US President Donald Trump has backed former Apple chief executive Tim Cook to replace Jensen Huang as the head of Nvidia, hours after Huang resigned from the chipmaker he led for 33 years.
In a post on Truth Social on Thursday, Trump wrote: “NOW THAT Nvidia CEO JENSEN HUANG, who has done a fantastic job, has resigned, there is only one man to take his place – TIM COOK of Apple. A Legend replaces a Legend!”
Cook stepped down as Apple’s chief executive on 1 September after 15 years in the role and is now the company’s executive chairman. John Ternus succeeded him as Apple CEO. Cook has not publicly shown any interest in the Nvidia job, and Nvidia has not indicated that he is under consideration.
01. Huang’s sudden exit
Huang resigned as Nvidia’s president, chief executive and board member with immediate effect on Thursday, after reports of an extramarital affair with a Chinese businesswoman whom US authorities suspect of spying for Beijing. The company’s board accepted his resignation and named chief financial officer Colette Kress as interim chief executive while it searches for a permanent successor, considering both internal and external candidates.
Trump repeated his support for Cook in an interview with sports commentator Stephen A. Smith on Thursday. But a president’s endorsement carries no formal weight in Nvidia’s search: the decision rests with the company’s board.
02. Shares slide as succession search begins
Nvidia’s shares fell 4.3 percent to $166.19 on Thursday, after tumbling as much as 14.3 percent earlier in the session, according to CBS News. Measured from the close of US trading the previous week, the company has lost almost $500 billion in market value.
The board has also approached Arm chief executive Rene Haas as a possible successor, the Financial Times reported on Friday, citing people familiar with the matter. Haas is one of several candidates being considered, and there is no guarantee he will be offered the job or accept it.
Nvidia is due to report its quarterly results on 17 November, as scheduled. Investors will be watching closely to see whether the chipmaker can sustain its rapid growth without the man who built it into the world’s most valuable AI company.
