Jensen Huang, who built Nvidia into the world's most valuable chipmaker and the foundation of the modern AI boom, has resigned as chief executive officer after 33 years at the company's helm, ending a tenure that reshaped the global technology industry.
The resignation, announced in a company press release on Thursday, comes after a week of escalating revelations about Huang's personal conduct, including an admitted extramarital affair with a woman whom U.S. intelligence officials had identified as a potential operative for Beijing, and a subsequent New York Times report alleging a second relationship with a Nvidia executive. For more context on this story, see our ongoing breaking AI news.
In the press release, Nvidia said the resignation would take effect immediately and that Executive Vice President and Chief Financial Officer Colette Kress would lead the company on an interim basis. The board also confirmed it is initiating a search for a permanent chief executive and will consider both internal and external candidates.
"Jensen's contributions to NVIDIA are profound," the statement read, as quoted by Newsweek. "NVIDIA is one of the most consequential technology companies in the world. The Board and the company thank Jensen for his immeasurable contributions to the company and the industry."
How the Scandal Unfolded
Huang's downfall accelerated with remarkable speed. Reporting by The New York Times in October revealed that the longtime CEO had developed a close personal relationship with a woman the U.S. intelligence community had flagged as a potential intelligence operative for Beijing. The woman has been identified as Alice Huang, a Chinese national of no relation to the executive, who worked for a Singapore-based company that had previously purchased Nvidia chips.
Huang admitted to the affair on Sunday, according to Newsweek. President Donald Trump told reporters that federal investigators were examining the matter and its potential national security implications, while also defending the executive, saying Huang had told him he "absolutely had no idea that the person in question was a spy."
The situation deteriorated further on Wednesday, when the Times reported, citing five individuals who worked at the company, that Huang had engaged in a second affair with Kimberly Powell, a healthcare executive at Nvidia. Until that point, Nvidia had publicly stood behind its leader — earlier in the week, a company spokesman told the Times that "today's news will not slow Nvidia" and that "Jensen is committed to continuing to lead Nvidia as CEO without interruption."
According to Reuters, sources later said the former CEO had misled Nvidia's top lawyer about the relationship with the Chinese businesswoman. NBC News reported on Friday that the board is continuing to investigate Huang despite his resignation.
Markets Recoil as AI Chipmakers Face Uncertainty
The market reaction was severe. Shares of Nvidia fell as much as 10 percent in early trading Thursday, touching a low of $148.80 — the stock's weakest level since the middle of 2025 — before closing the day down 4 percent, according to Business Insider. The S&P 500 and the Nasdaq both dropped as investors digested the news, with the turmoil dragging on the broader market given Nvidia's enormous weight in the indexes.
The decline extended a brutal month for the chipmaker. Newsweek noted that Nvidia had already been down roughly 8 percent for the week and 23 percent over the past month, falling from an all-time high closing price of $239.24 reached on October 6.
Analysts framed the leadership change as a structural risk rather than a routine transition. "Huang has been central to Nvidia's growth and its relationships with major AI customers, meaning an unexpected leadership change could create uncertainty at an already sensitive moment for the sector," Daniela Hathorn, a senior market analyst at Capital.com, wrote in a Thursday note, according to Newsweek.
"Obviously, Huang's resignation/ouster is an enormous development for the company, as the market seems to be reflecting," Robert Bartlett, a professor of law and business at Stanford University, told Newsweek.
Who Is Colette Kress, the Interim CEO?
Kress, who joined Nvidia in 2013 as chief financial officer, is a veteran finance executive who has presided over one of the most dramatic revenue expansions in corporate history. When she arrived, Nvidia generated roughly $4 billion in annual revenue; per the company's latest financial report, that figure has grown to $216 billion.
Analysts had previously identified Kress as the likely choice for an interim role in the event of Huang's departure, Newsweek reported. Her appointment provides continuity with the company's data center and AI infrastructure strategy, which has made Nvidia the dominant supplier of accelerators for training and running large AI models.
Paul Triolo, technology policy lead for Asia and the Americas at DGA-Albright Stonebridge Group, told Newsweek that Huang's resignation likely reflected a board judgment that "the risks of a continuing investigation and media frenzy around the issue was not sustainable." Triolo added that there was "no indication" Huang knew Alice Huang was a suspected Chinese agent, and noted that doubts remain about her actual links to Beijing's intelligence services.
Fallout Spreads to Washington and Wall Street
The political reverberations continued through the week. CNBC reported that the fallout in Washington is just beginning, with Commerce Secretary Howard Lutnick fighting to keep his job as Trump administration aides fault him over the Nvidia affair saga, and Treasury Secretary Scott Bessent publicly accusing Lutnick of failing to prevent China from obtaining Nvidia chips, according to PBS.
Meanwhile, a remarkable counter-current emerged from inside the company and the tech world. Nvidia employees rallied on internal forums demanding Huang's reinstatement, according to Tom's Hardware, and The Washington Post reported that Elon Musk joined calls for the former CEO to be brought back, with a petition reportedly drawing tens of thousands of signatures.
Reuters reported that Nvidia has approached Arm CEO Rene Haas as employees push for Huang's return, though the company told CNBC it has not yet selected a search firm for a permanent replacement.
Huang's departure also silences the loudest corporate voice in U.S.–China chip policy, as the Observer put it — a void with real consequences for export control debates, semiconductor diplomacy, and the AI industry's supply chain calculations. The development lands at a moment when regulators and investors are already scrutinizing AI market concentration; our coverage of the FT report on Huang's alleged ties to a suspected Chinese operative and the House committees' summons of Huang for a November 18 briefing trace how the scandal built over recent weeks.
What Comes Next for Nvidia and the AI Industry
For now, the company that supplies the computing power behind nearly every frontier AI model enters uncharted territory. Kress must reassure hyperscale customers, navigate ongoing federal scrutiny, and steer a CEO search that CNBC noted creates openings for rivals at a moment when competitors are racing to capture AI accelerator demand.
Whether Nvidia's board ultimately reinstates the man who led it for 33 years or charters a new era under a permanent successor, the episode marks the most consequential leadership change in the AI industry's short history — and its effects will ripple through every company betting on continued Nvidia dominance.
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