AP Business SummaryBrief at 2:50 p.m. EST

How Nvidia CEO Jensen Huang's extramarital affair could cause collateral damage in Washington WASHINGTON (AP) — Nvidia CEO Jensen Huang is under scrutiny after revelations of an affair with Chinese businessperson Alice Huang, who's suspected of spying. Nvidia produces crucial AI chips that both China and the U.S. covet, and Jensen Huang's affair has sparked concerns about national security. The Department of Justice is investigating whether a company tied to Alice Huang illegally funneled chips to China. Nvidia's board says there's “no reason to believe” secrets were compromised. President Donald Trump is a supporter of Jensen Huang and has played down the issue. China has denied the allegations that Alice Huang was a spy. Jensen Huang built the company that powers AI. Now Nvidia must find a way forward without him Nvidia CEO Jensen Huang has resigned, capping a spectacular downfall for a poster boy of the artificial intelligence boom. His exit on Thursday followed reports of extramarital affairs, and it thrusts the chipmaker into an uncertain future. The resignation came after a dizzying series of headlines about Huang’s infidelity and ties to an alleged Chinese spy. Huang's departure sets off a scramble to find a permanent replacement to lead the multitrillion-dollar colossus that grew from obscurity to a perch between Apple and Microsoft at the top of the S&P index. Shares of Nvidia plummeted 14% at the opening bell, before stabilizing. What we know after Jensen Huang resigns as Nvidia's CEO Nvidia CEO Jensen Huang has resigned from his top post at the chipmaker he co-founded, after reports of the tech titan’s extramarital affairs came into the spotlight this week. One of those relationships has raised national security concerns. The New York Times reported that Huang had an affair with a businesswoman U.S. intelligence suspects to be a Chinese spy, which Beijing denies. Separately, the outlet and later others found Huang was said to have had another affair with an Nvidia executive who reported to him directly — compounding calls for him to step down. Nvidia announced Huang’s resignation Thursday, effective immediately, and said CFO Colette Kress would step into the top spot in the interim. The Latest: Nvidia CEO Jensen Huang resigns after his affair raises US security concerns Nvidia CEO Jensen Huang has resigned after his extramarital affair with a Chinese businesswoman who reportedly was also acting as a spy for Beijing raised U.S. national security concerns. The company named Colette Kress as interim CEO. She had been Nvidia's executive vice president and chief financial officer. Nvidia’s board had gathered to discuss Huang’s future after revelations that he was having an affair with a former Megaspeed executive suspected of being a Chinese government agent. Shares of Nvidia, one of the largest companies in the world, fell sharply at the opening bell Thursday. Advocacy groups sue AI giants to freeze new models, warning of 'catastrophic' risks NEW YORK (AP) — A coalition of online safety and consumer advocacy groups has sued five leading AI companies to halt further development. They allege the tech giants can't prevent their creations from causing "catastrophic" harm and allege their endangerment of public health has violated California law. The lawsuit targets Anthropic, Google, Meta, OpenAI, and SpaceXSI. It cites cyberattacks by AI systems and the companies' own warnings about potential risks. It comes at a moment of reckoning for a burgeoning industry that has generated both excitement and deep fear. The recent midterm election could result in more regulation of the technology. Nonprofit local news isn't free! It takes reporters, editors, and resources to do this work right. Your donation keeps that work alive. MAKE YOUR DONATION TODAY Wall Street claws back early losses after absorbing big swings for Nvidia's stock and oil prices NEW YORK (AP) — The U.S. stock market has erased most of its early losses after absorbing big swings for Nvidia’s stock and oil prices. Thursday's moves suggest Wall Street sees limited fallout for the AI industry following the sudden fall of one of its biggest evangelists. After dropping nearly 1% at the start of trading, the S&P 500 eased back to a 0.2% loss. The Dow Jones Industrial Average was mostly unchanged, and the Nasdaq composite fell 0.3%. Nvidia’s stock initially plunged 14% following the resignation of its CEO, Jensen Huang. But it quickly halved its loss, while other AI chip stocks rose. Who is Colette Kress, Nvidia's interim CEO? Longtime exec takes top spot after Jensen Huang resigns CHICAGO (AP) — Nvidia has appointed Colette Kress as interim CEO following Jensen Huang's resignation. Kress, who joined Nvidia in 2013 and served as executive vice president and CFO, steps into the role during a challenging time for the company. Huang, a co-founder of Nvidia, resigned after reports of extramarital affairs surfaced, including one with a woman alleged to be a Chinese spy. Kress expressed her commitment to building on Nvidia's foundation and continuing its leadership in accelerated computing and AI. Before Nvidia, Kress held roles at Cisco, Microsoft, and Texas Instruments. The average US 30-year mortgage rate falls to 7.11% this week, its fourth straight decline The average long-term U.S. mortgage rate fell for the fourth straight week, offering more relief for prospective home shoppers at a time when many have put off buying a home due to elevated home loan borrowing costs and prices. Mortgage buyer Freddie Mac said Thursday that the average 30-year fixed-rate mortgage in the U.S. declined to 7.11% from 7.18% last week. One year ago, the average rate was 6.24%. Borrowing costs on 15-year fixed-rate mortgages, often sought by borrowers refinancing a home loan, also fell again this week. That average rate dipped to 6.45% from 6.57% last week. A year ago, it was at 5.49%. Lower mortgage rates relieve some of the pressure on prospective homebuyers facing higher borrowing costs on home loans. US home sales slumped in October to slowest pace in more than 16 years as mortgage rates surged Sales of previously occupied U.S. homes slumped in October to their slowest pace in more than 16 years as mortgage rates climbed sharply, ratcheting up borrowing costs for aspiring homebuyers. The National Association of Realtors said Thursday that existing home sales fell 5.5% last month from September to a seasonally adjusted annual rate of 3.75 million units. That’s the slowest annual sales pace since August 2010, when the market was still reeling from the late-2000s U.S. housing crash. Sales sank 8.8% compared with October last year. The U.S. median sales price increased 0.4% in October from a year earlier to $416,700. Why professional networking is a job search asset that AI can’t replace NEW YORK (AP) — Standing out in a crowded field of job applicants can be difficult. And the automated screening tools that employers increasingly are using to evaluate large numbers of online applications don't make it any easier. Employment experts say that having a professional network can help job seekers get noticed and advance in the hiring process. But some people who recognize the value of networking may not know how to do it. Establishing and maintaining professional relationships happens on social media platforms and in virtual meetings, as well as during in-person events. Experts advise reaching out to new contacts, keeping messages short, being specific when asking for time and developing relationships before asking for job leads. Donate now to support local nonprofit news in Lancaster County Newsletter Success! 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