Jensen Huang Resigns As CEO Of Nvidia, Stock Plunges

The chaos surrounding Jensen Huang unfolded rapidly after late October 2026. On October 29, The New York Times reported that U.S. intelligence viewed his close relationship with Alice Huang (no relation), a Chinese executive tied to Singapore-based Megaspeed (a major NVIDIA customer under investigation for possible diversion of advanced AI chips to China), as involving a Ministry of State Security asset.Photos from Taipei events dating to 2024, plus earlier classified memos (including one overseen by Secretary of State Marco Rubio), amplified national-security concerns about export controls and influence. On November 8, Huang publicly admitted in a letter to employees that he had been “unfaithful to my wife,” apologized for the harm to his family, and linked it to the reports; NVIDIA’s board launched an independent investigation. Shares fell sharply amid congressional requests for briefings and references to FBI scrutiny.The crisis accelerated within days. On November 11, the Times reported a second extramarital affair with Kimberly Powell, NVIDIA’s vice president of healthcare who reported to Huang (including accounts of affectionate behavior at a conference). Reports that the board was meeting to consider ousting him sent shares plunging further (roughly 8% after hours that day, contributing to hundreds of billions in market-value losses over the period) and highlighted the lack of a clear succession plan after Huang’s 33 years as co-founder and sole CEO. Which brings us to today...This morning, the board announced his immediate resignation as President, CEO, and director. CFO Colette Kress was named interim CEO (while retaining her finance role), Harvey C. Jones became the company’s first-ever Chair, and a search for a permanent successor began, leaving the AI industry and markets in uncertainty.Here is the full press release:NVIDIA (NASDAQ: NVDA) Board of Directors announced today that Jensen Huang has resigned as President, Chief Executive Officer, and a member of the Board, effective immediately.Colette Kress, current Executive Vice President and Chief Financial Officer of NVIDIA, has agreed to serve as Interim Chief Executive Officer. Kress will continue to serve as Executive Vice President and Chief Financial Officer while serving as Interim Chief Executive Officer until a permanent successor has been named. The Board is initiating a search for a permanent Chief Executive Officer and will consider internal and external candidates.Kress has served as Executive Vice President and Chief Financial Officer of NVIDIA since joining the company in September 2013. During her tenure, she has led the company’s finance organization and has played a key role in NVIDIA’s growth and evolution. Prior to joining NVIDIA, Kress spent nearly 25 years in finance roles at leading technology companies, including Cisco and Microsoft.The Board of Directors appointed Harvey C. Jones as its first-ever Chair of the Board. Mr. Jones has been an entrepreneur, technology executive, and active venture investor for over 30 years, including serving as Chief Executive Officer and Executive Chairman of Synopsys.“Colette has helped lead NVIDIA through a period of extraordinary growth and has a deep understanding of our business, customers, operations and financial position,” said Harvey Jones, Chair of the NVIDIA Board of Directors. “She is supported by an experienced leadership team that has been instrumental in executing NVIDIA’s strategy and advancing its technology roadmap. The Board has full confidence in Colette and the leadership team, and we expect the company’s operations, customer commitments and product roadmap to continue without interruption.” “NVIDIA’s strength has always come from its people, and together with our leadership team, I am committed to building on the extraordinary foundation Jensen created over the last 33 years,” said Colette Kress, Interim CEO and CFO, NVIDIA. “We will continue advancing the work that has made NVIDIA a leader in accelerated computing and AI, and execute on the opportunities ahead. Our focus remains on serving our customers, partners, developers and shareholders.” Jensen’s contributions to NVIDIA are profound. NVIDIA is one of the most consequential technology companies in the world. The Board and the company thank Jensen for his immeasurable contributions to the company and the industry.The stock is down 10% from last night's close, extending the losses overnight...That drags the share price to its lowest since July 2025 (more than 35% from its highs)...The new board Chair sent a message to employees:What happens next? Our quick take is that this is a major governance and key-person shock, but not an immediate collapse of the AI chip business.Huang ran a famously flat organization with dozens of direct reports, had no formal public succession plan, and was the face of NVIDIA’s strategy, lobbying, customer deals, and the broader AI narrative. Markets are now pricing that risk explicitly. Some analysts had already flagged that a forced exit could cost 20-30% in valuation.In short: short-term chaos and discount for uncertainty, medium-term test of whether the company can institutionalize Huang’s vision without him, and a reminder that even the most dominant AI infrastructure player had extreme founder concentration risk. Earnings next week and the permanent CEO announcement will be the next clear catalysts.The politicians are circling...Democratic Senator Elizabeth Warren says Jensen Huang's resignation from Nvidia "does not absolve him," and that he and other Nvidia executives "still owe Congress answers about the company's compliance with U.S. export controls." Stay tuned, we are working on a summary of Wall Street views...