Jensen Huang Resigns as Nvidia CEO Amid Spying and Affair Reports

Jensen Huang has resigned as chief executive of Nvidia, the $4tn chipmaker he co-founded in 1993, after reports of extramarital affairs with an alleged Chinese spy and a company employee. CFO Colette Kress steps in on an interim basis until a full-time successor is named.

Nvidia shares slid about 7% in pre-market trading on Thursday after the Wall Street Journal reported the board was readying Huang's ouster. The stock is down more than 11% over the past few days as the scandal unfolded.

What did the board say?

The board's statement confirming Huang's departure made no mention of the spying scandal or the personal conduct revelations that have engulfed the company. Instead, it paid tribute to his record.

"Jensen's contributions to Nvidia are profound. Nvidia is one of the most consequential technology companies in the world. The board and the company thank Jensen for his immeasurable contributions to the company and the industry," the statement said.

Earlier this week, the board appointed leading law firm Wachtell, Lipton, Rosen & Katz to run a "thorough and independent" investigation into Huang's relationship with Alice Huang, who is no relation to the Nvidia boss. The firm had directed Huang to stay at the helm while the investigation ran.

What changed on Wednesday?

Late on Wednesday, the New York Times reported that Huang had a separate extramarital affair with a company employee named Kimberly Powell. Powell was Nvidia's president of healthcare and was reportedly captured on video being affectionate with Huang at a hotel during a company conference in March. She has been approached for comment.

The report piled pressure on Huang as the board met late on Wednesday. The resignation followed.

Who is Alice Huang?

Alice Huang is a businesswoman and head of the Singapore-based datacentre firm Megaspeed. US intelligence services suspect her of being a Chinese asset, according to multiple reports. The pair were seen together around the world over the past few years — dining in restaurants and attending meetings.

Jensen Huang admitted to having an affair without directly naming the suspected spy. He denies any knowledge that Alice Huang allegedly worked for the Chinese government. Huang, married to his wife Lori since 1985, admitted the affair in an email to employees on Sunday and said he would cooperate with an internal investigation. The board said the same day it was investigating reports that Huang was the target of a foreign intelligence effort.

How big is the fallout?

Huang owns more than 870 million shares — about 3.6% of the company — worth $145bn (£109bn), according to Bloomberg, making him the world's 13th richest person. Both he and the company have taken a financial hit as the scandal has unfolded.

His exit removes one of Silicon Valley's most senior figures at the peak of the AI arms race between the US and China. The entire artificial intelligence ecosystem relies on Nvidia, whose advanced chips train AI models and power companies such as OpenAI and Anthropic. Nvidia ranks among the most valuable companies on Earth with a market cap above $4tn.

Unlike many contemporaries running leading tech companies, Huang kept dozens of direct reports — an unusual management structure that concentrated control in his hands.

Who is backing him?

Donald Trump has backed Huang, saying he had done "an incredible job" and is "an honorable guy." Major tech industry figures, including Elon Musk, have also thrown their support behind him.

The market has been less forgiving. With shares down more than 11% in days and the Wachtell Lipton investigation still open, Kress now runs the world's most critical AI chip supplier while the board searches for a permanent chief executive.