Nvidia CEO Jensen Huang Resigns Amid Scandal

The era of Jensen Huang at Nvidia is over. On Thursday, November 12, 2026, the company announced that Huang had resigned as president, chief executive officer, and a member of the board, effective immediately, ending a 33-year run in which he built a small graphics-chip startup into the most valuable company on Earth. The resignation came amid a fast-moving controversy involving reports of extramarital relationships, an alleged foreign espionage operation, and a board investigation that had been running for only a few days.

Nvidia said its chief financial officer, Colette Kress, will serve as interim chief executive while the board searches for a permanent successor. Kress will continue in her role as chief financial officer at the same time, the company said. The board also appointed longtime director Harvey C. Jones as its first-ever chairman, a move that signals just how seriously the company is taking the governance questions raised by the scandal.

For investors, employees, and the wider technology industry, the news landed like a shockwave. Nvidia sits at the center of the global artificial intelligence boom, supplying the chips that power nearly every major AI system in the world. Its shares plunged by more than 13 percent after the news broke on November 12 before paring losses to close down 4.3 percent, according to Reuters. The company’s market value slipped below $4 trillion for the first time since July 2025. The question now is not just who will run Nvidia next, but whether the company can hold together the extraordinary run that Huang built.

What Happened on November 12

Nvidia confirmed the resignation in a news release and a regulatory filing on Thursday, November 12. The board said it had accepted Huang’s resignation on Wednesday, and the company said the decision took effect immediately. In its statement, the board announced that Colette Kress, the company’s executive vice president and chief financial officer, had agreed to serve as interim chief executive officer until a permanent successor is named. The board said it is starting a search for a permanent chief executive and will consider both internal and external candidates.

The company gave no reason for Huang’s departure in its announcement, and that silence has only added to the speculation. What is clear from reporting in the days before the announcement is that the board had been moving quickly. The Wall Street Journal reported on November 11 that directors were preparing to remove Huang, and Nvidia’s board met on Wednesday night to discuss his future. By Thursday morning, the decision was public.

The timing could hardly be more delicate. Nvidia is scheduled to report its third-quarter fiscal 2027 financial results on Tuesday, November 17, at about 1:20 p.m. Pacific time, followed by an earnings call at 2 p.m. Pacific. That earnings report will now be delivered by an interim chief executive in the middle of a leadership crisis, and investors will be watching every word for clues about the company’s direction. For a company whose stock has become the single most important bellwether of the AI boom, the stakes of that call are enormous.

The Investigation That Led to the Resignation

The controversy began with revelations about Huang’s personal life and quickly grew into a national security question. According to USA Today, the trouble started with reports about Huang’s relationship with a Singapore-based tech executive whom United States intelligence officials suspect of spying for China. The controversy intensified over the weekend before the resignation after a New York Times report alleged that Huang may have been the target of a foreign espionage operation.

On November 8, Nvidia announced that independent directors, assisted by outside legal counsel, would oversee an investigation into whether Huang had been the target of a foreign intelligence operation. The board moved fast, but the news cycle moved faster. Within days, reports emerged of additional relationships, including one with Kimberly Powell, an Nvidia vice president who oversees the company’s healthcare business, and a third alleged affair with another Nvidia employee, according to Reuters. The Wall Street Journal reported that Huang apologized to Nvidia for his infidelity, and that his two children, Madison Huang and Spencer Huang, both work for the company.

The woman at the center of the espionage allegations is Alice Huang, a businesswoman and former executive at Singapore-based Megaspeed, Nvidia’s primary business partner in Southeast Asia, according to Al Jazeera. United States intelligence officials reportedly suspect her of providing information to China’s intelligence services. Le Monde reported that Huang had admitted that Alice Huang was his mistress and that, according to Bloomberg, she is currently in Beijing. Beijing has denied that Alice Huang is a spy, and United States Attorney General Todd Blanche said on November 12 that the Justice Department has not yet reached a conclusion on the matter.

