Nvidia founder Jensen Huang stepped down as chief executive and board member on Thursday, Nov. 12, 2026. His exit came hours after Reuters reported he had an affair with a second Nvidia staff member. Longtime finance chief Colette Kress stepped in as interim CEO while the board seeks a permanent leader.
This is the third affair tied to Huang in one week. Past reports tied him to accused spy Alice Huang and health VP Kimberly Powell. Nvidia stock fell 5.5% on Thursday. The stock has dropped more than 30% since its peak in early October.
Executive Summary
- Third Affair Reported: Reuters reported Thursday that Huang had a secret affair with a second Nvidia worker.
- Huang Steps Down: Huang quit as CEO and director after 33 years running the chip company.
- Kress Named Interim CEO: CFO Colette Kress took charge as interim CEO while the board looks for a new head.
- Congress Summons Huang: Huang agreed to testify before Congress on national security ties to Alice Huang.
- Chip Stocks Tumble: Nvidia fell 5.5% on Thursday as traders weighed risks to AI cloud investments.
Table of Contents
- How Three Quick Affairs Forced Huang Out
- Colette Kress Steps In as Board Hunts for New CEO
- Congress Probes Foreign Spy Risks and Chip Export Bans
- Market Drop and Risks to AI Cloud Deals
- Key Data and Technical Comparison
- Frequently Asked Questions
How Three Quick Affairs Forced Huang Out
The crisis began on Nov. 8. Huang sent a memo to staff. He apologized for an affair with an unnamed partner. Soon after, reports named Alice Huang. She is a former manager at Megaspeed, an Nvidia client. U.S. spy agencies suspect China used her to reach Huang.
New reports soon linked Huang to Kimberly Powell. Powell is Nvidia’s vice president of health care. She led the team that sells AI tools to hospitals. Powell, Huang, and Nvidia board members did not reply to requests for comment. Alice Huang could not be reached.
Then Reuters broke news of a third affair on Thursday. Two sources told Reuters that Huang had an affair with a second Nvidia worker. Reuters did not share her name. The news outlet tried to reach the woman, but she did not answer. Huang resigned shortly after the story ran.
Colette Kress Steps In as Board Hunts for New CEO
Nvidia turned to Colette Kress to run the firm. Kress has served as CFO since 2013. Before Nvidia, she held finance roles at Microsoft and Cisco. She managed Nvidia’s books as sales jumped from gaming cards to data center chips.
The board will review internal and external candidates for the permanent top job. An independent board group is also running an internal review. They hired an outside legal team. The lawyers are checking whether foreign spies got access to Nvidia chip data.
The board stood by Huang at first. But two relationships with staff members broke company conduct rules. That forced the board to act fast.
Congress Probes Foreign Spy Risks and Chip Export Bans
The scandal is not just about company rules. It is also a national security issue. Huang has agreed to testify before Congress in the coming weeks. Lawmakers want to know what Alice Huang learned from him.
This probe hits at a bad time for Nvidia’s business in China. As covered in TeckScaler’s look at Nvidia’s China export scrutiny, the firm gets about $7.9 billion each quarter from China. Also, 600,000 H200 AI chips remain stuck in Hong Kong waiting for import permits.
Huang spent years pushing Washington to ease chip trade bans. He argued that trade limits hurt U.S. firms. Now, his ties to a suspected Chinese agent weaken that case. Lawmakers may push for tighter export rules on AI chips.
Market Drop and Risks to AI Cloud Deals
Wall Street reacted with heavy selling. Nvidia shares lost 5.5% on Thursday. The stock is down more than 30% from its high in early October. That drop wiped out billions of dollars in market value.
Huang did not just sell chips. He built the modern AI market. Nvidia used its money to back cloud firms like CoreWeave. It also funded top AI labs to keep demand high.
Without Huang, those deals could change. A new chief might cut back on risky financing deals. That could hurt cloud startups that borrowed big sums. As noted in TeckScaler’s report on global AI spending risks, lower chip spending could slow growth across tech.
Key Data and Technical Comparison
Here is how the scandal and leadership change unfolded over the past week:
| Date | Event | People Involved | Impact on Company |
|---|---|---|---|
| Early 2024 | Megaspeed Meeting | Jensen Huang, Alice Huang | U.S. agencies flag possible Chinese spy approach. |
| Nov. 8, 2026 | Staff Memo | Jensen Huang, Nvidia Staff | Huang admits an affair; board hires outside counsel. |
| Nov. 9, 2026 | House Inquiry | House Chairs, Nvidia | Lawmakers ask for details on foreign agent links. |
| Nov. 12, 2026 | Third Affair Story | Huang, Second Staffer | Reuters reports relationship with second Nvidia worker. |
| Nov. 12, 2026 | Huang Resigns | Jensen Huang, Nvidia Board | Huang quits as CEO; Colette Kress named interim CEO. |
| Nov. 12, 2026 | Stock Selloff | Wall Street Investors | NVDA drops 5.5%; shares down over 30% from peak. |
Frequently Asked Questions
Why did Jensen Huang resign as Nvidia CEO?
Jensen Huang resigned on Nov. 12, 2026, after reports exposed three affairs. Two involved Nvidia staff members, and one involved an accused Chinese spy.
Who is the interim CEO of Nvidia?
Nvidia named Chief Financial Officer Colette Kress as interim CEO while the board hunts for a permanent chief.
Who are the three women linked to Jensen Huang?
News reports linked Huang to Alice Huang (an accused Chinese spy), Kimberly Powell (Nvidia health VP), and a second unnamed Nvidia employee.
Will Jensen Huang testify before Congress?
Yes. Jensen Huang agreed to testify before Congress about his ties to Alice Huang and any national security risks.
How did Nvidia stock react to the resignation?
Nvidia stock slid 5.5% on Thursday. The stock is down more than 30% from its high mark in early October.
Related Reading
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[…] Breaking Update (Nov. 12, 2026): Jensen Huang has resigned as Nvidia CEO and board member following reports of a third extramarital affair with a second employee. CFO Colette Kress has stepped in as interim CEO. Read our full report: Jensen Huang Resigns as Nvidia CEO Following Third Affair. […]