Big news from NVIDIA: CEO Jensen Huang has resigned following a scandal involving multiple affairs, including one with an executive at a Singapore-based cloud computing company who US intelligence agencies believe is a Chinese spy.
The shakeup led to a 12% drop in NVIDIA's stock price this morning.
Stepping in as interim CEO is Colette Kress, who has been the company's CFO for years.
NVIDIA stock downgraded, Cramer urges hold
The fallout from the scandal also triggered a downgrade of NVIDIA's stock rating.
Jim Cramer is telling people to hold off on buying shares for now, though he still believes in the company long term.
For now, Jim Cramer's Charitable Trust says, "We don't want to step in to buy the stock into this scandal-driven sell-off, but we're not giving up on the company either."