Nvidia shares fell 4.3% on Thursday after the chipmaker announced that co-founder Jensen Huang had resigned as chief executive. The board named Colette Kress interim CEO while it searches for a permanent successor. Kress, who has been Nvidia’s chief financial officer since 2013, will retain that role during the search.

The decline extended to other companies tied to AI spending. Cloud infrastructure provider Nebius fell 16.8% after releasing its quarterly results and outlook. The broader US market held up better. Energy was the strongest S&P 500 sector, while the S&P 500 fell 0.35%, the Nasdaq Composite slipped 0.39% and the Dow Jones Industrial Average lost 0.36%.

Nvidia chair Harvey Jones said the board expected the company’s “operations, customer commitments and product roadmap to continue without interruption.” Nvidia is due to report quarterly results on 17 November, giving investors their first scheduled earnings update since the leadership change.