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Nvidia's board announced on November 12, 2026 that co-founder Jensen Huang has resigned as president, CEO and board member, effective immediately. CFO Colette Kress will serve as interim CEO while the board searches for a permanent successor, considering internal and external candidates. The move follows reports of two extramarital relationships, one with an alleged Chinese intelligence asset.
Key facts
- Huang resigned as president, CEO and director; Kress keeps her CFO duties while serving as interim CEO.
- Harvey C. Jones, a former Synopsys CEO, becomes Nvidia's first-ever board chair.
- Nvidia's stock fell more than 10% after the announcement, according to Tom's Hardware and 9to5Mac.
- Nvidia reports quarterly earnings on November 17.
- Huang co-founded the company in 1993.
How it unfolded
Wired reports that The New York Times and Financial Times said on November 6 that Alice Huang, a Megaspeed executive with no known relation to Jensen, was a spy for China's Ministry of State Security. The Chinese government rejects those claims. Nvidia's board announced an internal investigation on November 8, and Huang sent employees a memo acknowledging he had been unfaithful to his wife.
On November 11, the Times reported a second relationship, with Kimberly Powell, Nvidia's vice president of healthcare, who reports to him. The Verge notes the Times cited five people who worked at Nvidia. Powell's account is not included in the sources. The Wall Street Journal then reported that the board would meet to decide Huang's future.
A source told Wired that the alleged relationship with a subordinate, and Huang's dealings with Megaspeed, likely weighed more heavily in the board's decision than the espionage allegations. Nvidia's announcement did not directly address the allegations, according to 9to5Mac. Engadget adds that the board earlier said it had "no reason to believe that either national security or NVIDIA secrets were compromised."
Why it matters
Nvidia supplies the chips behind most AI development. Wired cites a roughly 90 percent GPU market share as of September 2026, and Verge puts the value of its investment portfolio at about $99 billion. Huang was also closely tied to its strategy, including his public opposition to chip export controls and his relationship with President Donald Trump.
The export question remains open. Wired reports a Commerce Department probe into whether Megaspeed helped Chinese firms evade controls was reportedly moved to the Justice Department. Tom's Hardware says Megaspeed is under investigation over the alleged smuggling of $2 billion of export-controlled GPUs into China. Engadget says Trump stated the FBI is also investigating.
New chair Jones said the board expects operations, customer commitments and the product roadmap to continue without interruption.
What to watch
- The CEO search. The Verge says reports name Kress, Apple's Johny Srouji, Nvidia VP Ian Buck, AMD's Lisa Su and Arm's Rene Haas. 9to5Mac says Bloomberg reported Nvidia hired an outside firm to find candidates, and that other reports raised Madison Huang, a senior director at the company.
- Earnings on November 17. The first report under interim leadership, after a decline 9to5Mac puts at about 35% from the October 6 record close.
- Further reporting. XDA says Reuters has reported accusations of a third partner. The sources do not detail this, so it should be treated as unconfirmed.
