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BREAKING
연합뉴스9 minutes agoBusiness3 min readSouth KoreaView original

[Yonhap News headlines at this time] - 07:30

Nvidia's board of directors announces Hwang's immediate resignation as president, CEO, and director... Market capitalization decreased by approximately 242 trillion won in one day

Quick Look

  • NVIDIA CEO Jensen Huang suddenly resigned due to an affair scandal and suspicions of involvement with Chinese spies.
  • NVIDIA's market capitalization was 801 trillion won during the day, and about 242 trillion won evaporated in one day.
  • The New York Stock Exchange stock price fell 4.3%.

AI-generated summary

Why It Matters

NVIDIA CEO Jensen Huang suddenly resigned due to an affair scandal and suspicions of involvement with Chinese spies. Nvidia's board of directors announced that he will resign from his positions as president, CEO, and board member effective immediately. On the New York Stock Exchange, Nvidia's stock price fell 4.3%, and its market capitalization decreased by approximately 242 trillion won in one day.

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Jensen Huang, CEO of U.S. artificial intelligence (AI) semiconductor company Nvidia, suddenly resigned on the 12th (local time) amid a series of scandals, including suspicions of involvement in Chinese spies. Nvidia's board of directors announced in a statement today that CEO Hwang will immediately resign from his position as president, CEO, and board member. Although the board of directors used the word 'resign', it is interpreted that they effectively dismissed CEO Hwang, who was at the center of various controversies. Major economic media outlets, including the Wall Street Journal (WSJ) and Bloomberg, also reported that Jensen Huang was dismissed (ousted).

Former NVIDIA CEO Jensen Huang's third affair scandal was raised. Citing multiple sources, Reuters reported on the 12th (local time) that former CEO Hwang had an affair with another female employee at Nvidia. This is the third affair scandal to emerge, following former Megaspeed executive Alice Hwang, who is suspected of being a Chinese spy, and Kimberly Powell, vice president of Nvidia's healthcare division.

As CEO Jensen Huang suddenly resigned due to an affair scandal, Nvidia's market capitalization evaporated by over $600 billion (approximately KRW 801 trillion) at one point during the day. On the 12th (local time), Nvidia's stock price closed at $166.19 on the New York Stock Exchange, down 4.3% from the previous day. The market capitalization was calculated to be about $4.013 trillion, a decrease of about $182 billion (about 242 trillion won) in one day.

U.S. President Donald Trump said on the 12th (local time) that there was no need for an agreement with Iran and ordered Vice President JD Vance, who had been leading the negotiations, to focus on other tasks. “We don’t need an agreement with Iran,” President Trump said on the social media platform TruthSocial, adding, “Those days are long gone.” President Trump claimed, “We have secured hundreds of billions of dollars of their money and we have taken control of their Strait of Hormuz.”

Airport Railroad labor and management dramatically reached a wage negotiation just an hour and a half before the strike on the 13th. According to the Airport Railroad and the Korean Confederation of Trade Unions and the Airport Railroad Branch of the Public Transport Workers' Union, labor and management held the 11th round of wage agreement negotiations starting the afternoon of the previous day and reached a provisional agreement around 3:30 a.m. that day. Labor and management agreed to a 4.9% wage increase compared to the total labor cost of the previous year, joint efforts to increase safety personnel by 21, and improvement of the continuous promotion system for lower-level positions.

The domestically produced supersonic fighter FA-50 'Fighting Eagle' is a fighter developed based on the domestically produced advanced trainer aircraft T-50. It has a length of 13.14m, a wingspan of 9.45m, and a height of 4.94m. It can fly at a maximum speed of Mach 1.5 (1,837km per hour) and has a maximum endurance of 2 hours. It is armed with AIM-9 air-to-air guided missiles and air-to-ground guided missiles such as AGM-65G, JDAM, and KGGB. It can perform air-to-air and air-to-ground missions, and is evaluated as having excellent mobility.

The death toll from a building collapse in Brooklyn, New York, USA has increased to eight. Of these, two were confirmed to be children. New York City Mayor Zoran Mamdani announced at a press conference on the 12th that two children and six adults were killed in the three-story building collapse that occurred the afternoon before. The number of injured was at least 18, including 4 firefighters.

The U.S. Federal Reserve (Fed) released the schedule for the 2027 Federal Open Market Committee (FOMC) meeting on the 12th (local time). As previously announced by Federal Reserve Chairman Kevin Worth, one of the eight FOMC meetings next year will focus only on discussing monetary policy strategies, and the number of meetings to decide on policy interest rates will be reduced to seven. According to the revised schedule for the 2027 FOMC meeting announced by the Federal Reserve on this day, next year's meeting will be held a total of eight times in January, March, April, June, July, September, October, and November.

Last month, the number of applications for land transaction permits for apartments in Seoul increased for two consecutive months. The price of apartments for which permits were applied for in the three Gangnam districts (Gangnam, Seocho, Songpa-gu) and Yongsan-gu decreased compared to the previous month, but the so-called Han River Belt area and areas outside Seoul continued to rise. The Seoul Metropolitan Government announced on the 13th that the number of new applications for Seoul apartment land transaction permits (Tohe) in October was 3,947, an 8.2% increase from 3,649 the previous month.

On Friday the 13th, it will be mostly cloudy across the country and rain will fall in some areas. There will be rain in Jeju Island from the morning, the Jeolla region from the afternoon, and the Chungcheong region and western Gyeongsang Province from the evening. In the morning, there will be raindrops less than 0.1 mm falling on Jeju Island.

What to Watch

AI outlook — possibilities, not facts

  • NVIDIA's board of directors will appoint a successor CEO

    Very likely · Within weeks

  • NVIDIA stock price will face further downward pressure in the short term

    Likely · Within days

Open Questions

  • Who will be appointed as the next CEO?
  • What is the truth behind the allegations of Chinese spy involvement?
  • What will be the long-term impact of the affair scandal on Nvidia's business?

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This article was originally published by 연합뉴스.

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