Jensen Huang Resigns as Nvidia CEO After Two Affairs and a Chinese Spy Probe
Key points
- Nvidia's board announced that Jensen Huang resigned as president, CEO and director effective immediately, with CFO Colette Kress named interim CEO and Harvey C. Jones named the company's first-ever board chair 2.
- The collapse began when the New York Times reported US intelligence believed Megaspeed executive Alice Huang was a Chinese intelligence asset. Huang admitted an affair on November 8, and a second relationship, with Nvidia health care VP Kimberly Powell, was reported on November 11 3 12.
- Shares fell about 10% premarket on the resignation, after roughly $600 billion in value had already been lost since the probe was announced, and earnings are still due November 17 2 6 24.
- Three House Republican chairs had demanded a closed-door briefing for November 18. Democrats take control of Congress in January, so scrutiny of Nvidia's China exports and the White House's knowledge is expected to continue 1 10.
A Fast Fall for a Founder
Nvidia’s board announced that Jensen Huang had resigned as president, chief executive and board member, effective immediately. CFO Colette Kress will serve as interim CEO while keeping her finance role, and the board has begun a search that will weigh internal and external candidates 2. Harvey C. Jones, a semiconductor veteran who has been on the board since the company’s founding, becomes its first-ever chair 9.
The board’s statement thanked Huang for his contributions and did not mention the allegations 24. Nvidia said it will still report earnings on November 17 20, its first as a public company without Huang at the helm.
The speed was striking. On Sunday the board said it had confidence in Huang and his team while it investigated 19. By Wednesday night it was meeting about his future, and by Thursday morning he was gone 5 24.
How the Scandal Unfolded
The trigger was a New York Times report in late October. It said US officials had concluded that Alice Huang, no relation to Jensen and an executive at Singapore-based Nvidia customer Megaspeed, was a Chinese intelligence asset who had grown close to him 14. Megaspeed had already been under US and Singapore scrutiny over suspicions that chips were diverted to China, which it denies 6. China calls the espionage claims baseless 10.
On November 8, Huang told staff he had been unfaithful to his wife and apologized, and the board opened an independent investigation 12. The board later retained Joon H. Kim and the law firm Wachtell, Lipton, Rosen & Katz to run it 28. Nvidia had earlier called his interactions with her routine, and a shareholder has since sued, alleging investors were misled 21.
Then came the second blow. The Times reported, citing five people who worked at Nvidia, that Huang also had a relationship with Kimberly Powell, a vice president who reported to him. They said the two were filmed being affectionate at a San Jose hotel during a March conference 3. Under Nvidia’s code of conduct, personal relationships are among the situations employees are told to avoid 11. The Wall Street Journal then reported the board was preparing to remove him 15.
Washington's Reckoning
The case quickly became a national security story. Three House chairs, Moolenaar, Mast and Crawford, asked Huang for a joint closed-door briefing on his dealings with Alice Huang and Nvidia’s defenses against espionage 1. Moolenaar said a subpoena was likely if he did not respond 14.
Questions also fell on the administration. The Times reported that a memo drafted under Secretary of State Marco Rubio circulated last spring, yet Huang still joined Trump’s China trip 4. Trump praised Huang as honorable and said Huang told him he had no idea she was a spy 18. Critics argued this undercut his insistence on beating China in AI 7. Senators Warren and Coons asked the administration to preserve documents on Nvidia’s chip exports 5, and Republican Senator Kevin Cramer said Huang had to go because of the extortion risk 17.
Separately, Megaspeed said it would cooperate with US investigators and had hired a law firm to audit its chips. Singapore said it had barred Alice Huang from re-entering the country 16.
Succession and Market Fallout
The board now faces the problem it never publicly solved. Huang ran Nvidia with dozens of direct reports and no designated heir 8, and the board had no chair until now 23. Names in circulation include Kress, data center chief Ian Buck, Arm’s Rene Haas and Apple‘s Johny Srouji 25 27. Analysts said the real challenge is whether anyone can inherit Huang’s authority over strategy and customer relationships 22.
Investors reacted sharply. Some analysts saw the sell-off as overdone, with orders strong and the CUDA ecosystem intact 2, while others warned that governance and key-man risk had been underpriced for founder-led firms 2 13. Rivals such as AMD and Broadcom gained while Nvidia-backed neoclouds fell 26 29. Questions on export controls, the Justice Department’s Megaspeed probe and the White House’s knowledge are likely to continue into next year 10 30.
