Morning Business Report: Nvidia names new executive as Family Dollar agrees to $63 million settlement
Artificial intelligence chipmaker Nvidia has named Colette Kress as its new top executive following the resignation of Jensen Huang amid allegations involving personal relationships.
(LILAMAX)- Artificial intelligence chipmaker Nvidia has named Colette Kress as its new top executive following the resignation of Jensen Huang amid allegations involving personal relationships.
Huang resigned after admitting to an affair with a woman described in reports as a suspected Chinese spy. Additional allegations involve possible relationships with two other Nvidia employees.
Nvidia shares fell more than 4% by the close of trading Thursday. The company has lost nearly $1 trillion in market value this month.
Meanwhile, Family Dollar has agreed to pay $63 million to settle allegations from the Federal Trade Commission and state authorities that customers were routinely charged more at checkout than prices displayed on shelves, price tags and advertisements.
Seventeen states filed lawsuits against the discount retailer.
According to the allegations, Family Dollar’s internal records show customers have complained for six years about its mobile app failing to provide advertised discounts and prices.
Dollar General is facing similar litigation involving pricing practices.
On Wall Street, technology stocks faced additional pressure Thursday as Nvidia’s decline weighed on the sector.
Oil prices also increased amid a lack of progress in negotiations involving Iran.
In retirement news, the Internal Revenue Service has announced higher contribution limits for workplace retirement plans beginning in 2027.
Employees will be able to contribute up to $25,500 to their 401(k) plans, an increase from $24,500 in 2026.
The individual retirement account contribution limit will remain unchanged at $7,500.
Meanwhile, the U.S. housing market continues to struggle as sales of previously owned homes fell to a 16-year low in October.
According to the National Association of Realtors, existing-home sales declined 5.5% to a seasonally adjusted annual rate of 3.75 million.
Sales in the West dropped to their slowest pace since records began in 1999.
The South and Midwest also experienced significant declines, with sales falling to their lowest levels in more than a decade.
