Jensen Huang resigns as Nvidia CEO amid investigation; Colette Kress named interim chief

Nvidia CEO Jensen Huang has resigned with immediate effect, bringing an abrupt end to his 33-year leadership of the chipmaker as the company faces mounting scrutiny over allegations surrounding his personal relationships and a reported foreign intelligence operation.

The company announced on November 12 that its board of directors had accepted Huang’s resignation as President and Chief Executive Officer and as a member of the board, effective immediately.

Colette Kress, Nvidia’s Executive Vice President and Chief Financial Officer, has been appointed interim CEO. She will retain her CFO responsibilities until a permanent successor is named. The board has initiated a search for a new chief executive and will consider both internal and external candidates.

The board has also appointed Harvey C. Jones as its first-ever Chair. Jones, an entrepreneur, technology executive and venture investor, has more than 30 years of experience, including serving as Chief Executive Officer and Executive Chairman of Synopsys.

“Colette has helped lead NVIDIA through a period of extraordinary growth and has a deep understanding of our business, customers, operations and financial position,” said Harvey Jones, Chair of the NVIDIA Board of Directors.

“She is supported by an experienced leadership team that has been instrumental in executing NVIDIA’s strategy and advancing its technology roadmap. The Board has full confidence in Colette and the leadership team, and we expect the company’s operations, customer commitments and product roadmap to continue without interruption.”

Kress, who joined Nvidia in September 2013, has led the company's finance organisation throughout its expansion. Before joining the chipmaker, she spent nearly 25 years in finance roles at technology companies, including Cisco and Microsoft.

Responding to her appointment, Kress said the company would continue building on the foundation established under Huang's leadership.

“NVIDIA’s strength has always come from its people, and together with our leadership team, I am committed to building on the extraordinary foundation Jensen created over the last 33 years,” said Kress.

“We will continue advancing the work that has made NVIDIA a leader in accelerated computing and AI, and execute on the opportunities ahead. Our focus remains on serving our customers, partners, developers and shareholders.”

The board also acknowledged Huang's contributions to the company and the wider technology industry, describing Nvidia as one of the world's most consequential technology companies.

Huang's departure comes days after Nvidia's board announced an independent investigation into reports that the CEO had been the target of a foreign intelligence operation involving Chinese businesswoman Alice Huang, who is not related to him.

The controversy intensified after Huang acknowledged in a November 8 message to employees that he had been unfaithful to his wife and apologised to his family and colleagues. US intelligence officials have reportedly linked Alice Huang, a former executive at Singapore-based Megaspeed, to China's Ministry of State Security.

Nvidia's board had previously said it had no reason to believe that national security or company secrets had been compromised, while confirming that an independent committee, assisted by external legal counsel, would examine the available information.

The developments have also intensified scrutiny of Nvidia's relationships with AI infrastructure companies and its financing arrangements involving businesses that purchase its chips.

The leadership transition has sent shockwaves through global technology markets, with Nvidia shares falling sharply in premarket trading on Thursday. The stock declined 10.3%, putting the company's market capitalisation at risk of falling below $4 trillion for the first time since July 2025.

Nvidia has reportedly lost around $300 billion in market value since the board announced its investigation on November 8.

The sell-off extended to companies across the AI infrastructure ecosystem. Nvidia-backed cloud computing company CoreWeave fell 13.6%, while Nebius dropped 20% after signalling that its 2026 revenue would be at the lower end of its previous forecast. Other AI infrastructure players, including IREN and Applied Digital, also traded lower.

Memory chipmaker Micron Technology declined 5.8%, while data storage companies SanDisk and Western Digital fell 8.5% and 5.2%, respectively. Chip-related companies Marvell Technology, Intel, Arm Holdings and Texas Instruments also recorded losses.

However, Nvidia competitors Advanced Micro Devices (AMD) and Broadcom moved in the opposite direction, rising 2% and 1.4%, respectively, as investors assessed whether the leadership uncertainty could create opportunities for rival AI chipmakers.

The wider technology sector also faced pressure, with markets in Japan and South Korea closing nearly 0.7% lower and European technology stocks declining around 1%.

The leadership change comes at a critical juncture for Nvidia, whose chips have become central to the global expansion of artificial intelligence infrastructure. Huang's departure raises questions about the company's ability to maintain its strategic direction and relationships across the AI ecosystem during a period of heightened regulatory and investment scrutiny.

Nvidia is scheduled to report its third-quarter fiscal 2027 financial results on November 17 at approximately 1:20 p.m. Pacific Time, followed by an earnings call at 2 p.m. PT, as previously planned.