Jensen Huang is out: Nvidia’s founder resigns as CEO, CFO Colette Kress takes over, and Wall Street is asking what comes next

Updated 13 November 2026

Mr. Jensen Huang, who co-founded Nvidia in 1993 and turned it into the company that powers the AI boom, has resigned as its chief executive and as a member of its board. Nvidia announced it on Thursday, 12 November, saying the resignation was effective immediately. Chief financial officer Colette Kress is now interim CEO while the board looks for a permanent successor.

What Nvidia announced

In its statement, Nvidia said Mr. Huang had resigned as President, Chief Executive Officer and a member of the Board of Directors, and thanked him for his “immeasurable contributions”. Its board named:

• Colette Kress as interim CEO. She has been executive vice president and chief financial officer since September 2013 and will keep the CFO role.
• Harvey C. Jones, a former chief executive and executive chairman of Synopsys, as the first-ever chair of the board. He said the board has “full confidence” in Ms. Kress.

The board is searching for a permanent CEO, who could come from inside or outside the company. Nvidia said its third-quarter results will be released on Tuesday, 17 November at about 1:20 pm Pacific time, followed by an investor call at 2 pm, “as previously scheduled”.

Why did Mr. Huang resign?

Nvidia’s announcement gives no reason, so what follows is what has been reported, and some of it is unconfirmed.

• On 8 November, Mr. Huang acknowledged in a statement that he had an affair. He did not name the woman, and said he would cooperate with an investigation. We reported that in our earlier story on the Nvidia probe and Alice Huang.
• Reuters and others have reported that US intelligence suspects Alice Huang, a former executive of the Nvidia customer Megaspeed, of working for China. That is a media report, not a confirmed finding, and Megaspeed and China have denied wrongdoing. Alice Huang is not related to Mr. Huang.
• Fox News, citing Reuters, also reported that Mr. Huang was involved with another Nvidia employee. We are not naming anyone here, as the claim has not been confirmed or responded to in the reports we reviewed.
• Nvidia’s board had opened an independent investigation on 8 November. It has not published its findings.

Nvidia’s board earlier said it had no reason to believe national security or company secrets were compromised.

What happened to Nvidia shares

Reports differ on the size of the drop, so treat the numbers as approximate. Fox News reported that Nvidia stock closed down about 5% on Thursday and was roughly 14% below its level a year ago. Other reports described a bigger fall in premarket trading, of between about 7% and 10%. Commentators put the value wiped from the company since its October peak at anywhere between about $1 trillion and $2 trillion. Analysts quoted so far have called it a major setback for Nvidia but not the end of the company, which still leads the market for AI chips.

What Congress and the White House are saying

• House committees: the chairs of the House Foreign Affairs, China Select and Intelligence committees asked Mr. Huang for a closed-door briefing on Nvidia’s security protocols and his dealings with Alice Huang. Reports differ on the date, and Fox said he had agreed to testify in some form.
• Senate: Senate Banking Chair Tim Scott asked for voluntary testimony at a public hearing on 3 December, and Senate Democrats have demanded answers from Nvidia and the administration.
• The White House: Mr. Donald Trump said he spoke with Mr. Huang this week and that he is “going through hell”, and called the exit “so sad to see”.

What it means for Nvidia and for India

Mr. Huang was the face of the AI boom, and Nvidia’s chips are used by almost every major AI company, including those building data centres around the world. For now, Ms. Kress, a veteran of the company, gives it a steady hand, and Nvidia has said its results date is unchanged. The real test comes on 17 November, when investors will look for what the company says about demand, supply and who will lead it next. For Indian investors holding Nvidia through US stock platforms or global funds, the next few days are likely to bring sharp price swings.

Frequently asked questions

Who is the new CEO of Nvidia?

Colette Kress, the CFO, is interim CEO. A permanent CEO has not been named.

Did Mr. Huang give a reason?

Nvidia’s statement gave none. Mr. Huang had earlier acknowledged an affair, and the other allegations are unconfirmed reports.

Is Nvidia’s earnings report still on?

Yes, on 17 November, as scheduled.

Questions to think about

• Can a company built around one founder keep its edge after he leaves?
• Should the board have acted sooner, or was it right to wait for an investigation?
• What does this mean for how US and Chinese tech firms handle security risks?