Companies mentioned: Nvidia (NVDA $164.80 ▼5.1%) • Apple (AAPL $357.60 ▲0.6%) • AMD (AMD $571.02 ▲3.3%) • Broadcom (AVGO $361.10 ▲4.6%)
Primary sources
Moolenaar, Mast, and Crawford Seek Briefing from Jensen Huang on Ties to Chinese Intelligence Asset (chinaselectcommittee.house.gov) – The official House Select Committee on China release announcing a letter from Chairmen Moolenaar, Mast and Crawford asking Huang for a joint closed-door briefing on November 18, 2026, with a reply due by November 11. It cites national security concerns over PRC access to US technology and his interactions with Megaspeed's Alice Huang. Published by chinaselectcommittee.house.gov.
Nvidia CEO Jensen Huang resigns over scandal and is replaced by CFO Colette Kress on interim basis – follow live | Nvidia | The Guardian (theguardian.com) – The Guardian live blog on Huang's resignation. It reproduces the board statement naming Kress interim CEO and gathers analyst reactions from Capital.com, Wealth Club, D.A. Davidson, Quilter Cheviot and Morningstar on key-man risk, continuity and governance. It notes a 10% premarket drop and Huang's roughly 3.6% stake.
Further sources
Jensen Huang Said to Have Had Relationship with Nvidia Executive (nytimes.com) – New York Times report, based on five people who worked at Nvidia, that Huang had a relationship with Kimberly Powell, a vice president who reports to him. It describes a reported video from a March San Jose hotel, notes the board probe led by Wachtell, and notes China denies the espionage claims.
Nvidia opens investigation after report CEO Jensen Huang was target of foreign intelligence (theguardian.com) – Guardian report on the board's investigation announcement. It covers Trump's downplaying of the affair, Huang's draft apology, the Rubio memo, export controls, and the roughly $1tn tech sell-off. Written with contributions from Nick Robins-Early and Blake Montgomery.
Nvidia board reportedly deciding whether to oust CEO Jensen Huang as stock price plunges (theguardian.com) – Guardian report on the Wednesday board meeting. It covers the second affair, an after-hours stock slide of more than 8%, bylaws allowing removal with or without cause, support from Trump and Musk, and the Warren and Coons document-preservation letter. It also carries a Taiwanese minister's remarks on Alice Huang's visits.
Thursday briefing: What we do (and don’t) know about Alice Huang and the Nvidia affair (theguardian.com) – Guardian newsletter explaining what is known and unknown about Alice Huang. It covers her background per the Financial Times, the Megaspeed context, and experts such as Steve Tsang and Nigel Inkster on Chinese espionage and the honeytrap theory. It also notes the $430bn then $600bn market loss. Treated as related context.
Trump Knowingly Let Nvidia CEO Take Part In China Talks Despite Liaison With Spy (yahoo.com) – HuffPost report arguing Trump knowingly let Huang join China talks and stood by him. It cites his comments that Huang had no idea she was a spy, the $25 million ballroom donation and the H200 approval. Experts and politicians such as Bolton, Kagan, Emanuel, Warren and Banks question the handling.Jensen Huang on Nvidia succession weeks before scandal hit: 'Just as I can be fired, the next CEO has to be hired' (businessinsider.com) – Business Insider on Huang's October Bloomberg remarks that the next CEO must be hired and earn the job, and that he hoped the successor was already inside Nvidia. It covers his flat structure and mentions Kress and Ian Buck as possible successors.
Meet Colette Kress, the finance chief steering Nvidia through its first CEO transition (businessinsider.com) – Business Insider profile of Colette Kress, who joined Nvidia in 2013 and previously worked at Cisco, Microsoft and Texas Instruments. It also reports Harvey C. Jones as the first board chair and the more than 10% premarket drop.
Nvidia CEO Jensen Huang steps down amid alleged spy scandal (npr.org) – NPR report on the resignation. It recounts the scandal's rapid progression, notes China calls the claims baseless, and says Democrats are likely to investigate in January. It also carries Stephen Witt and Daniel Newman on the lack of an obvious replacement. NPR said it had not independently confirmed the Times reporting.Who is Kimberly Powell, the Nvidia exec alleged to have a relationship with CEO Jensen Huang? (businessinsider.com) – Business Insider profile of Kimberly Powell, 48, who joined Nvidia in 2008 and became VP of healthcare in 2017. It notes her reporting line to Huang, Nvidia's conflict-of-interest code, and her cancelled conference panel.
Nvidia CEO Jensen Huang says he was 'unfaithful' to his wife: Read his note to staff (businessinsider.com) – Business Insider piece with Huang's full note to staff: he was unfaithful to his wife, takes full responsibility, supports the investigation and professes love for his country and company. It also recounts the Times reporting on Alice Huang.
Here's what smart people are saying about Nvidia's investigation of CEO Jensen Huang (businessinsider.com) – Business Insider compilation of reactions to the probe. It includes Ackman, Chris McGuire on Commerce's role, McCaul on pausing chip shipments, Dmitri Alperovitch on blackmail risk, El-Erian on key-man risk and many other commentators.
