Jensen Huang Resigns as Nvidia CEO After Spy Affair Scandal Ends 33-Year Reign

Jensen Huang has resigned as Nvidia's chief executive with immediate effect, ending a 33-year run in which he built the chipmaker from a three-person startup into the world's most valuable AI company. Nvidia announced the decision on Thursday, November 12, 2026, a day after its board met to decide whether to remove him over two extramarital affairs, one of them with a woman US intelligence officials suspect of spying for China.

Key Points

• Jensen Huang, 63, resigned as Nvidia's president, CEO and board member, effective immediately, the company announced Thursday, November 12, 2026.
• The board accepted his resignation on Wednesday, November 11, after meeting to decide whether to oust him over two reported extramarital affairs.
• CFO Colette Kress will serve as interim CEO while keeping her finance role, and the board named Harvey C. Jones as its first-ever chairperson.
• Huang co-founded Nvidia in 1993 and led it for 33 years, turning it into the dominant supplier of the chips powering the artificial-intelligence boom.
• Nvidia shares fell about 10% overnight, putting its value on course to drop below $4 trillion for the first time since July 2025.

What Happened

Nvidia said on Thursday that Huang had stepped down from all three roles — president, chief executive and board member — with immediate effect. The company gave no reason, saying only that it thanked Huang for his "immeasurable contributions" to the company he co-founded in 1993.

The board had met on Wednesday to weigh his future, after the Wall Street Journal reported that directors were preparing to remove him. By Thursday morning, Huang resigned before the board had to fire him. It closed the most dramatic week in Nvidia's history, one that had already erased hundreds of billions of dollars from its value and drawn in the FBI, Congress and the White House.

Background: From Board Probe to Resignation

The crisis began on Sunday, November 8, when Nvidia's board launched an independent investigation after reports that Huang had been the target of a foreign intelligence operation. In a message to employees that day, Huang admitted he had been unfaithful to his wife. "My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry," he wrote.

The board said it had "no reason to believe that either national security or NVIDIA secrets were compromised." But the revelations kept coming: the Wall Street Journal reported on Wednesday that the board had learned of two affairs — one with Alice Huang, a former Megaspeed executive whom US intelligence officials believe works for Chinese intelligence, and a second, reported by the New York Times, with Kimberly Powell, a senior Nvidia executive who runs its healthcare business.

Investigators are examining Megaspeed over suspicions it helped move at least $7.5 billion in export-restricted Nvidia AI chips to China. The Justice Department is leading multiple investigations involving Alice Huang, and shareholders sued Nvidia on Monday, accusing Huang of concealing his ties to a suspected Chinese spy.

Jensen Huang Resigns After 33 Years at Nvidia

Huang's departure ends one of the longest and most successful chief executive runs in corporate history. He co-founded Nvidia in 1993 with Chris Malachowsky and Curtis Priem, and over 33 years he turned a graphics-chip maker into the company at the centre of the AI revolution. Its chips power the data centres of every major technology company, and at its peak this year Nvidia became the first company valued at more than $5 trillion.

Huang, who owns about 3.6% of Nvidia's stock and is its largest individual shareholder, was known for his black leather jacket and his insistence that he did not believe in succession planning. He had roughly 60 direct reports and no obvious successor, which now complicates the board's search. Just weeks ago, he was receiving the National Medal of Science from President Donald Trump and advising the White House on AI policy.

Reactions: Kress Takes Over, Trump Floats Cook

Colette Kress, Nvidia's chief financial officer since September 2013, will lead the company on an interim basis while retaining her finance role. The board has not said how long the search for a permanent successor will take. It also named Harvey C. Jones as its first-ever chairperson, separating the chairman and chief executive roles for the first time in Nvidia's history.

President Trump weighed in on Thursday, saying on Truth Social that former Apple chief executive Tim Cook should replace Huang — "A Legend replaces a Legend!" There is no indication Nvidia has selected Cook, who stepped down as Apple CEO on September 1, 2026. Analyst Dan Ives called Cook "a dark horse candidate," while prediction markets favoured Nvidia executive Ian Buck and Kress herself.

Why It Matters

Nvidia is not just another large company. It is the bellwether of the AI trade, the single stock most closely tied to the trillion-dollar bet that AI will transform the global economy. Its chips are treated in Washington as a strategic asset, subject to export controls meant to keep the most advanced technology out of China's hands. A leadership crisis at Nvidia is therefore a national-security story too.

The resignation also raises hard questions for the board and regulators. The investigation into whether Huang was targeted by a foreign intelligence operation continues, as do the Justice Department's inquiries into Megaspeed. Congress has asked Huang to appear at a closed-door briefing, and lawmakers from both parties have promised further scrutiny of export controls.

What Happens Next

Nvidia reports third-quarter fiscal 2027 results on Tuesday, November 17, as scheduled — the first test of how the company performs without its founder at the helm. Huang has been asked to appear at a closed-door congressional briefing the next day, November 18, where lawmakers are expected to press him on the affair and the chip shipments to China. Until a successor is named, the stock is likely to remain volatile.

Frequently Asked Questions

Why did Jensen Huang resign as Nvidia CEO?

Nvidia announced on Thursday, November 12, 2026, that Huang resigned with immediate effect, a day after the board met to decide whether to remove him over two reported affairs.

Who is Nvidia's interim CEO?

Chief Financial Officer Colette Kress, in the role since September 2013, will serve as interim CEO while keeping her CFO job. The board also named Harvey C. Jones as its first-ever chairperson.

How long did Jensen Huang lead Nvidia?

Huang co-founded Nvidia in 1993 and led it for 33 years, building it from a three-person startup into the world's leading AI chipmaker and the first company valued at more than $5 trillion.

What happened to Nvidia's share price?

Nvidia shares fell about 10% overnight, putting its market value on course to drop below $4 trillion for the first time since July 2025, after losing about $300 billion since Sunday.

When does Nvidia report earnings?

Nvidia reports third-quarter fiscal 2027 results on Tuesday, November 17, 2026, as scheduled. Huang has been asked to appear at a closed-door congressional briefing the next day, November 18.

Related coverage: Nvidia board preparing to oust CEO Jensen Huang; Kang Wei introduced Alice Huang to Nvidia CEO Jensen Huang; Nvidia shares plunge 4.3% as FBI probes Huang spy claims.