Jensen Huang Resigns as Nvidia CEO After 33 Years Amid Spy Scandal and Affair Revelations

What happened

Jensen Huang has resigned as chief executive of Nvidia, ending a 33-year run at the helm of the company he co-founded and turned into the most valuable chipmaker in the world. The resignation, announced on Thursday, 12 November 2026, came four days after Huang admitted to an extramarital affair and after his board opened an investigation into whether he had been targeted by a foreign intelligence operation.

Nvidia said Huang had stepped down as president, chief executive and a member of its board, effective immediately. The company gave no reason for his departure. Chief financial officer Colette Kress will serve as interim chief executive while the board searches for a permanent successor, and the board named former Synopsys chief executive Harvey C. Jones as its first-ever board chair.

The exit caps a week of extraordinary turmoil for a company that sits at the centre of the global artificial intelligence boom. Nvidia supplies most of the chips powering advanced AI systems, and its market value fell below $4 trillion for the first time since July 2025 after the announcement.

Who is Colette Kress, the interim CEO?

Colette Kress joined Nvidia in 2013 as chief financial officer, after nearly 25 years at companies including Cisco and Microsoft. She is one of the longest-serving executives at the company and has been a central figure in Nvidia’s rise, presenting its financial results to investors through the AI boom. She will keep her finance role while serving as interim chief executive, and the board will consider both internal and external candidates for the permanent job.

Her appointment gives Nvidia stability at a delicate moment: the company is scheduled to report third-quarter results on Tuesday, 17 November 2026, just five days after Huang’s resignation, and investors will be watching closely for any sign that the leadership crisis has affected the business.

The timeline: from October 2025 to the resignation

October 2025. The New York Times first reported a link between Huang and Alice Huang, a former senior executive at Singapore-based data centre company Megaspeed.

Sunday, 8 November 2026. Huang admitted to an affair in a message to Nvidia employees, reportedly with Alice Huang. On the same day, Nvidia’s board 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. US President Donald Trump said Huang had “done an amazing job for our country” and that Huang had told him he had no idea the Chinese woman he had an affair with was a spy. Trump said the FBI was looking into the claims.

Wednesday, 11 November 2026. The New York Times reported a second affair, citing video of Huang being affectionate with Kimberly Powell, Nvidia’s vice-president of healthcare, and five people familiar with the matter. Nvidia’s board met on Wednesday night to discuss ousting Huang. (Reuters separately reported a second relationship with an Nvidia employee, whom it did not name.)

Thursday, 12 November 2026. Nvidia announced Huang’s resignation, effective immediately, and named Kress interim CEO and Jones board chair. Read our earlier report: Nvidia CEO Jensen Huang Admits Affair as Board Opens Probe Into Alleged Chinese Espionage Operation.

The two affairs — what is known, and what is alleged

The first relationship involved Alice Huang, a former senior executive at Megaspeed, a Singapore-based data centre company that is a coveted official Nvidia cloud partner with priority access to its chips. US intelligence reportedly circulated a memo this spring alleging she was an asset of China’s Ministry of State Security. The two have been photographed together in Taiwan, Singapore and California. They are not related.

It is important to be precise about what has been established. The claims about Alice Huang’s alleged intelligence links have not been independently established, and Beijing has denied that she is a spy. What US officials have said, according to the reports, is that they suspect or believe she was acting on behalf of Chinese intelligence. Huang himself told President Trump he had no idea the woman was a spy.

The second relationship, reported by The New York Times on 11 November, was with Kimberly Powell, Nvidia’s vice-president of healthcare, who reports to the chief executive. The report cited video and five people familiar with the matter.

Why this is a national security story, not just a personal one

The scandal matters far beyond Nvidia’s boardroom because of what Nvidia sells and who wants it. The United States restricts sales of advanced AI chips to China over concerns that the Chinese military, intelligence agencies or companies could use them. Nvidia’s chips are the most sought-after hardware in the AI industry, and access to them is a matter of US national security policy.

