Jensen Huang resigns as Nvidia names Colette Kress interim CEO

Jensen Huang resigned as Nvidia's chief executive Thursday. His departure followed his admission days earlier that he had been "unfaithful" to his wife and allegations that the woman involved was a Chinese spy. The chipmaker appointed finance chief Colette Kress interim CEO.

Kress has served as Nvidia's chief financial officer since September 2013 and will retain those duties. The board appointed entrepreneur and venture investor Harvey C. Jones as its first-ever chairman and started a search for Huang's permanent replacement, considering candidates inside and outside the company.

Shares swing

The stock fell sharply at the open. The Associated Press put the decline at 14%, while NBC News put it at 12%. Shares then recovered some ground and were down about 4% around midday.

Nvidia's market value dropped below $4 trillion for the first time since 2025. As reports about Huang emerged throughout the week, the shares lost about $515 billion in value.

"Huang's departure introduces uncertainty well beyond the company itself," said Asa Hiken, senior analyst at eMarketer.

Before the resignation Thursday, JPMorgan analysts said national security concerns meant "the risk of more restrictive guidelines on shipments directly or indirectly into China has risen."

A week of reports

The Financial Times reported Saturday that Huang had a relationship with a businesswoman, NBC News said, and an NBC News source identified the businesswoman as a Chinese spy. Huang said Sunday that he had been "unfaithful" to his wife.

That day, Nvidia's board announced an investigation while expressing continued confidence in his leadership. Nvidia said previously it had "no reason to believe" national security or company secrets had been compromised, but its inquiry would review all available information. President Donald Trump said Monday that the FBI was investigating.

The AP, citing The New York Times, reported that U.S. officials believed Chinese intelligence had recruited the woman to persuade Nvidia to increase China's access to its most advanced chips. It identified her as Alice Huang, a Chinese businesswoman and former executive at Singapore-based Megaspeed International who is not related to Jensen Huang.

The Independent, citing The New York Times, reported that Huang had a second relationship with Kimberly Powell, Nvidia's vice president of healthcare, who reported directly to him. Reports about that relationship emerged late Wednesday, the AP said.

China has denied trying to ensnare Huang. Singaporean authorities said Thursday that they questioned Alice Huang and confiscated her passport last year during an investigation into Megaspeed. They found insufficient evidence that she committed a crime but suspected her of providing inaccurate information and barred her from returning to Singapore.

Megaspeed faced allegations last year that it illicitly shipped advanced Nvidia chips into China, while the company said in December there was "no evidence" of such exports. The company said Thursday it had cooperated with the U.S. Commerce Department's Bureau of Industry and Security and hired a U.S. law firm to verify its export controls.

Search for a successor

Nvidia had no formal succession plan for Huang's departure. Kress said in a statement that she was "committed to building on the extraordinary foundation Jensen created over the last 33 years."

Yorkville Ives analyst Dan Ives said Kress "has built enormous credibility internally and externally" and identified Apple's Tim Cook as "a dark horse candidate" for the job.

After Huang resigned, Trump wrote that he "has done a fantastic job" and that "there is only one man to take his place – Tim Cook of Apple." Cook left Apple in September.

Huang, 63, co-founded Nvidia in 1993 following a meeting at a Denny's in San Jose, California. He holds more Nvidia shares than any other individual. He secured Trump's approval in January to sell Nvidia's H200 chips to China.

Rep. Brian Mast, chairman of the House Foreign Affairs Committee, said the panel first sought an interview with Huang on Nov. 5 and, if necessary, would compel his appearance with a subpoena. Nvidia is due to report earnings Nov. 17.