Nvidia names Colette Kress interim CEO after Jensen Huang steps down

Investors in Nvidia saw their shares drop sharply on Wednesday after the company announced that chief executive Jensen Huang is stepping down. The board appointed Colette Kress, the company's chief financial officer, to serve as interim chief executive. The sudden change in leadership follows reports of Huang's extramarital affairs, which the board says triggered an internal investigation.

In an email to employees, Huang admitted to cheating on his wife. He stated that he had an affair with one of the company's clients. U.S. intelligence officials concluded that this client had been recruited by China's top spy agency. Huang promised to cooperate with the ongoing probe. The news of a second affair with another Nvidia executive became public earlier this week, accelerating the decline in the stock price.

Huang had close ties to President Trump and was widely viewed as a key figure in the U.S. business sector. His departure leaves Kress in charge during a period of high demand for Nvidia's chips, which power much of the artificial intelligence infrastructure. Kress is well known among investors and business partners. She now faces the task of balancing immediate crisis management with the company's long-term strategy.

The scandal has also raised questions for the U.S. government. Lawmakers from both parties are asking Commerce Secretary Howard Lutnick when he knew that Huang was in contact with a suspected Chinese asset. They want to know what actions he took or failed to take in response. The White House and the Commerce Department handle import and export regulations, making the timing of the disclosure a point of political scrutiny.

In related political news, Sen. Chris Van Hollen of Maryland announced he will challenge Sen. Chuck Schumer of New York for the Senate majority leader position. Van Hollen, a 67-year-old progressive, cited recent midterm victories as evidence that voters desire a change from the status quo. He gained national attention last year for lobbying for the release of Kilmar Abrego Garcia after his wrongful deportation to El Salvador.

Schumer has held the leadership role since 2017. He faces criticism from the Democratic base for not confronting President Trump vigorously during a funding dispute in early 2025. Van Hollen's entry into the race adds pressure on Schumer as progressive activists push for his replacement.

Separately, White House envoys Steve Witkoff and Jared Kushner continued their efforts to end the war in Ukraine. They led peace talks in Abu Dhabi and met with Russian President Vladimir Putin in Moscow. The two men then traveled to Ireland to meet with Ukrainian President Volodymyr Zelenskyy. During the Moscow meeting, both sides noted progress on humanitarian negotiations. Witkoff said Putin agreed to include Europeans in future talks, although the Kremlin did not immediately confirm the arrangement.