Nvidia in Crisis: Jensen Huang Resigns After Spy Scandal Allegations

In one of Silicon Valley’s most dramatic leadership upheavals, Nvidia co-founder and longtime CEO Jensen Huang resigned after 33 years at the helm of the world’s most valuable chipmaker.

The resignation took effect on November 12, 2026, following explosive reports alleging affairs with two women, one of whom was described as a suspected Chinese spy. A subsequent Wall Street Journal report alleged that Nvidia artificially inflated perceptions of GPU scarcity by investing in AI startups that then bought its chips.

Nvidia’s board accepted Huang’s resignation effective immediately and appointed Chief Financial Officer Colette Kress as interim CEO, while she continues in her CFO role. The company’s market capitalization fell below $4 trillion following the news.

Nvidia is also facing a shareholder class-action lawsuit, and Congress has summoned Huang to testify. Meanwhile, more than 7,000 people have signed a petition asking the board to reinstate him.

The Wall Street Journal further alleged that Nvidia relied on startup financing to move an oversupply of semiconductors from TSMC, raising questions about market integrity in the AI chip sector. The scandal has rattled the broader AI industry, sent neocloud stocks tumbling, and prompted analysts across Wall Street to downgrade Nvidia shares.

Source: CNBC – Nvidia CEO Jensen Huang Resigns: Live Updates