The Latest: Nvidia CEO Jensen Huang resigns after his affair raises US security concerns
Nvidia CEO Jensen Huang resigned Thursday after his extramarital affair with a Chinese businesswoman who reportedly was also acting as a spy for Beijing raised U.S. national security concerns. The company named Colette Kress as interim CEO. She had been Nvidia’s executive vice president and chief financial officer.
Huang’s resignation comes after Nvidia’s board gathered to discuss his future following revelations that he was having an affair with Alice Huang, a former executive at Singapore-based Megaspeed International suspected of spying for China. The two aren’t related.
The New York Times reported Wednesday that Huang also had an affair with an Nvidia executive who reported to him. The Associated Press could not independently confirm those reports.
Shares of Nvidia, one of the largest companies in the world, fell sharply at the opening bell Thursday.
Here's the latest:
Stephanie Balaouras, group research director for research firm Forrester, said Jensen Huang’s resignation from chip-maker Nvidia isn’t just a test for the company but the AI boom as a whole.
“If Nvidia stabilizes quickly under new leadership, the AI infrastructure boom will have demonstrated resilience. If its stock, financing relationships, or ecosystem commitments remain under sustained pressure, that would add evidence to the fragile side of the AI bubble ledger,” she said. “Tech leaders shouldn’t overreact, but they should treat Nvidia’s CEO transition as a prompt to reassess concentration risk across their AI infrastructure, suppliers, and investment plans.”
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Singapore said U.S. authorities weren’t helpful as the city-state investigated Alice Huang, Megaspeed International, and other companies over shipments of computer servers.
The Singaporean government said that as part of its investigation, it sought information from the U.S. and other jurisdictions to verify declarations it received from the companies.
Singapore singled out Supermicro, a U.S.-based server supplier, for information relevant to the investigation. But the company “provided limited cooperation” so the police and prosecutors raised the issue with U.S. authorities, issuing repeated requests since September 2025 to the Department of Justice and the FBI.
“Despite these repeated requests, Singapore has to date received limited information or assistance in respect of the company,” the government said.
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U.S. lawmakers say they still want a briefing from Jensen Huang despite his resignation so that he can answer questions about his interactions with a Chinese businesswoman who reportedly was also acting as a spy for Beijing.
They also want to ask about the company’s security protocols against foreign adversary espionage as well as other topics.
Rep. Brian Mast, chairman of the House Committee on Foreign Affairs, said the committee was in contact with Huang’s team as recently as Wednesday night about the interview. Lawmakers had made their initial request for the interview on Nov. 5. He also said that Huang would receive a subpoena, if necessary, to compel his appearance.
“They made their offer for what they would like to do, and we said, like in any negotiation, ‘no, this is what we’ll accept or your subpoena comes for the day after,’” Mast said.
Mast said Jensen has indicated a willingness to appear for the interview and that the committees involved in the inquiry wanted to see him “sooner rather than later.”
Nvidia shares fell after the company announced Jensen Huang’s resignation as CEO.
After tumbling at the open of trading, Nvidia shares were down 5.3% as of 10:30 a.m. EST Thursday.
The chipmaker became the face of the AI boom under Huang’s leadership. The shares set a record high last month after soaring an astounding 1,722% in four years. But Nvidia’s share price has dropped more than 30% since then, initially on concerns the enthusiasm over AI was overdone and this past week on worries about whether Huang would remain with the company.
The S&P 500 fell 0.4%, and technology stocks were the biggest weights dragging down the benchmark index. Nvidia and several other tech companies have pricey stock values that tend to have more influence on the market’s direction. The tech-heavy Nasdaq fell 0.7%.
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President Donald Trump has reacted to the resignation of Nvidia CEO Jensen Huang by saying that Huang “has done a fantastic job,” and adding, “There is only one man to take his place - TIM COOK of Apple.”
“A Legend replaces a Legend!” Trump wrote on his social media site of Cook, who is Apple’s former CEO.
Huang, who like a lot of top tech CEOs was close with Trump, left his post Thursday after his extramarital affair raised national security concerns. Huang faced growing calls to resign after his affair with an alleged Chinese spy.
Late Wednesday, media reports also said Huang had another extramarital affair with an Nvidia employee who reports to him. The FBI is investigating Huang’s affair with an alleged Chinese government agent.
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Huang’s resignation is a watershed moment for Nvidia, said Asa Hiken, senior analyst for research firm eMarketer.
The chipmaker “now has to prove it can maintain its AI dominance without the leader largely responsible for building it,” Hiken said.
“Given the broader AI industry’s heavy dependence on Nvidia’s chips, Huang’s departure introduces uncertainty well beyond the company itself,” he said.
