Nvidia’s Jensen Huang Resigns as CEO; CFO Kress Steps In
Nvidia said founder Jensen Huang resigned effective immediately. CFO Colette Kress is interim CEO as reports of an investigation continue.
Jensen Huang, the co-founder of Nvidia, resigned on Thursday as the chipmaker’s president, chief executive and board member, effective immediately, according to a company announcement and a filing with the U.S. Securities and Exchange Commission. Colette Kress, Nvidia’s chief financial officer, will serve as interim CEO while the board searches for a permanent successor.
Nvidia’s announcement did not give a reason for the departure, and Huang was not quoted in it. News outlets including CNBC, Al Jazeera, which cited Reuters, and the New York Times have tied the exit to weeks of reporting about his personal relationships and an investigation into allegations that he was targeted by a foreign intelligence operation. Those claims come from press reports and unnamed sources, not from Nvidia’s filing.
What happened
Nvidia said the board appointed Harvey C. Jones, a longtime technology executive and venture investor who previously led chip-design software maker Synopsys, as its first-ever chair. Jones said the board has “full confidence in Colette and the leadership team.” Kress has been with Nvidia since 2013 and keeps her CFO role during the interim period. The board will consider internal and external candidates for the permanent job and said it expects operations, customer commitments and its product roadmap to continue without interruption.
Nvidia said it will still report third-quarter fiscal 2027 results on Tuesday, Nov. 17, as scheduled.
What is alleged, and what Huang has said
CNBC reported that U.S. intelligence officials reportedly believe a businesswoman linked to Megaspeed, a Singapore-based company and Nvidia customer, is a Chinese spy. CNBC noted these claims are reported rather than proven, and an investor quoted by the outlet said the government has not presented evidence of espionage. Nvidia’s board has hired the law firm Wachtell Lipton to investigate, CNBC said, and the Justice Department is reportedly examining whether organizations linked to the woman diverted AI server hardware to China. A proposed shareholder class-action lawsuit has also been filed.
The New York Times reported a separate relationship with an Nvidia vice president, and Reuters, citing two people familiar with the matter, reported an intimate relationship with another employee. Nvidia has not confirmed those reports.
According to CNBC, Huang apologized on Sunday for being “unfaithful to my wife” without giving details, and has denied compromising national security or Nvidia’s secrets. Al Jazeera reported that President Donald Trump said Huang told him he had “absolutely no idea” he was in a relationship with an intelligence operative. No charges against Huang have been reported.
Separately, the Financial Times reported that the departure has exposed internal politics at Nvidia, citing a source who said Huang ran the company like a “feudal system” with family members in powerful positions. Nvidia has not been shown to have responded to that account in the sources reviewed, and the claim is not independently confirmed.
Why it matters
Nvidia is the world’s most valuable company and a central supplier of chips for artificial intelligence. CNBC reported its shares fell more than 13% at the open on Thursday before closing down 4.3%, and that the stock is down roughly $2 trillion in value from its October peak. Reuters, as cited by Al Jazeera, said Nvidia is trading at its lowest multiple of expected earnings in 14 years.
Analysts reacted quickly. Cantor Fitzgerald analyst CJ Muse called the exit a “major loss” and cut his price target, according to CNBC.
What comes next
Congress is moving to scrutinize the matter. Rep. Brian Mast, chair of the House Foreign Affairs Committee, said Huang has agreed to testify before Thanksgiving, though the date is still being negotiated, CNBC reported. Sen. Tim Scott, chair of the Senate Banking Committee, has requested testimony on Dec. 3. Senate Majority Leader John Thune said he expects continued oversight.
Still unknown are who will become permanent CEO, the outcome of the board’s investigation and any government inquiries, and whether Huang will face any legal consequences. Nvidia’s earnings report on Nov. 17 will be the first under interim leadership.
