Jensen Huang’s downfall, Ottawa’s fight with Stellantis and Stelco recalls laid-off Hamilton workers: Must-read business and investing stories

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Markets are bracing as Jensen Huang resigns as CEO of AI giant Nvidia. Reuters senior correspondent Danilo Masoni has more on the potential impact on global markets and the AI trade. Chief fina…Full Caption

After a week of bombshell reports, plunging stocks and mounting pressure, Nvidia CEO Jensen Huang resigned Thursday in a massive downfall that clouds the future of the chipmaker and its role in the artificial intelligence boom. He also stepped down from its board of directors, with both exits effective immediately. Chief financial officer Colette Kress will lead the company on an interim basis, Nvidia said on Thursday.

The tech leader had faced growing calls to step down from Nvidia Corp. – the company he founded in 1993 and transformed into the world’s predominant supplier of computer chips to power AI development – after reports of two extramarital affairs, including one with an alleged Chinese spy.

The company’s board had opened an independent investigation into whether Mr. Huang was the target of a foreign espionage operation after he disclosed an extramarital affair.

Mr. Huang has been synonymous with Nvidia and with the AI industry as a whole. His resignation creates uncertainty not only about Nvidia, but about the pace of AI infrastructure spending, which is expected to reach US$7.6-trillion within the next five years, according to an April report from Goldman Sachs.

In a potential end to the face-off between Cleveland-Cliffs and Ottawa, Stelco Inc. said on Friday that it is recalling 175 laid-off steel workers effective Dec 1. The steel maker cited sufficient demand from customers for its steel for the decision.

The restart of operations will take several weeks and all impacted employees will be compensated retroactively for any…

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