Nvidia CEO Jensen Huang’s affair with alleged Chinese spy: a timeline (techcrunch.com) – TechCrunch timeline of the scandal from the October 29 Times story through the resignation. It includes Megaspeed's reported $4.8 billion in chip purchases, The Information's $7.5 billion figure, the lawyer Tim Teter's intervention and Moolenaar's subpoena warning.
Nvidia’s stock drops as board reportedly preps to oust CEO Jensen Huang (techcrunch.com) – TechCrunch brief on the Wall Street Journal report that the board might oust Huang. It notes the roughly 8% after-hours drop, his 60 direct reports and Bloomberg's report of an outside search firm.
Megaspeed, chip firm at center of Nvidia scandal, pledges to cooperate with U.S. investigation (nbcnews.com) – NBC News report on Megaspeed's first statement pledging cooperation with US investigators. It covers Singapore barring Alice Huang from re-entry, the unclear nature of her role, the Rubio memo and Democrats' subpoena power. Treated as a related development.Senate Banking Republican calls on Nvidia CEO to resign (businessinsider.com) – Business Insider and Politico report on Senator Kevin Cramer calling for Huang to resign over extortion risk. It also notes Larry Kudlow's call and pending export-control bills. Treated as a related political development.
Here’s what Trump said he knew about Jensen Huang (theverge.com) – The Verge transcript of Trump's remarks. He said Huang told him he had no idea she was a spy and was vague about when he learned of the matter. It also references the Times reporting on Rubio's memo before the May China trip. Treated as a related development.
Statement From NVIDIA Board of Directors (nvidianews.nvidia.com) – Nvidia's official board statement announcing an independent investigation overseen by independent directors with outside counsel. The board said it had no reason to believe national security or Nvidia secrets were compromised and expressed confidence in Huang.
NVIDIA Sets Conference Call for Third-Quarter Financial Results (nvidianews.nvidia.com) – Nvidia's notice that it would hold its third-quarter fiscal 2027 earnings call on November 17, with Kress providing written commentary.
NVIDIA shareholders are suing the company and CEO Jensen Huang (engadget.com) – Engadget report on a shareholder class action filed by Mark Kistenmacher. It alleges Nvidia and Huang misled investors, covering purchases between October 9 and November 8, and notes a market value loss of more than $470 billion.
Report: Nvidia preparing to oust CEO Jensen Huang after affair with woman U.S. officials deemed a Chinese spy (fortune.com) – Fortune report on the resignation. It covers Kress, board chair Jones, the lack of a COO or succession plan, the unvested stock Huang might forfeit, and analyst views on the market opportunity for rivals.
Nvidia has a Jensen Huang problem—and no obvious successor (arstechnica.com) – Ars Technica, via the Financial Times, on Nvidia having no obvious successor. It covers the board structure without a chair, Stephen Neal reportedly leading the probe, the 60+ direct reports, and defenders such as Shaun Maguire and Bernstein.
Jensen Huang resigns as Nvidia CEO after 33 years, effective immediately (thenextweb.com) – The Next Web report on the resignation. It includes the board's statement, Kress's quote, the roughly $600B lost in market value and the succession vacuum.
Jensen Huang Resigns as Nvidia C.E.O. After Affairs and Espionage Scandal (trendingtopics.eu) – Trending Topics report on the resignation. It covers the interim leadership, the stock decline below a 52-week low, analyst reactions and succession candidates.
TSX futures subdued amid reports Nvidia board preparing ouster of CEO Jensen Huang (uk.finance.yahoo.com) – Investing.com market brief on Nasdaq and TSX futures after the Wall Street Journal report. It notes Nvidia-linked firms fell while AMD and Broadcom rose, and quotes an Evercore downgrade note on succession risk.
Who Could Replace Jensen Huang at Nvidia (trendingtopics.eu) – Trending Topics explainer on possible successors, covering Kress, Ian Buck, Rene Haas, Srouji and family members. It also gives prediction market odds, the 11-director board and the removal-by-majority bylaw.
Nvidia Hires Former Federal Prosecutor Joon Kim to Investigate CEO Jensen Huang (gadgetreview.com) – Gadget Review piece on Nvidia hiring Joon H. Kim and Wachtell to run the investigation. It clarifies the limits of what the probe has established.
Nvidia live updates: Nvidia stock tanks in after-hours after allegations of a second affair surface (finance.yahoo.com) – Yahoo Finance live blog on the resignation. It tallies Nvidia's roughly $530 billion in commitments and guarantees, includes Bernstein's note, and records Trump's Truth Social post suggesting Tim Cook.
Nvidia faces a more hostile Washington (semafor.com) – Semafor piece on a more hostile Washington for Nvidia, with Democrats taking committees and a defense bill possibly including export-control measures. Related context.
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