Nvidia CEO Jensen Huang Resigns Over Alleged Chinese Spy Affair?

Jensen Huang, the co-founder and chief executive of Nvidia, has resigned with immediate effect after admitting to an extramarital affair with a woman alleged by US intelligence services to be a Chinese spy, and following reports of a second relationship with a senior company employee. The departure of the 63-year-old, who built Nvidia into the world’s most valuable company, was confirmed by the chipmaker’s board of directors on Thursday, 12 November 2026. Nvidia’s chief financial officer, Colette Kress, has been appointed interim chief executive until a permanent successor is named.

The announcement sent shockwaves through global markets. Shares in Nvidia plunged by 13 per cent when Wall Street opened, before partially recovering to trade down seven per cent by mid-morning. The sell-off wiped more than $320bn (£242bn) off Nvidia’s market value on the day and over $600bn across the week, leaving the company valued at approximately $3.9tn. The board’s statement confirming Huang’s exit made no reference to the spying scandal or the personal conduct revelations that have engulfed the company in recent days. Instead, it paid tribute to Huang’s “profound” contributions to the business he co-founded in 1993.

The crisis intensified earlier this week when Nvidia’s board appointed the leading US law firm Wachtell, Lipton, Rosen & Katz to conduct a “thorough and independent” investigation into Huang’s relationship with Alice Huang, a Chinese citizen and Nvidia customer who is no relation to the former chief executive. Alice Huang is the head of Megaspeed, a Singapore-based datacentre firm suspected by US intelligence services of being a Chinese asset. Jensen Huang had previously denied any unusual conduct but admitted on Sunday that he had been unfaithful to his wife, without directly referring to Alice Huang.

Daily Dazzling Dawn understands that the board had initially directed Huang to continue leading Nvidia while the investigation proceeded. However, the situation changed late on Wednesday when the New York Times reported that Huang had conducted a separate extramarital affair with Kimberly Powell, Nvidia’s president of healthcare. Powell was reportedly captured on video being affectionate with Huang at a hotel during a company conference in March 2026. The report added further pressure on the board, which met late into Wednesday evening before confirming Huang’s resignation.

Huang’s departure removes one of Silicon Valley’s most prominent figures at a critical juncture in the artificial intelligence race between the United States and China. Unlike many of his peers at other leading technology companies, Huang maintained dozens of direct reports, an unconventional management structure that concentrated significant control in his hands. This arrangement has raised immediate questions about Nvidia’s operational continuity as it navigates the interim leadership of Colette Kress, a respected financial executive but one without Huang’s deep technical background or public profile.

Huang owns more than 870 million Nvidia shares, representing approximately 3.6 per cent of the company, and was worth $145bn on Thursday morning according to Bloomberg, making him the world’s 13th richest person. The entire artificial intelligence ecosystem relies on Nvidia’s advanced chips, which are used to train AI models and power companies including OpenAI and Anthropic. The company’s market capitalisation had exceeded $4tn before this week’s turmoil.

Huang has denied any knowledge that Alice Huang allegedly worked for the Chinese government. The pair were seen together around the world over the past few years, dining in restaurants and attending meetings. The disclosure of the board’s investigation into whether Huang was the target of a foreign intelligence effort has elevated the matter beyond a corporate scandal into a national security concern.

President Donald Trump has publicly backed Huang, stating that he had done “an incredible job” and describing him as “an honourable guy”. Elon Musk and other senior figures in the technology industry have also expressed support. The board’s decision to accept Huang’s resignation nonetheless reflects the gravity of the allegations and the potential reputational and legal risks to Nvidia. The company has not announced a timeline for naming a permanent chief executive, and the investigation by Wachtell, Lipton, Rosen & Katz is expected to continue independently of Huang’s departure.