Jensen Huang steps down as Nvidia CEO amid affair reports

Jensen Huang has stepped down as chief executive of Nvidia, the chipmaker at the centre of the artificial intelligence boom. The company’s board accepted his resignation on Wednesday, according to a filing Nvidia made with the US Securities and Exchange Commission on Thursday. Colette Kress, the company’s chief financial officer, will serve as interim chief executive while keeping her finance role.

Huang co-founded Nvidia and led it for more than 30 years. According to The Guardian, he guided the firm from a company worth about $1bn when it listed in 1999 to one valued at more than $4tn in 2026. Nvidia is expected to run a wider search for a permanent successor.

Read also: Ousted Nvidia chief Jensen Huang called to testify before lawmakers

Reports about affairs and a spy claim

The departure came days after a series of reports about Huang’s personal life. TechCrunch says Huang has admitted to affairs during his marriage. Reports also say the scandal wiped more than $600bn from the company’s market value in a matter of days.

One of the reported relationships involves Alice Huang, a top executive at Megaspeed, a Singapore-based AI infrastructure company. US officials reportedly believe she is a Chinese spy. Alice Huang is a Chinese citizen and is not related to Jensen Huang. China has denied the accusations and called them a smear.

Further reports followed. According to the New York Times, which relied on five current or former Nvidia staff, Huang also had a romantic link with Kimberly Powell. She holds a vice presidency overseeing healthcare and answers directly to Huang. Reuters later reported a third affair, with another unnamed Nvidia employee. The sources differ on how many affairs have been reported. Nvidia, Huang and Powell have not confirmed the reports.

Market reaction and new leadership

Nvidia shares fell about 8% in after-hours trading on Wednesday, according to TechCrunch, and were down 11% over the previous five days. The Wall Street Journal reported that the board had planned to meet to discuss Huang’s future. Huang had about 60 direct reports, and the company had no obvious successor.

Harvey C. Jones, a managing partner at Square Wave Ventures and a former CEO of Synopsys, was named the company’s first chair of the board. Jones has sat on Nvidia’s board since 1993.

Congress, export rules and what comes next

Huang has agreed to testify before Congress before Thanksgiving, which falls on November 26. House Foreign Affairs Committee chairman Brian Mast said he and Huang have disagreed on export controls. He also said Nvidia is very important to the United States. The testimony is expected to be held behind closed doors, though Mast believes it will be recorded and transcribed.

The story matters beyond one company. The US and China are competing to build the most advanced AI infrastructure, a race that could affect economic strength and military capability. US restrictions limit sales of the most powerful Nvidia chips to Chinese entities. According to TechCrunch, the US Justice Department has taken over the federal investigation into Megaspeed, which reportedly bought $4.8bn in Nvidia chips over two years. Both the US and Singapore had previously examined the firm over suspicions that it shared chips with China.

Many details remain unconfirmed. Nvidia has not named a permanent chief executive, and the allegations about Huang’s personal life have not been confirmed by the company or the individuals named.

Related: Nvidia board reportedly weighs removing CEO Jensen Huang

Frequently asked questions

Sources

• The Guardian: A timeline of the affair scandal that sank Nvidia’s Jensen Huang
• TechCrunch: The unfolding Jensen Huang scandal: a timeline

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