It is important to be clear about what has and has not been established. The allegations that Alice Huang worked for Chinese intelligence come from United States intelligence assessments and news reporting, not from a public finding by a court or a government agency. Nvidia’s board has said it has no reason to believe that Nvidia’s confidential information or United States national security was compromised, while the investigation continues. No charges have been announced against Huang or anyone else in connection with the matter, and the board’s investigation had not concluded when the resignation was announced.

Who Is Colette Kress?

Colette Kress is not a newcomer to Nvidia. She has served as the company’s executive vice president and chief financial officer since joining Nvidia in September 2013, and she has been one of the most senior figures in the company’s leadership for more than a decade. During that time she oversaw the finances of a company that grew from a graphics-chip maker worth about $10 billion in 2015 into the world’s most valuable company, crossing $4 trillion in July 2025 and $5 trillion in October 2025.

According to Reuters, Kress, who is 59, spent years as the one Nvidia executive willing to challenge Huang’s enormous and often risky ambitions. As Huang drove the chipmaker deeper into multibillion-dollar AI investments, Kress pushed back, according to people familiar with the matter. That reputation as a steadying force is likely one reason the board turned to her in a moment of crisis. She knows the company’s finances, its customers, and its operations intimately, and she has the credibility with investors that an outsider would need months to build.

The Market Reaction

Wall Street’s reaction to the resignation was swift and severe. Nvidia shares slumped 14 percent to their lowest level in nearly 16 months on Thursday after the company said Huang would step down, according to Reuters, before recovering some ground to close down 4.3 percent. The intraday plunge wiped out an enormous amount of market value in a matter of hours and dragged down the broader market, with AI-related stocks falling across the board.

The selloff capped a volatile week for Nvidia. The company’s market value had already slipped from about $5.78 trillion in October to $4.51 trillion by November 6, before the board’s investigation was even announced, according to CNBC TV18. After Thursday’s announcement, the company’s market value fell below $4 trillion for the first time since July 2025, Al Jazeera reported. That is a staggering reversal for a company that only weeks ago was the most valuable in the world.

Investors are worried about more than the scandal itself. Huang was not just Nvidia’s chief executive; he was its public face, its chief strategist, and its most effective salesperson. He ran the company with about 60 direct reports and no named successor, according to CNBC TV18, and his leadership style was famously hands-on. He delivered the keynote addresses at Nvidia’s developer conferences, negotiated directly with the biggest customers in the world, and personally lobbied governments on export policy. Replacing that kind of founder-leader is one of the hardest tasks in business, and the market is pricing in the uncertainty.

Congress Wants Answers

The resignation has not ended the political scrutiny of Huang. If anything, it has intensified it. Former Nvidia chief executive Jensen Huang has agreed to testify before United States congressional committees investigating reported China intelligence links and potential national security concerns, according to The Hindu BusinessLine. House Foreign Affairs Committee Chairman Brian Mast told reporters that Huang had tentatively agreed to appear before lawmakers on Wednesday night, shortly before his resignation was announced.

The testimony is expected to take place in a closed-door briefing, possibly as soon as next week, and before Thanksgiving, which falls on November 26. Mast said the session would be under oath, transcribed, and recorded on video. Lawmakers want to question Huang about his interactions with Alice Huang and about Nvidia’s security protocols against foreign espionage. Mast also said the committees are prepared to subpoena Huang if he changes his mind.

The congressional interest began before the resignation. On November 4, three Republican committee chairmen, John Moolenaar of the House Select Committee on China, Brian Mast of the House Foreign Affairs Committee, and Rick Crawford of the House Permanent Select Committee on Intelligence, sent Huang a joint letter requesting a closed-door briefing. After the resignation, the chairmen sent letters requiring Huang and Nvidia general counsel Tim Teter to appear for closed-door transcribed interviews on December 1 and December 2 respectively, or face subpoenas, according to Business Today.

