Jensen Huang has resigned as chief executive of Nvidia, effective immediately, following media reports about his personal relationships and an internal review into whether he was targeted by foreign intelligence.
The company said its chief financial officer, Colette Kress, who has been at Nvidia since 2013, will serve as interim chief executive while the board searches for a permanent successor. The board also appointed Harvey C. Jones as Nvidia’s first chairman.
Reports this week alleged Huang had multiple extramarital relationships, including one with a businesswoman US intelligence officials have said was suspected of passing information to Beijing, and another with an Nvidia executive who reported to him.
“My actions hurt her and our children,” Huang wrote in an email to employees, adding that his colleagues also “deserve better” from him.
Nvidia previously announced it was investigating whether Huang had been the target of a foreign intelligence effort, and said it had “no reason to believe” that national security or company secrets were compromised so far. The New York Times and other outlets reported the intelligence concerns centred on a woman identified as Alice Huang, linked to Singapore-based distributor Megaspeed International.
Singaporean authorities have questioned Alice Huang and at one point confiscated her passport while probing Megaspeed, which has been accused of illicitly exporting advanced Nvidia chips to China. Megaspeed has denied wrongdoing and said it will cooperate with US authorities.
The scandal has hit Nvidia’s market value. Shares closed 4.3% lower after the resignation, erasing nearly $US500 billion from the company’s market capitalisation and leaving Nvidia valued at about $US4 trillion, down from more than $US5.8 trillion in early October.
Jensen Huang’s personal fortune has fallen by roughly $US19 billion this week, putting his net worth at about $US143 billion and dropping him out of the world’s top 10 richest people. Financial filings show more than half of his Nvidia stock is held in a trust he and his wife, Lori Huang, control; Mrs Huang also controls a separate trust holding roughly $US5 billion of Nvidia shares. The Jen-Hsun and Lori Huang Foundation had about $US9 billion in assets in 2024.
The board said it will consider both internal and external candidates for the permanent role. Names reported as possible successors include Nvidia co-founder Chris Malachowsky, CUDA architect Ian Buck, AMD chief executive Lisa Su, Arm chief executive Rene Haas, former Google chief Eric Schmidt and Intel chief Lip-Bu Tan. US president Donald Trump suggested former Apple chief Tim Cook should take the job, and US Treasury official Scott Bessent told Fox News the company should “go outside the company” for new leadership.
The episode has revived debate in Washington about export controls and security risks tied to the companies that supply the chips underpinning artificial intelligence. Stephanie Balaouras, group research director at Forrester, said the situation is a test for the wider AI market: "If Nvidia stabilises quickly under new leadership, the AI infrastructure boom will have demonstrated resilience," she said.
Huang has been a prominent figure in US technology and politics, lobbying for less restrictive limits on chip sales to China, dining with senior officials and donating to White House renovation efforts. Nvidia committed $US25 million to help fund the renovation of the White House ballroom, and Huang received the National Medal of Science last month. Lawmakers on both sides of Capitol Hill have called for further inquiries, and the status of any FBI interest in the matter remains unclear.
Nvidia said its internal review will examine all available information and the board is conducting a search for a permanent chief executive. Colette Kress has stated she is committed to building on Nvidia’s existing foundation, while investors and regulators watch closely for any findings from the inquiry.