“While Huang’s personal decisions are scandalous, his particular affair with an alleged Chinese spy raises much bigger questions about the security risks facing companies at the center of the AI race,” he said. “AI technology has become critical to U.S. national security, making even the personal relationships of industry leaders a potential vulnerability.”
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Dan Ives, a technology analyst with the investment firm Yorkville Ives, said removing Jensen was a necessary step by the board of chipmaker Nvidia.
“The old Jensen, the black leather jacket, the Godfather of AI, the rock star viewed as the face of the AI boom, is over and in the past,” he wrote in a note to investors. “His value to the company pre- and post-this week is dramatically different, and the board did what we said it needed to do, which is rip off the band-aid and take Nvidia into its next chapter without him after this dark moment for Jensen and Nvidia.”
He still recommends investors buy Nvidia stock. He said Nvidia is still two to three years ahead of its nearest competitor and the “demand trajectory” for its chips isn’t changing because Jensen is gone.
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Singapore authorities said Thursday that they banned Alice Huang from returning to the country after opening an investigation into Megaspeed over “suspected false declarations” about server purchases.
Investigators looked into whether servers were bought and exported through Singapore to neighboring Malaysia, and then routed to a final destination, contrary to what was declared in Singapore.
Police in the Southeast Asian city-state investigated Alice Huang for “suspected involvement in the possible offences,” but not for espionage, according to a detailed statement issued by the Home Affairs Department.
They seized her passport as part of investigation but returned it in February after concluding that “there was insufficient evidence” that she committed any offences.
But authorities gave her “a stern warning” and barred her from reentering the country because they suspected she “provided information which she knew to be inaccurate” to downplay her role at Megaspeed.
While the statement did not mention China or Nvidia, it said Singapore “does not condone companies using their association with Singapore to circumvent or violate other countries’ export controls through fraud or dishonest practices.”
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A plunge for Nvidia’s stock is pulling the U.S. market lower, threatening to upend the AI boom that has carried Wall Street to record after record in recent years.
The S&P 500 fell 0.7% Thursday. The weakness in AI stocks sent the Nasdaq composite down 1.5%, while the Dow Jones Industrial Average added 127 points. Nvidia tumbled 14% after Jensen Huang, its co-founder and face of the brand, resigned as CEO. Other stocks in the AI industry also fell, though some of Nvidia’s rival chip companies rose. Oil prices swung after President Donald Trump said he’s no longer interested in a deal with Iran.
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Megaspeed, the Singapore-headquartered data center company at the center of Nvidia CEO Jensen Huang’s scandal, pledged Thursday to cooperate with investigations into potential risks to U.S. national security.
“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, who also goes by James Tan.
Nvidia has said it had “no reason to believe” that either national security or Nvidia secrets were compromised, but that its inquiry would examine all available information.
Megaspeed faced claims last year that it was illicitly shipping advanced Nvidia computer chips into China, but in December said there was “no evidence” of such exports. Singapore has also said it is investigating such allegations.
China has denied that it engaged in an attempt to ensnare Huang, who heads one of the world’s most valuable companies. Nvidia has become a leader in making chips that power AI and Huang has lobbied Washington to loosen limits on sales of Nvidia chips to China. In January, he won Trump’s approval to sell its H200 chips to China.
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The explosive tale of Chinese businesswoman Alice Huang — involving marital betrayal, international intrigue and accusations of espionage — has rocked the tech and political worlds. Yet basic questions about her life — and how she grew close to one of the world’s most powerful technology executives — remain unanswered.
Alice Huang, also known as Huang Le, drew wide attention last month, when The New York Times reported she had formed a close relationship with Nvidia’s chief and passed information to Beijing. U.S. officials, the Times reported, had concluded Alice Huang was a Chinese spy who had been recruited to influence California-based Nvidia to make its most advanced chips more available in China, a discovery the paper said set off alarms as high as the White House.
It remains unclear when the apparent affair started and when it might have ended. The Associated Press was unable to reach Alice Huang for comment.
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Nvidia’s interim CEO is Colette Kress, who first joined the chipmaker back in 2013. She’s most recently served as the company’s executive vice president and CFO.
Prior to joining Nvidia, Kress worked at Cisco, Microsoft and Texas Instruments in a variety of roles, according to her executive bio on the company’s website.
In a statement Thursday, Kress said that Nvidia’s “strength has always come from its people” and that she was “committed to building on the extraordinary foundation Jensen created over the last 33 years.”
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The company’s stock has been under pressure for weeks, both because of reporting about the affair and questions about a potential bubble in the AI sector.
Shares slid more than 7% to $160.85 before the opening bell, 34% below the company’s all-time high reached just over a month ago.
The New York Times reported Wednesday that Huang had a second affair with an Nvidia executive who reports to him, and analysts said that may force the board to oust him.
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