Nvidia co-founder Jensen Huang has resigned as CEO and president, ending his 33-year leadership of the artificial intelligence chipmaker amid an ongoing investigation involving alleged foreign intelligence connections.
The company confirmed the leadership change on November 12, 2026, announcing that Huang had also stepped down from its board of directors, effective immediately.
Chief Financial Officer Colette Kress has been appointed interim CEO, while the board searches for a permanent replacement.
Nvidia also appointed longtime director Harvey C. Jones as its first independent board chair.
The resignation marks the company's first CEO transition since its founding in 1993.
Nvidia Shares Plunge as Investors React
Nvidia shares plunged more than 13% shortly after Thursday's market opening, reflecting investor uncertainty surrounding the unexpected leadership change.
The stock traded near $151 before recovering to approximately $165 later in the session, representing a daily decline of around 5%.
Nvidia shares had already fallen more than 26% during the preceding month.
The selling pressure also affected cryptocurrency markets, with Bitcoin declining as much as 3.5% to a multimonth low.
Investors are increasingly concerned about the sustainability of artificial intelligence infrastructure spending and Nvidia's ability to maintain its industry leadership without Huang.
The company is scheduled to report its fiscal 2027 third-quarter earnings on November 17.
Foreign Intelligence Investigation Precedes Resignation
Huang's departure follows an independent investigation announced by Nvidia's board on November 8, concerning allegations that he had been targeted by a foreign intelligence operation.
The investigation followed reports about Huang's personal relationship with Alice Huang, a former executive at Singapore-based technology company Megaspeed.
US intelligence agencies reportedly suspected that she had provided information to Chinese intelligence services.
These allegations have not been established through a public criminal finding, and China has denied targeting Nvidia's former CEO.
Huang previously acknowledged an extramarital relationship, apologized to his family and colleagues, and pledged cooperation with investigators.
Nvidia's board stated that it had no reason to believe company secrets or US national security information had been compromised.
On November 10, independent directors appointed former acting US Attorney Joon H. Kim and law firm Wachtell, Lipton, Rosen & Katz to conduct the inquiry.
Colette Kress Takes Over as Interim CEO
Colette Kress will lead Nvidia temporarily while retaining her responsibilities as chief financial officer.
Kress joined Nvidia in September 2013 and previously held senior finance positions at Microsoft and Cisco.
The board said it would evaluate both internal and external candidates for the permanent leadership position.
Newly appointed chair Harvey Jones expressed confidence in the company's experienced management team.
Nvidia expects operations, customer commitments and technology development to continue without interruption during the transition.
Huang's departure nevertheless creates uncertainty for a company whose market capitalization reached approximately $5.5 trillion in September 2026.
US Lawmakers Continue Nvidia Security Inquiry
Congressional scrutiny of Huang's reported foreign intelligence connections will continue despite his resignation.
Representative John Moolenaar, chairman of the House Select Committee on China, said lawmakers were discussing a date for Huang to provide testimony.
Congressional committees previously requested a closed-door briefing concerning Nvidia's security safeguards and potential exposure to Chinese intelligence operations.
Moolenaar indicated that lawmakers could issue a subpoena if voluntary testimony cannot be arranged.
Investigators are also examining questions involving advanced semiconductor exports and US technology restrictions on China.
For now, Nvidia faces a significant leadership transition while navigating security questions, investor concerns and uncertainty surrounding the global AI industry.
