion<\/strong>, solidifying its status as one of the most valuable private companies in history. The round reportedly included participation from <strong>SoftBank<\/strong> and Abu Dhabi-based <strong>MGX<\/strong>.<\/p>\n<p>This massive funding comes as OpenAI faces increasing competition from rivals like <strong>Anthropic<\/strong> and <strong>Google (<a href=\"\/stock\/GOOGL\">GOOGL<\/a>)<\/strong>. Analysts suggest the $15 billion raise is a strategic move to secure the vast computing resources required for next-generation model training while setting the stage for an eventual initial public offering (IPO).<\/p>\n<h2>U.S. Housing Market Hits 16-Year Low<\/h2>\n<p>The U.S. housing market continues to struggle under the weight of high borrowing costs, as <strong>existing home sales fell 5.5% in October<\/strong>. The National Association of Realtors (NAR) reported that sales dropped to an annual rate of <strong>3.75 million units<\/strong>, falling short of the <strong>3.85 million<\/strong> estimated by economists. This represents the slowest sales pace since the aftermath of the 2008 financial crisis in August 2010.<\/p>\n<p>Despite the slump in volume, the <strong>median home price rose 0.4%<\/strong> year-over-year to <strong>$416,700<\/strong>. NAR Chief Economist Lawrence Yun noted that &quot;home buying is difficult when mortgage rates have climbed to their highest levels since 2000,&quot; referencing the 30-year fixed rate which recently surged above <strong>7%<\/strong>.<\/p>\n<h2>Global Supply Chain and Labor Concerns<\/h2>\n<p><strong>Stellantis (<a href=\"\/stock\/STLA\">STLA<\/a>)<\/strong> CEO Antonio Filosa issued a stark warning on Thursday, projecting that the automotive industry will face &quot;billion-euro surcharges&quot; starting in 2027. Filosa highlighted that persistent inflation in <strong>memory chips, semiconductors, and raw materials<\/strong> will drive significant cost increases for the next production cycle.<\/p>\n<p>Simultaneously, <strong>Federal Reserve Governor Michael Barr<\/strong> addressed the broader economic impact of AI in a speech at Yale University. Barr warned that while AI could drive productivity, it also poses a risk of <strong>&quot;serious short-term disruptions&quot;<\/strong> to the labor market. He emphasized that the concentration of AI power among a few &quot;superstar&quot; firms could lead to a decline in the share of income going to workers, potentially straining the &quot;American Dream.&quot;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Jensen Huang has resigned as CEO of Nvidia (NVDA) effective immediately following reports of personal misconduct and an 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