Jensen Huang Resigns as Nvidia CEO After 33 Years as Colette Kress Takes Over, Shares Plunge and Congress Awaits His Testimony

Nvidia co-founder Jensen Huang resigned as CEO, president and board member, effective immediately, ending a 33-year run that turned a graphics-chip maker into the main supplier of AI processors. The move came days after he admitted an affair with a woman US officials reportedly suspect of working for Chinese intelligence. No criminal charges against Huang have been reported, and the espionage claims remain unproven allegations. Cointelegraph

Nvidia’s board announced the transition on November 12, and its regulatory filing said the board accepted the resignation on Wednesday. CFO Colette Kress will serve as interim CEO while keeping her finance role until a permanent successor is named, and the board is searching internally and externally. Nvidia also named Harvey C. Jones, a former Synopsys chief executive, as the company’s first-ever board chair. Jones said in a statement that the board has full confidence in Kress and expects operations and the product roadmap to continue without interruption. Nvidia did not give a reason for Huang’s departure, though the timing is hard to separate from the scandal. CNBC, citing a person familiar with the matter, reported that the board decided on Wednesday night to oust him. NVIDIA CORP – Form 8-K – FY2026 +5

The path to Thursday was short. On November 8, the board opened an independent investigation, the same day Huang admitted the affair in an email to employees. The board said it had no reason to believe national security or Nvidia secrets were compromised, and a company spokesman said at the time that Huang was committed to continuing as CEO. A few days later, the board hired Joon H. Kim, a former acting US Attorney in Manhattan, and his firm Wachtell, Lipton, Rosen & Katz to lead that inquiry. Nvidia’s resignation announcement does not say what happens to the investigation, and its status is not clear from the reports reviewed. China’s foreign ministry has called the spy claim unsubstantiated and a smear against China. nvidia board opens investigation into ceo jensen huang after affair admission +3

Also Read: Nvidia Board Hires Ex-Federal Prosecutor to Investigate Jensen Huang as Congress Prepares Subpoena and Reports Say CEO’s Future Is in Doubt

A second allegation surfaced as the board was moving. The New York Times reported that Huang also allegedly had an extramarital relationship with an Nvidia executive who reports to him, and Yahoo Finance, citing the Times, named her as Kimberly Powell, who heads the company’s healthcare efforts. Nvidia has not confirmed this, and the reports reviewed contain no response from Powell. abcnewsYahoo Finance

The market reaction was sharp. Nvidia stock fell more than 13% in early trading before paring losses, and closed down 4.34% at $166.19, shedding about $180 billion in market value in a day, according to BigGo Finance. Its market value fell below $4 trillion for the first time since July 2025. Rival chipmakers gained, with AMD and Broadcom each up about 6%. Huang leaves the board but remains a major shareholder with about 3.61%. Nvidia live updates: Following Jensen Huang’s resignation as CEO, allegations of a third affair emerge +4

Congress is still waiting for him. House Foreign Affairs Committee Chairman Brian Mast told reporters that Huang has agreed to testify before Congress. Reports differ on timing: BigGo says the committees hope to hold a closed-door hearing on the 18th, with the exact date still being coordinated, while CNBC, via the Globe and Mail, said he agreed to testify before Thanksgiving. Lawmakers want to know about the Megaspeed link and where billions of dollars of advanced chips exported to Singapore ended up. Democrats are widening the scope as well, and Senate and House Democrats are launching a probe into the Trump administration’s plans to approve AI chip sales to Chinese companies. Senator Elizabeth Warren said the resignation does not absolve Huang, other senior executives or the company of responsibility. President Trump expressed regret about the departure and, according to one report, called it “a horrible thing”. Nvidia CEO Jensen Huang resigns amid spy scandal and market loss +5

Also Read: Nvidia CEO Jensen Huang Admits Affair With Woman US Officials Reportedly Say Was a Chinese Spy; Board Opens Investigation

The next question is who runs Nvidia permanently. Analysts and investors see Kress and longtime engineer Ian Buck as the leading internal candidates, and Buck has emerged as the frontrunner on prediction markets. Wedbush’s Dan Ives told CNBC that Kress will likely hold the interim role for about a year. For now, Kress is running the company while also serving as CFO, a double workload that could matter when Nvidia reports third-quarter results on November 17, the day before the planned congressional briefing. That call is her first major public test in the job. Jensen Huang resigns as Nvidia CEO, threatening AI boom and raising questions about U.S. chip sales – The Globe and Mail +3

Several things are still unknown. Nvidia has not said whether the Kim investigation will continue or whether the board will publish its findings. It is not public what, if anything, Huang shared with Alice Huang, or whether any chip sales were affected. The Powell allegation is unconfirmed. And no one has shown that national security was compromised, which is the central question Congress says it wants to answer.

For investors, customers and rivals, the stakes go beyond one executive. Huang was the public face of the AI boom, and his exit leaves the company’s strategy, its China export policy and its relationship with Washington in the hands of an interim chief. The first answers should come from the November 17 earnings call and Huang’s congressional appearance.