That is why US authorities have also investigated Megaspeed over suspicions it helped China obtain advanced AI chips restricted under US export controls. If the chief executive of the world’s most important chip company was the target of a foreign intelligence operation, as Nvidia’s board probe was set up to determine, the implications reach into export policy, congressional oversight and the broader US-China technology rivalry.

Congress is already involved. Huang has agreed to testify before Congress, House Foreign Affairs Committee chairman Brian Mast said on Thursday. He also faces a potential congressional subpoena if he does not comply with a request to provide a closed-door briefing about the allegations related to the Chinese businesswoman. The FBI is looking into the claims, according to President Trump, and a shareholder class-action lawsuit has been filed against the company.

The market reaction

Nvidia shares fell as much as 13% after the resignation was announced, before paring losses to about 4%. Roughly $450 billion has been wiped off the company’s value since the weekend, when the affair admission first became public, and its market value dropped below $4 trillion for the first time since July 2025.

The scale of the fall reflects how closely Nvidia’s valuation is tied to Huang himself. He co-founded the company in 1993 and built it from a graphics-card maker into the engine of the AI boom. He remains Nvidia’s fourth-largest shareholder, with a 3.61% stake, and he has hired law firm Paul Weiss, according to The New York Times.

The wider AI industry is watching too. Nvidia’s chips power the systems built by nearly every major AI company — including Anthropic, which launched its new Claude Fable 5.2 and Mythos 5.2 models this week — and any prolonged uncertainty at Nvidia could ripple through the whole sector. The company’s third-quarter results on 17 November will be the first test of whether the business itself is affected.

What happens next

• The successor search. The board will consider internal and external candidates. Kress is the steady interim choice, but a permanent chief executive for a $4 trillion company will be one of the most closely watched appointments in tech.
• Earnings on 17 November. Nvidia reports third-quarter results on Tuesday. Kress will face investors for the first time as interim chief executive.
• Congressional testimony. Huang has agreed to testify before Congress. The closed-door briefing request, and the possible subpoena, will keep the affair and the intelligence questions in public view.
• The board investigation. The probe into whether Huang was the target of a foreign intelligence operation was launched on 8 November. Its findings have not been published, and it is not clear whether the board will release them now that Huang has gone.
• The lawsuit. A shareholder class-action suit has been filed. Its claims will test whether Nvidia’s board acted quickly enough once the allegations surfaced.

Frequently asked questions

Why did Jensen Huang resign from Nvidia?

Nvidia announced on 12 November 2026 that Huang had resigned as president, chief executive and board member, effective immediately, after revelations of two extramarital affairs and a board probe into whether he was targeted by a foreign intelligence operation. The company gave no reason for his departure.

Who is the interim CEO of Nvidia?

Chief financial officer Colette Kress, who joined Nvidia in 2013 after nearly 25 years at Cisco and Microsoft. She keeps her finance role while the board searches for a permanent successor.

Who is Alice Huang?

A former senior executive at Megaspeed, a Singapore-based data centre company and official Nvidia cloud partner. US intelligence officials reportedly suspect she was an asset of China’s Ministry of State Security. The claims have not been independently established and Beijing denies them. She is not related to Jensen Huang.

Was Jensen Huang spied on?

That is what Nvidia’s board probe, launched on 8 November 2026, was set up to determine — whether Huang had been the target of a foreign intelligence operation. Its findings have not been published.

How much has Nvidia’s value fallen?

Shares fell as much as 13% after the resignation announcement, paring losses to about 4%, wiping roughly $450 billion off the company’s value since the weekend. Market value fell below $4 trillion for the first time since July 2025.

When does Nvidia report earnings?

Tuesday, 17 November 2026 — five days after the resignation. It will be the first results presented under interim chief executive Colette Kress.

Final thoughts

Jensen Huang built Nvidia into the most important company of the AI era, and his departure in these circumstances is one of the most dramatic leadership falls in modern tech history. The personal questions — the two affairs, and whether one of them exposed him to a foreign intelligence operation — are now matters for Congress, the FBI and the courts. The business question is simpler and will be answered on 17 November: whether Nvidia, without the man who defined it for 33 years, can keep growing as if nothing happened.