The Senate is also involved. Senate Banking Committee Chairman Tim Scott sent letters on November 12 requesting testimony from both Huang and Commerce Secretary Howard Lutnick at a hearing of the Senate Committee on Banking, Housing and Urban Affairs on December 3, according to the Seoul Economic Daily. The committee handles matters related to semiconductor export controls, and Huang faces questions about alleged information leaks to China and about circumventing chip export restrictions. Senate and House Democrats are also launching a probe into the Trump administration’s plans to approve AI chip sales to Chinese companies, Al Jazeera reported.

What Huang Built at Nvidia

Whatever happens next, Huang’s record at Nvidia is one of the great business stories of the modern era. He co-founded Nvidia in 1993 with Chris Malachowsky and Curtis Priem, three engineers who believed that visual computing would become one of the great frontiers of the semiconductor industry. In the early years the company nearly failed, and Huang has often recalled a time when Nvidia had only about a month of payroll left. From that near-death experience, he built a company that now sits at the center of the global economy.

Huang’s leadership style was as distinctive as his black leather jacket, which became his trademark at public appearances. He ran the company with an unusually flat structure and an enormous number of direct reports, and he was famous for his long hours and his willingness to make huge bets on new technology. He was the longest-serving technology chief executive in the S and P 500, and for 33 years Nvidia had only one chief executive. That continuity was a source of strength, and it is now a source of risk, because the company has never had to manage a leadership transition before.

What Happens Next

The immediate focus is on November 17, when Nvidia reports its third-quarter fiscal 2027 results. Colette Kress will lead that earnings call, and investors will be listening for reassurance that the business is on track and that the leadership transition is under control. Any sign of weakness in the numbers, or any hint of disorder in the transition, could send the stock down further. A steady performance could help stabilize the company and buy the board time to find a permanent chief executive.

The board’s search for a permanent successor will be one of the most closely watched executive searches in recent corporate history. The board has said it will consider internal and external candidates, and the list of possible names is already a subject of intense speculation in Silicon Valley. An internal candidate would offer continuity and a deep understanding of the company. An external candidate would offer a fresh start and a clear break from the scandal. Either way, the new chief executive will need to command the confidence of investors, customers, employees, and the United States government.

Frequently Asked Questions

Why did Jensen Huang resign from Nvidia?

Nvidia announced on November 12, 2026, that Jensen Huang had resigned as president, chief executive officer, and a member of the board, effective immediately. The company gave no reason in its announcement. The resignation followed reports about Huang’s relationships with a woman suspected by United States intelligence of working for China, a board investigation announced on November 8 into whether Huang had been the target of a foreign intelligence operation, and reports that directors were preparing to remove him. The allegations have not been proven in court, and Nvidia’s board has said it has no reason to believe that confidential information or national security was compromised.

Who is Nvidia’s interim CEO?

Colette Kress, Nvidia’s executive vice president and chief financial officer, is serving as interim chief executive officer. Kress has been Nvidia’s chief financial officer since September 2013, and she will continue to serve as chief financial officer while she holds the interim chief executive role. The board is searching for a permanent chief executive and will consider both internal and external candidates. The board also appointed longtime director Harvey C. Jones as its first-ever chairman.

How did Nvidia’s stock react to the resignation?

Nvidia shares plunged by more than 13 percent after the news broke on November 12, falling to their lowest level in nearly 16 months, before recovering to close down 4.3 percent, according to Reuters. The company’s market value slipped below $4 trillion for the first time since July 2025. The selloff capped a volatile stretch in which Nvidia’s market value had already fallen from about $5.78 trillion in October to $4.51 trillion by November 6.

Will Jensen Huang testify before Congress?

Yes, according to House Foreign Affairs Committee Chairman Brian Mast, Huang has tentatively agreed to testify before congressional committees, likely in a closed-door briefing before Thanksgiving on November 26. Lawmakers want to question him about his reported ties to a woman suspected of links to Chinese intelligence and about Nvidia’s security protocols. The committees have said they are prepared to subpoena him if he changes his mind. Senate Banking Committee Chairman Tim Scott has also invited Huang and Commerce Secretary Howard Lutnick to testify at a hearing on December 3.

Nvidia CEO Jensen Huang Resigns Amid Scandal: What Happens Next