Nvidia CEO Jensen Huang resigned from his post on Thursday following revelations of two extramarital affairs, one of which allegedly involved a woman accused of spying for China.
Three days later, Jensen Huang was reported to have had an affair with a company executive who reported directly to him. “A committee of independent directors, assisted by outside independent counsel, will oversee the investigation. “My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry. “Throughout my life, my family has given me love and support. They deserve my honesty and loyalty. Instead, I let them down and damaged the life we built together. I take full responsibility for what I did and the hurt I caused, and I accept the criticism that comes with it,” he added. It identified Alice Huang as an executive at the Asian tech firm Megaspeed International. Beijing has denied these claims. The reports also affected Nvidia’s stock. She then joined Nvidia, where she held positions as Director, WW Business Development, Higher Education & Healthcare, and Sr. Director, Artificial Intelligence Business Development, before becoming Vice President/General Manager, Healthcare at Nvidia. The chipmaker’s board of directors appointed Colette Kress , its current executive vice president and chief financial officer, as interim CEO. Kress will continue to serve as executive vice president and CFO alongside her interim role until a permanent successor is appointed. The board also appointed Harvey C—Jones as its first-ever chairperson. Other neocloud stocks, including IREN and Applied Digital, were also trading lower.
As Huang, who co-founded Nvidia and is its fourth-largest investor with a stake of about 3.61%, is also set to exit the board, here’s a look at the events that culminated in his resignation. The resignation of the 63-year-old tech giant comes after The New York Times reported on November 7 his alleged affair with Alice Huang, a Chinese businesswoman whom US authorities suspect of spying for Beijing. The company’s shares fell about 9 per cent in after-hours trading on Wednesday, according to Bloomberg. Nvidia lost more than $300 billion in market value since news of the reported affair with Alice Huang first emerged. Jones brings more than 30 years of experience as an entrepreneur, technology executive and venture investor, including stints as CEO and executive chairman of Synopsys. Following Jensen Huang’s exit, the company’s shares fell 8.2% to a more than 16-month low in early trading, and its market value was on track to close below $4 trillion for the first time since July 2025, Reuters reported. Nvidia-backed neocloud firm CoreWeave dropped 9.1% after surging more than 27% in the previous session. Nvidia has lost more than $550 billion in market value since the board announced an investigation on Sunday into Huang’s relationship with a businesswoman called Alice Huang, who is alleged to be a Chinese spy.
“NVIDIA’s strength has always come from its people,” she said, adding that the company’s focus would remain on serving its customers, partners, developers and shareholders. Following the report, the company said that they are “initiating an independent investigation in light of recent reporting that CEO Jensen Huang has been the target of a foreign intelligence effort. The Board prioritises US national and economic security, which is paramount to the interests of Nvidia and its shareholders,” it said. “I was unfaithful to my wife,” Jensen Huang wrote. Alice Huang had become close to Jensen Huang and was allegedly working for a Chinese spy agency, according to the Times report. US intelligence told the Trump administration that it believed the agency hired Alice Huang to collect information from Huang on behalf of Beijing’s Ministry of State Security, the report claimed.
The company’s CFO Colette Kress was appointed as interim CEO in a board meeting on Wednesday. Jensen Huang admitted to having an affair with Alice Huang in an email to Nvidia employees on Sunday, after the company launched an internal probe. The New York Times on Wednesday identified the executive as Kimberly Powell , Nvidia’s vice president of healthcare, citing five people who had worked at the company. Following the revelation of his alleged affairs, the Nvidia Corp board met on Wednesday to decide Huang’s future at the company.
