Jensen Huang has resigned as chief executive, president and board member of Nvidia, the company announced on Thursday. The resignation follows reports of his extramarital affairs with an alleged Chinese spy and a senior Nvidia employee. The company named chief financial officer Colette Kress as interim CEO and appointed its first-ever board chairman, Harvey Jones. Nvidia's board said it would search for a permanent chief executive. The company's shares fell sharply on the news, dropping about eight per cent at the start of trading.
The board's statement did not mention the scandals, instead paying tribute to Huang's contributions. "Jensen's contributions to Nvidia are profound," the statement said. "The board and the company thank Jensen for his immeasurable contributions to the company and the industry." Huang, who co-founded the chipmaker in 1993, owns about 3.6 per cent of the company. In a memo to employees on Sunday, Huang apologized for his conduct. "I was unfaithful to my wife," he wrote. "My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry."
Pressure on Huang intensified this week after the New York Times reported late Wednesday that he had a separate extramarital affair with a Nvidia executive, Kimberly Powell, who reported to him. That report followed earlier revelations that Huang had developed a close relationship with Alice Huang, a businesswoman U.S. intelligence agencies suspect of being a Chinese government asset. The two Huangs are not related. Nvidia's board met on Wednesday to consider Huang's future, a person familiar with the matter said.
The board had previously launched an investigation, led by independent directors with outside legal counsel, into whether Jensen Huang had been targeted by a foreign intelligence operation. On Sunday, the board said it had hired a former acting U.S. attorney and his law firm to conduct that probe. Nvidia has said it had "no reason to believe" that national security or company secrets were compromised, but that its inquiry would examine all available information. Alice Huang was a top executive at Singapore-based datacentre firm Megaspeed International, which prominently touts a partnership with Nvidia on its website. U.S. authorities have investigated Megaspeed over suspicions it helped China obtain advanced AI chips restricted under American export controls. In its first statement since the scandal broke, Megaspeed said on Thursday it takes its obligation to comply with U.S. export control laws "extremely seriously."
"Megaspeed is committed to working constructively and transparently with the U.S. government," said the statement signed by its chairman and CEO, Tan Yong Pong. The company said it has co-operated with the U.S. Department of Commerce's Bureau of Industry and Security and was ready to "co-operate fully with any other relevant U.S. government authority." It said it has hired a U.S. law firm to handle a "comprehensive census" of its computer chips and to verify its export controls. China has denied that Alice Huang is a spy, calling the allegations "purely unsubstantiated and directed at smearing China." U.S. President Donald Trump has publicly backed Jensen Huang, saying he had done "an incredible job" and is "an honorable guy." Trump said the Nvidia chief had told him he had no idea the Chinese woman he had an affair with was a spy.
Huang's departure removes a key figure in the artificial intelligence industry at a time of intense technological competition between the U.S. and China. Nvidia's chips are essential for training AI models, powering companies like OpenAI and Anthropic. The company's valuation had soared past $4 trillion amid the AI investment boom. Huang's exit could also affect U.S. chip export policy, given his lobbying to preserve Nvidia's access to the Chinese market. In January, he won Trump's approval for selling its H200 chips to China.
Interim CEO Colette Kress, who has been Nvidia's chief financial officer since 2013, emailed employees after her appointment. "I believe deeply in this company and in its future," Kress wrote. "The Board, Estaff and I recognize that this has been an extraordinarily difficult period and I want you to know how grateful we are for your resilience, professionalism and continued dedication." New board chairman Harvey Jones also wrote to staff, saying, "The Board takes seriously our duty as stewards of this great company."
