Jensen Huang has resigned as president, CEO, and board member of Nvidia, effective immediately, following multiple reports of extramarital relationships and allegations involving foreign intelligence.
The departure of the company’s longtime leader, who co-founded Nvidia in 1993, marks a significant transition for the chipmaker. Nvidia shares fell nearly 10% on Thursday, knocking the chipmaker’s market value below $4 trillion, according to CNBC.
Huang’s resignation follows a 33-year tenure, during which he grew the company from a startup conceived at a Denny’s restaurant alongside co-founders Chris Malachowsky and Curtis Priem into a $4 trillion global chip behemoth. Before the recent reports, Huang had been instrumental in every major chapter of Nvidia’s growth, from developing graphics chips for gaming to pioneering advancements in scientific computing, data centers, and artificial intelligence.
1) Jensen is one of the greatest entrepreneurs of this generation 2) he did something incredibly dumb 3) it was bad for America 4) but my guess is there was no bad intention 5) two mistakes don’t make a right, and I believe Jensen is irreplaceable for America’s AI leadership
Nvidia has appointed Chief Financial Officer Colette Kress as interim CEO. Kress, who has served as CFO since 2013, will retain her financial duties while the board conducts a search for a permanent successor.
The company also named longtime board member Harvey C. Jones as its first-ever board chair. In selecting Kress, the board opted for a steady hand familiar to Wall Street, as she frequently appears at conferences to discuss the firm’s complex operations.
That would be an honor
“I believe deeply in this company and in its future” interim CEO Colette Kress wrote in her first email to Nvidia employees said.
The resignation follows days of controversy. On Wednesday, a report revealed an affair between Huang and a separate Nvidia executive.
This followed prior allegations regarding Alice Huang, a businesswoman who was listed as a managing director of the Singapore-based Megaspeed International until 2023 and is believed by U.S. officials to be an asset for Chinese intelligence. The Chinese government has rejected these spying allegations as unsubstantiated and intended to smear China.
“I was unfaithful to my wife” Huang wrote in a memo to employees said.
CBS News reported that an investigation into the matter is being overseen by independent directors and outside counsel. While the company stated it has no reason to believe national security or proprietary information was compromised, the situation has placed Nvidia’s operations under intense scrutiny. The company has insisted that its business and product roadmap will continue without interruption.
Treasury Secretary Scott Bessent reportedly confronted Commerce Secretary Howard Lutnick last Thursday regarding why Megaspeed had not yet been added to the Commerce Department’s entity list of blacklisted companies. Multiple Washington officials have called for Huang to testify regarding his relationship with the suspected agent.
Financial ties have also surfaced; Nvidia donated at least $26 million to President Trump’s projects, including $25 million for a ballroom in the now-demolished East Wing of the White House and $1 million to the inaugural fund.
According to the Washington Post, the company attempted to keep the ballroom donation anonymous. Regarding the spying allegations, President Trump stated at a press briefing that he asked Huang if he knew the woman was a spy, to which Huang reportedly replied, “I had no idea.”
Earlier coverage: Nvidia Shares Plunge as Jensen Huang Resigns, Reports Say