Jensen Huang resigns as Nvidia CEO amid China spy probe in 2026
Nvidia’s board of directors announced that co-founder and chief executive Jensen Huang has resigned, effective immediately, on Thursday, November 12, 2026. The company’s chief financial officer, Colette Kress, will serve as interim CEO while the board looks for a permanent replacement. The exit followed a series of revelations about Huang’s personal life and suspected Chinese espionage, and reports said the company lost more than US$ 1 trillion in market value.
The downfall began with Alice Huang, who has no family relation to the CEO and was a senior executive at Megaspeed, a Singapore-based data center and cloud company. U.S. security authorities are investigating whether she acted as an intelligence agent for the Chinese government to gain improper access to information about Nvidia’s advanced H200 AI chips, which are subject to strict export restrictions.
Chip purchases by Megaspeed come under federal scrutiny
U.S. authorities tracked Megaspeed‘s purchases of more than US$ 4.8 billion in Nvidia chips over the past two years. The closeness between the buyer and the top of the chipmaker drew the attention of senior officials in Washington. Reports said the Commerce Department probe into Megaspeed was passed to the Justice Department, though neither agency has confirmed it.
Megaspeed denies wrongdoing and says inspections found no evidence of violations. The Chinese government formally rejects the accusations against it.
Admitted affairs prompt a shareholder claim against Nvidia
On Sunday, November 8, Huang wrote to employees admitting that he had an extramarital affair. In the message, he took responsibility for his actions, apologized to his wife and children, and said he had hurt them. The fallout also reached his family, as his daughter Madison Huang, who works at Nvidia, reportedly canceled a business trip to Seoul, South Korea, planned for early in the week.
Reports also linked Huang to Kimberly Powell, the company’s current vice president of healthcare, and to a second female employee whose name has not been made public. The Rosen Law Firm filed a request for a class action, arguing that the board and the CEO misled shareholders by hiding operational risks tied to the executive’s conduct.
Learn more: NVIDIA adds 25 games to GeForce NOW streaming library for October
Nvidia shares fell 14% at the open on Thursday, erasing about US$ 546 billion in market value. The stock recovered during the session and closed down 4.3%. On November 13, the shares traded near US$ 160, a drop of 6.3%.
Colette Kress takes over while the board searches for a successor
Colette Kress, the company’s executive vice president and chief financial officer, was named interim CEO to lead the transition. In a statement, she said she is committed to building on the foundation Huang created over 33 years. Nvidia said it is considering both internal and external candidates for the permanent role.
The board called any name circulating for the job premature and gave no timeline for a final hire. Senate Majority Leader John Thune, a Republican from South Dakota, said he expects Congress to oversee the case. Senator Elizabeth Warren said Huang’s resignation does not remove responsibility for national security from him, other executives, or the company.
- Tuesday, November 17: Nvidia’s third-quarter earnings call, at 2 p.m. Pacific time.
- Wednesday, November 18: closed-door briefing requested from Huang by three House committee chairs.
The chairs want details on Nvidia’s safeguards against foreign intelligence activities and on the exchanges between Huang and Alice Huang. Nvidia has said its internal review found no evidence of wrongdoing at Megaspeed.
