Nvidia Corp. shares fell 12.8 percent in the week ending November 13, 2026, closing at $162.85, after co-founder and Chief Executive Officer Jensen Huang abruptly resigned amid an internal investigation into his personal relationships and foreign intelligence concerns.
Huang stepped down on November 12, 2026, ending a 33-year tenure leading the semiconductor giant from a specialized graphics card maker into an artificial intelligence powerhouse. Chief Financial Officer Collette Kress was named interim chief executive officer as the board searches for a permanent successor, according to regulatory filings cited by TechCrunch.
Huang founded the company in April 1993 alongside Chris Malachowski and Curtis Priem following discussions at a Denny’s restaurant, navigating early struggles before launching the RIVA 128 in 1997 and debuting the GeForce 256 in 1999.
The board launched an independent investigation after reports emerged regarding Huang’s relationship with Alice Huang, a former executive at Singapore-based Megaspeed International Pte Ltd who is suspected by authorities of ties to foreign intelligence.
Nvidia independent directors retained former acting U.S. Attorney John H. Kim and the law firm Wachtell, Lipton, Rosen & Katz to oversee the inquiry, according to Arabcanadanews. Huang sent a letter to employees acknowledging a personal relationship outside of his marriage and apologizing to his family and colleagues.
U.S. lawmakers have demanded testimony from Huang regarding trade relationships and semiconductor exports to China. Committee leaders from the House, including chairs of the Foreign Affairs Committee, the Intelligence Committee, and the Select Committee on the Chinese Communist Party, requested an interview with Huang on December 1, 2026, alongside written responses regarding advanced AI chips reaching restricted entities.
Megaspeed retained external legal counsel to investigate reports surrounding its cloud AI business and supply chain operations, stating that the allegations lack verifiable evidence, CNBC reported. The company maintained that its operations comply with U.S. export control regulations. Megaspeed also said that Alice Huang departed her executive role on August 30, 2025.
The Singapore Ministry of Home Affairs said that police and customs launched an independent investigation in February 2025 into Megaspeed and its key figures. Authorities examined whether servers were purchased and exported through Singapore to Malaysia without entering the local market, according to Unite. The Singaporean police said that they approached U.S. authorities and the FBI for assistance beginning in September 2025.
The stock retreat erased billions from Nvidia’s market capitalization, while major shareholders Altimeter Capital and Amedisys Management urged the board to move cautiously on executive succession. In a letter to the board, Altimeter CEO Brad Gerstner and Gavin Baker asked directors not to rule out Huang’s eventual return during the search for permanent leadership. Regulatory filings showed Altimeter held shares valued near hundreds of millions to billions of dollars.
Billionaire Elon Musk also voiced support for the former chief executive, writing on X that Nvidia risks losing critical deals negotiated through personal trust rather than written contracts, reported Asharq Al-Awsat. Musk joined an online petition calling for Huang’s reinstatement alongside other supporters, while a separate petition titled “Bring Jensen Back” accumulated numerous signatures.
Nvidia will report third-quarter fiscal 2027 financial results on Tuesday, November 17, 2026, the first earnings release under Kress's interim leadership.
Earlier coverage: Nvidia CEO Jensen Huang Resigns Amid Investigations Into Personal Conduct